Excise Duty : Ethanol (primarily a by product from sugarcane and residue of rice and wheat) is mixed with Petrol in the range of 5% to 10% as of...
Income Tax : All of us in our day to day life are incurring medical expenses either for ourself or for the dependent family members like spouse...
Goods and Services Tax : We know that GST has been implemented in India w.e.f 01.07.2017. In GST various types of returns are required to be filed. These r...
Goods and Services Tax : Section 51 CGST (Central Goods and Services Tax) Act 2017, provides that, A department or establishment of Central Govt or State G...
Goods and Services Tax : We know that GST audit u/s 35(5) of CGST Act 2017 is applicable for all registered dealer with turnover of > Rs 2 Crore. However b...
Goods and Services Tax : WCT certificate need to be issued as per the requirement of respective state VAT Act. In the state of west Bengal WCT certificate ...
Ethanol (primarily a by product from sugarcane and residue of rice and wheat) is mixed with Petrol in the range of 5% to 10% as of now and on world environment day (05.06.2021) PM announced to increase the same to 20% by 2025 for petrol and to mix the same upto 10% in case of […]
All of us in our day to day life are incurring medical expenses either for ourself or for the dependent family members like spouse, children, parents, brothers and sisters. In this article we are going to talk about the funding of these medical expenses and income tax treatment of these expenses and reimbursements thereof (if any).
We know that GST has been implemented in India w.e.f 01.07.2017. In GST various types of returns are required to be filed. These returns are required to be filed on monthly, quarterly, annual as well as on one time basis depending upon the occurrence of some events (like transitional forms, ITC returns etc). Below table […]
Section 51 CGST (Central Goods and Services Tax) Act 2017, provides that, A department or establishment of Central Govt or State Govt, or local authority or Govt Agencies or other specified persons are required to deduct TDS @ 2% (IGST 2%, or CGST 1% + SGST 1%)
We know that GST audit u/s 35(5) of CGST Act 2017 is applicable for all registered dealer with turnover of > Rs 2 Crore. However by way of Central Goods and Services Tax (Amendment) Bill, 2018, the same has been exempted for Govt companies.
In this age of globalization many organizations including individuals have got their wings spread all over the world. In any country the tax is levied based on 1) Source Rule and 2) the Residence Rule. The source rule holds that income is to be taxed in the country in which it originates irrespective of whether the income accrues to a resident or a non-resident whereas the residence rule stipulates that the power to tax should rest with the country in which the taxpayer resides. If both rules apply simultaneously to a business entity and it were to suffer tax at both ends, the cost of operating on an international scale would become prohibitive and would deter the process of globalisation. It is from
Many organisation provide the facility of Leave Encashment (by whatever name called be it earned leave, sick leave etc) either 1) during the period of employment or 2) at the time of retirement (including separation on account of resignation, retrenchment, VRS etc other than termination) of the employee or 3) at the time of Termination […]
Excel file containing Income Tax calculator for Financial Year 2018-19 / Assessment Year 2019-2020 after considering the amendments proposed by Union Budget / Finance Bill 2018.
Article discusses Income Tax impact of union Budget 2018 on Deemed Income arising on sale/ purchase of immovable property under Section 50C, Section 56 and Section 43CA.
As we know VAT (Value Added tax) was introduced (in the year 2005) in most of the states in India with the prime motive of removing cascading effect (i.e to reduce tax on tax).z
