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Maharashtra Sales Tax Department has proposed changes in the process and procedures of filing of returns, registration, assessment, appeal and other procedures in the circular issued on 25th February 2016 which is scheduled to be implemented from 1st May 2016. Is it true?
Krishna, Honorable Finance Minister Mr. Arun Jaitley will declare Finance Budget of 2016-17 on 29th February in the Loksabha. As it is 2nd budget in the tenure of P. M. Modi, everyone is excited for the Budget. What’s there in Magician Jaitley’s Potli (Bag) this year?
Arjuna, MVAT Act comes under the purview of the Maharashtra State Government. The dealers have been irritated due to the complicated and time consuming provisions of MVAT Laws for refund. There is also too much delay in receiving VAT Refund. Because of which Taxpayers have many a times requested the Department for quicker Grants of Refunds.
When it comes to Love, it is obvious that we carry out monetary transactions and even lending and borrowing of money is done, but we have to be careful, proper planning should be made; so that one should not suffer like Natsamrat. Natsamrat is famous Marathi movie of Nana Patekar. Wherein Father gifted all his assets to loved children’s and then suffers. In the Context of Love of Natsamrat and Love on the occasion of Valentine’s Day, explain Love and gift with Income Tax provisions.
CA Umesh Sharma Arjuna (Fictional Character): Krishna, Government of India has come up with the scheme of “Startup India” on the eve of Republic Day. On the Republic day as we see the parade and various “Presentations” on Rajpath, likewise what will be different in the presentation of “Startup India” scheme in a Tax parade? […]
Krishna, recently everyone has celebrated the festival of Raksha Bandhan along with that many Taxpayers have filed Income Tax Returns. Krishna please explain, what difficulties arise while filling Income Tax Returns, what Taxpayers should do now and what, if no return is filed.
Krishna, the festival of Raksha Bandhan is coming soon. On this occasion Maharashtra Sales Tax Department has issued a Trade Circular for businessman for collecting taxes. 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 2012-13.
Nowadays interesting matches of Pro-Kabaddi are going on. This is the second year of Pro-Kabaddi Match Series. The game of kabaddi is gaining more and more popularity by the day. Krishna, Please explain how Interesting the game will be if it is played between the Income Tax officers and Taxpayers, such that Knowledge can be gained in a fun loving way.
Income Tax Act has also given independence to the small tax payers for maintaining books of accounts and accordingly paying tax under section 44AD. These Businessman has 2 options, 1) show profit at 8% of turnover and has taxable income or 2) If he want to show less profit and have taxable income then tax audit is compulsory. Further if profit is below 8%, then scrutiny, enquiry, etc may be invited.
Krishna, Income Tax department has notified all remaining ITR’s for FY 2014-15. As audience wait for next release of movies, now taxpayers have to wait for next version of returns. Like movie sequels now Income tax returns also have their sequels. So please explain what are the changes made in these ITR.
