CA M. Lakshmanan

Reverse Charge Mechanism Back Fires

Goods and Services Tax - If a registered dealer or a service provider gets supply or service from an unregistered dealer or service provider taxable goods or services and the value of supply is more than Rs. 5,000/- in a day, the service receiver has to pay GST at the rates applicable for the goods or services received and he can claim credit by deducting the sam...

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Insurance Surveyors under the new GST Regime

Goods and Services Tax - Most of the insurance surveyors’ gross receipts are less than Rs. 20 Lakhs only and those who are getting more than Rs. 10 Lakhs have already registered under the erstwhile Service Tax and as such they are already collecting Service Tax from the Insurance Companies and paying the same quarterly at due dates and of course filing half yea...

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Practising Chartered Accountant under GST Regime

Goods and Services Tax - At first the Practising Chartered Accountants can be classified into two categories viz. Subject to Service Tax and not Subject to Service Tax, whether they are practising in their Individual capacity or in Partnership with others either as a Partnership Firm or as Limited Liability Partnership Firm (LLP)....

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Exempt Interest on Motor Accident Compensation and remove TDS on Such Interest

Goods and Services Tax - Normally it takes several years for a person injured in an accident or for the legal heirs/Dependents of the deceased who had died in an accident to get compensation from the Insurance Companies which insured the vehicles that caused the accident through Motor Accident Claims Tribunal....

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Practical issues in Presumptive Taxation – 44AD, 44ADA & 44AE

Goods and Services Tax - Under section 44AD from if the Turnover of an assessee being resident individual, HUF, Partnership Firm (not being a LLP) and who is not claiming deduction under section 10A, 10AA, 10B &10BA or deduction under Chapter VI A under the heading ‘C -Deductions in respect of certain Incomes and derives income from any business except...

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Belated Release of ITRs and burden of Interest U/s. 234 B

Goods and Services Tax - At the end of May the Income Tax Return forms are released for the Assessment Year 2015-16 and same been held back by finance minister due to complicated nature of Return Forms. It was further informed by the CBDT that department will release new simplified ITR forms with return filing utility by 3rd week of June 2015....

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Interim Budget – Waiver of Interest on Education Loan

Goods and Services Tax - It is a welcome proposal that the government will pay the interest outstanding as on 31.12.2103 for the education loans taken up to 31.03.2009 and the borrower has to pay interest from 01.01.2014. But for those who have paid interest whether the same will be refunded or the interest portion will be deducted from the principal payable. ...

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Recent Posts in "CA M. Lakshmanan"

Reverse Charge Mechanism Back Fires

If a registered dealer or a service provider gets supply or service from an unregistered dealer or service provider taxable goods or services and the value of supply is more than Rs. 5,000/- in a day, the service receiver has to pay GST at the rates applicable for the goods or services received and he can claim credit by deducting the sam...

Read More

Insurance Surveyors under the new GST Regime

Most of the insurance surveyors’ gross receipts are less than Rs. 20 Lakhs only and those who are getting more than Rs. 10 Lakhs have already registered under the erstwhile Service Tax and as such they are already collecting Service Tax from the Insurance Companies and paying the same quarterly at due dates and of course filing half yea...

Read More

Practising Chartered Accountant under GST Regime

At first the Practising Chartered Accountants can be classified into two categories viz. Subject to Service Tax and not Subject to Service Tax, whether they are practising in their Individual capacity or in Partnership with others either as a Partnership Firm or as Limited Liability Partnership Firm (LLP)....

Read More

Exempt Interest on Motor Accident Compensation and remove TDS on Such Interest

Normally it takes several years for a person injured in an accident or for the legal heirs/Dependents of the deceased who had died in an accident to get compensation from the Insurance Companies which insured the vehicles that caused the accident through Motor Accident Claims Tribunal....

Read More

Practical issues in Presumptive Taxation – 44AD, 44ADA & 44AE

Under section 44AD from if the Turnover of an assessee being resident individual, HUF, Partnership Firm (not being a LLP) and who is not claiming deduction under section 10A, 10AA, 10B &10BA or deduction under Chapter VI A under the heading ‘C -Deductions in respect of certain Incomes and derives income from any business except...

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How Income Tax Base can be widened

Under the present system of limited scrutiny under CASS (Computer Aided Scrutiny Selection) Income Taxes Cases are selected for hearing under various parameters and assessments are made basing on the books of account and evidences produced. Further notices are sent to assessees basing on information collected from the Annual Information R...

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Income Tax Scrutiny after digitization

The case is selected for scrutiny by CASS (Computer Aided Scrutiny Selection) for the Assessment Year 2017-18 and the officer sends notice of hearing to the Assessee to attend the office on a particular day with supporting documents such as Books of Account, vouchers, Bank Pass Books etc....

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Demonetization and Clandestine Cash Conversions

From the reports, it is seen that people who have lot of unaccounted money in the form of old Rs. 500 and Rs. 1000 notes have resorted to so many clandestine ways to convert their holdings. ...

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Restriction on withdrawals from Bank & ATM to be relaxed immediately

The present restriction on Cash Withdrawals either from ATM or from the Bank Cash counter is to be relaxed immediately taking cognizance of the untold misery of the common man and the small business entities. As of now one can withdraw Rs. 10,000/- only from Bank on a day subject to an overall limit of Rs. 20,000/- per week...

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Filing of ST 3 Return – Certain corrections required

While assessee logs in the ACES site for filing the Service tax Return of the I half of 2016-17 i.e. for the 6 months ended 30.09.2016 and clicks RET, in ‘drop down’ menu following options appear:...

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