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Maharashtra Government has changed the working system of farmers, Commission agents as well as traders. What are the consequences of this in relation to income tax? India is agriculture oriented country. For getting fair market prices and customer to farmers for the agricultural produce produced by them the state government has formed Agriculture Produce Market Committee in various cities.
Krishna, the Maharashtra Election Commission has cancelled registration of 191 political parties for not filing income tax return and audit report. What will happen and what will be its consequences if a common man does not file income tax return?
Krishna, Football lovers know the missed penalty kick by famous football player Messi and its impact on him. Further he has been punished for tax evasion in his country. Recently Income Tax Department had posted advt. of Foot Ball Goal and Income Declaration Scheme, 2016. So as to avoid such a situation, in a taxpayer’s life, how should he play with the tax law while doing business in India?
Krishna, July month has started. It is said that income tax return has to be filed in this month. So whoare required to file income tax return before 31st July and what care they should take before filing it? Arjuna, every person whose annual income exceeds the basic exemption limit i.e. exceeds Rs.2.5 lakhs, then he will be required to file income tax return compulsorily. Income tax return of F.Y. 2015-16 shall be filed before 31st July.
Krishna, the government has brought the provision of TCS (Tax Collected at Source) on sale of every product or service in income tax and everywhere a debate or discussion on it is going on. What exactly is there in this TCS provision?
Arjuna, June month is the month of monsoon. Everyone would be keeping an eye towards rainfall from 7th June onwards. Now the government has made shower of various changes in tax laws this year. Only God knows that when rain will come and how much, but all these changes in tax laws will be effective from 1st June. So it is important that each and every taxpayer carries on his transactions after understanding the new changes and the new scheme.
Income Tax Department has come up with the Income Declaration Scheme 2016 to purify the Tax evaders. The government has issued its forms, rules and other details on 20th May 2016. But what is this scheme? How can a taxpayer clear his sins of black money? Everyone should take this conversation as a means of gathering knowledge and not otherwise.
Profession Tax comes in the ambit of Maharashtra Sales Tax Department and is named as Maharashtra State Tax on Profession, Trade, Calling and Employment Act 1975. Every self-employed person has to pay profession tax every year. But due to the lack of knowledge about profession tax, many taxpayers neither follow nor pay profession tax.
Sales Tax Department has started new SAP system and has also been introducing various other changes. And now from 1st May 2016 onwards, changes are made in VAT registration form 101, so what are those changes? Due to this what care dealer should take?
Krishna, this year from April 2016 onwards the Maharashtra Sales Tax Departments has brought various small amendments in the VAT system. Because of these changes the small dealers covered under the composition scheme have great responsibility and such changes have a great impact. So what is the impact of such changes?
