Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
Finance : Learn how preparing a budget—whether personal, business, or government—ensures financial stability and discipline in daily lif...
Goods and Services Tax : The recent GST notifications introduce various changes aimed at streamlining compliance and addressing specific sectors. Let’s b...
Goods and Services Tax : Gujarat High Court rules that the assignment of leasehold rights is not subject to GST, providing relief to taxpayers by clarifyin...
Goods and Services Tax : The 55th GST Council Meeting introduced changes in GST rates, compliance mechanisms, and exemptions for businesses, including new ...
Corporate Law : Right now, MSME’s are in a bind, there are lot of suppliers who are not paying MSME’s their dues on time and it's causing MSME...
Krishna, In Maharashtra State discussion on proving Majority and resolution for proving trust in Government is going on. It’s for the formation and running of the Government. But what if, it happens in business, please explain what the importance of majority and resolutions in business.
CA Umesh Sharma Arjuna (Fictional Character): Krishna, recently on 7th November 2014, the Central Board of Direct Taxes has issued instructions for reducing hardship of taxpayers in Income tax scrutiny. But Krishna, what is this scrutiny? Krishna (Fictional Character): Arjuna, the taxpayer files his Income Tax Return. Income Tax Scrutiny means detailed assessment of Income […]
Krishna, why is there such a lot of confusion over on the colour of money? Supreme Court, Government and citizens are all busy in the discussion of the law pertaining to Black money. Let’s discuss its different aspects.
Arjuna: Krishna, Which may be biggest cracker if we correlated with the Income Tax Provision? Krishna: Arjuna, listen gladly, the salesmen in the market sells different types of crackers likewise there are various provisions in various laws. Accordingly in Income tax the biggest cracker is the cracker that explodes in 6 different ways, we call it as ‘Six Shots’ and that cracker is of ‘SEARCH OR RAID’
Krishna, October month’s heat has started. In this by increasing rate of interest of service tax from 1st October 2014 the department has increased heat of taxpayers. However from 1st October 2014 rate of interest has been increased by the department. Depending upon the period of delay rate of interest has been increased.
MVAT Act, has given some options for retail dealers through Composition scheme from April 2005 for payment of VAT. Maharashtra Government has made changes in composition scheme through notification dated 21st August which will be made applicable from 1st October 2014. This scheme is beneficial for the dealers who finds difficult to maintain books of accounts for e. g. Grocery Shopkeepers, etc. However there are some conditions of the scheme also.
Arjuna (Fictional Character): Krishna, the fortnight starting from9th September to 23rd September is called as ‘pitrupaksha’ or ‘shraddhapaksha’. In these days our ancestors are remembered and rituals and offerings are made on this occasion. Let’s discuss, what care should be taken by the heirs regarding ancestral property under Income Tax Act?
Ganesha is worshipped everywhere with joy for ten days but Ganesha should be prayed whole year, as it leads to worship of Knowledge. Taxpayer should constantly gain and update his knowledge. Let’s expect following changes may come in next financial year 1) Income Tax Act 1961 should be replaced with the Direct Tax Code and taxpayer should be released from the burden of tax compliance to large extend. 2) VAT, Service Tax, Excise, etc indirect tax should be substituted with Goods and Service Tax, so that taxpayer is not required to follow various tax laws.
Karniti -Dear Vighnaharta .., what should be first…, Income tax return or Tax Audit report? Please remove the Vighna (Complications). Arjuna (Fictional Character): Krishna, the festival of Lord of Wisdom Shri Ganesha is being celebrated with Joy all over India, but the Income Tax payers under Tax audit are facing the obstacles in their Joy. As per Income Tax Departments recent circular, the due date of income tax return is 30th September 2014, but the extended due date of Tax Audit report filing is 30th November 2014. What mess is going on? Please explain in detail.
Businessmen of Maharashtra State are facing a question, whether they should purchase goods from Maharashtra or not? It seems that due to provisions of MVAT Setoff carrying out business in Maharashtra has become difficult.
