CA Gautam Joshi

Section 44AD – Is it really a palpable transformation?

Income Tax - Recently, the Section 44AD has been revised and now it is applicable to all businesses instead of only to civil construction business. On the other outset, limit of tax audit u/s 44AB is increased to Rs. 60 lakh from earlier limit of Rs. 40 lakh. Being an entrepreneur first, I had lot of disappointments on increase of limit as now there w...

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Form 16/16A v/s 26AS online annual statement

Income Tax - Form 16 or 16A are provided by employer to employee as a proof of tax deduction. At the end of the financial year, tax payers file their income tax returns (ITR) from the income tax details provided in form 16 or 16A. On the other side, as a part of e-governance, tax payer is provided 26AS annual statement showing his total TDS deducted d...

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Income for putting Advertisement on your website + Section 44AD

Income Tax - Nowadays many people are using their own website as the source of their income. The income is for allowing other brands to put advertisements on website. The brands are interested in such website because it is niche in terms of traffic....

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Commodity Codes under Gujarat VAT

Income Tax - The State of Gujarat has shown significant interest in developing e-platform for Commercial Taxes (VAT) since last 2 years. Since December 2011, the e-Registration facility has been enabled and the procedure designed for online registration is absolutely clear and systematic approach. Not only that forms like 402-403, permissions for payi...

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Pay your Service Tax Dues before 27th of November

Income Tax - Renting of Immovable Property is one such tax under the net of Service Tax law. The levy was under controversy since years and eventually turned off as deemed levy and adding more pain levied from retrospective date. However for rehabilitation of service tax law in this regard the Section 80(2) was introduced in budget 2012-13....

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Recent Posts in "CA Gautam Joshi"

Section 44AD – Is it really a palpable transformation?

Recently, the Section 44AD has been revised and now it is applicable to all businesses instead of only to civil construction business. On the other outset, limit of tax audit u/s 44AB is increased to Rs. 60 lakh from earlier limit of Rs. 40 lakh. Being an entrepreneur first, I had lot of disappointments on increase of limit as now there w...

Read More
Posted Under: Service Tax |

Form 16/16A v/s 26AS online annual statement

Form 16 or 16A are provided by employer to employee as a proof of tax deduction. At the end of the financial year, tax payers file their income tax returns (ITR) from the income tax details provided in form 16 or 16A. On the other side, as a part of e-governance, tax payer is provided 26AS annual statement showing his total TDS deducted d...

Read More
Posted Under: Service Tax |

Income for putting Advertisement on your website + Section 44AD

Nowadays many people are using their own website as the source of their income. The income is for allowing other brands to put advertisements on website. The brands are interested in such website because it is niche in terms of traffic....

Read More
Posted Under: Service Tax |

Commodity Codes under Gujarat VAT

The State of Gujarat has shown significant interest in developing e-platform for Commercial Taxes (VAT) since last 2 years. Since December 2011, the e-Registration facility has been enabled and the procedure designed for online registration is absolutely clear and systematic approach. Not only that forms like 402-403, permissions for payi...

Read More
Posted Under: Service Tax |

Pay your Service Tax Dues before 27th of November

Renting of Immovable Property is one such tax under the net of Service Tax law. The levy was under controversy since years and eventually turned off as deemed levy and adding more pain levied from retrospective date. However for rehabilitation of service tax law in this regard the Section 80(2) was introduced in budget 2012-13....

Read More

Rs. 20,000/- penalty for non-filing of Quarterly Service Tax return??

ACES has started accepting Service Tax (ST-3) returns for the period April to June 2012 revising the earlier forms by removing few bugs. The extended time to file now is till 25th Nov for Apr to Jun 12 ST Returns. Returns for July to September 2012 is still undergoing some structural changes. ...

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ST – Reverse Charge Applicability on entity with less than Rs. 10 Lakh Turnover

The threshold exemption limit (currently Rs. 10 lakh) is only available to service providers and not to service receivers. In this case, service tax under reverse charge is to be paid by service receivers from very first rupee paid to service providers (given that other exemptions are not available) and the amount of turnover of service r...

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NIL Service Tax Return late filling penalty – BAAP RE BAAP

Budget 2011-12 has made many significant changes in Service Tax and also gave emphasize to penal provisions including prosecution. Section 70 of Finance Act, 1994 reading with Rule 7 of Service Tax Rules, 1994 mandates every service tax payer to file half yearly return within 25 days. If the return is not filed within the time specified t...

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Posted Under: Service Tax |

Proposed Services under Reverse Charge Mechanism – Are these TDS provisions?

Finance Minister, since last two budgets, is planning to cover more and more TDS applicability, strict compliance of TDS provisions and heavy penal clauses for non-compliance under direct tax law. In fact, TDS is a far more easy and early collection of tax both for administration and compliance. However, every time an easy collection of t...

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Posted Under: Service Tax |

Overlapping in Classification of service for construction of residential building

With the introduction of deeming provision in the definition of Construction of Complex Service sub-clause (zzzh) of section 65(105) of the Finance Act, 1994 effective from 01-07-2010, construction of residential complex is taxable to builders and it has removed plethora of doubts regarding taxability of builder in service tax gamut....

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FAQs on e-filing of ST-3 returns – Entries of more than one challans paid in single month, Source Document, Amount Mismatch

1. How to make entries of more than one challans paid in the single month? If the returns are filed through Excel Utilities, more than one challans are not allowed in single month? To avoid such restriction, in the column on month, more rows should be added to the extent number of challans are paid in the month. For example – I...

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How to interpret Export of Services?

This article is written to set 5 principal steps for calling a service falling under export of services. 1. Is it a service? 2. Is it a taxable service? 3. Under which criteria of ‘export of services’ the service is falling? 4. Is the payment received in Foreign Currency? 5. Are other conditions fulfilled as per the criteria of ...

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Posted Under: Service Tax |

Goods Transport OPERATORS? – Update ACES

Goods Transport Operators (GTO) is no more a service existing. However, while registering through ACES website, an option is provided to select Goods Transport Operators Service (entry number 51) even if the service does not exist at all. Additionally, entry number 117 provides selection of Goods Transport Agency Service (GTA) for registr...

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Validity of Online Service Tax Return without signature

ST-3 returns can be directly filled up online on ACES website or an XML schema can be downloaded, filled up, converted in to XML file and uploaded on ACES website. Once the return is being filed in either of the way, ACES displays an acknowledgement of ST-3 return filed. What are the threats then? There is no clarity whether any p...

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Posted Under: Service Tax |

Service Tax on Goods Transport Agency – Pay peanuts worry extra

Since inception year 1997, Goods Transport Agency (GTA) Service is caught by bundles of controversies like a celebrity always stay for the publicity stunt. Service Tax Legislation was just 3 years old and one can forget the childish introduction of GTA Service. However, even after sequential amendments the levy has ended up being a migrai...

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Health Services no more taxable

In just recent past i.e. 01.07.2010 Service tax on Health Services (Section 65(105)(zzzo) of Finance Act, 1994) was introduced and without any doubt it was caught by all uncertainty and mystery. Taxable health services meant – any service provided or to be provided by any hospital, nursing home or multi-specialty clinic,- (i) to an empl...

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Posted Under: Service Tax |

Service Classification in International Podium

If we simply speak on tariff, market access in services is relatively easy compare to goods as there are no tariff barriers on services. WTO Agreements place only quotas and regulations on services and not the tariff. Annexure 1B of WTO Agreements - General Agreement of Trade in Services (GATS) broadly covers four modes of services in Art...

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Posted Under: Service Tax |

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