Arjuna (Fictional Character): Krishna, the fortnight starting from9th September to 23rd September is called as ‘pitrupaksha’ or ‘shraddhapaksha’. In these days our ancestors are remembered and rituals and offerings are made on this occasion. Let’s discuss, what care should be taken by the heirs regarding ancestral property under Income Tax Act?
Ganesha is worshipped everywhere with joy for ten days but Ganesha should be prayed whole year, as it leads to worship of Knowledge. Taxpayer should constantly gain and update his knowledge. Let’s expect following changes may come in next financial year 1) Income Tax Act 1961 should be replaced with the Direct Tax Code and taxpayer should be released from the burden of tax compliance to large extend. 2) VAT, Service Tax, Excise, etc indirect tax should be substituted with Goods and Service Tax, so that taxpayer is not required to follow various tax laws.
Karniti -Dear Vighnaharta .., what should be first…, Income tax return or Tax Audit report? Please remove the Vighna (Complications). Arjuna (Fictional Character): Krishna, the festival of Lord of Wisdom Shri Ganesha is being celebrated with Joy all over India, but the Income Tax payers under Tax audit are facing the obstacles in their Joy. As per Income Tax Departments recent circular, the due date of income tax return is 30th September 2014, but the extended due date of Tax Audit report filing is 30th November 2014. What mess is going on? Please explain in detail.
Businessmen of Maharashtra State are facing a question, whether they should purchase goods from Maharashtra or not? It seems that due to provisions of MVAT Setoff carrying out business in Maharashtra has become difficult.
Arjuna, Raksha Bandhan means expressing love, strengthening relations between brothers and sisters. Elder should save the younger. But Sales Tax department has done opposite of this. The department instead of saving the dealer who follows the VAT laws brought Bandhan for the year 2011-12.
Presently on the setting up of a new industrial unit or expansion of the existing unit in Maharashtra, state government provides subsidy through The Package Scheme of Incentives 2013 (PSI 2013) on fulfillment of the terms and conditions of the scheme.
In Maharashtra 32 New Check Post have been constructed, it means that on Maharashtra border every Inward and Outward movement of goods will be examined. Will it increase difficulties & problems of business people? Kindly give us brief information and reasons behind introduction of Check Post.
If TDS is not paid then expenses of 30% will be disallowed instead of 100%: if TDS on expenses like, commission, interest, rent etc. is not deposited with the government in a F.Y. then it was allowed in year of payments.
Arjuna, Govt. collects taxes and utilizes it for citizen’s security, development, growth, etc. See, like in sports, one wins while other loses similarly in life one’s grief is others reason for happiness. In same way, an expense of one is an Income of other, and hence disparity between Government and Taxpayers will always remain.
CA Umesh Sharma Karniti: Taxpayers please note recent changes in Income Tax Return Keeping conversation between Lord Krishna and Arjuna as the foundation, we will learn certain basic financial and tax matter in KARNITI series of articles. Let us try to get answers to our questions in a bit different and joyful manner. The character […]
