Income Tax : As we all aware that, section 87A is considered as one of the most important section. Since the rebate is very important to reduce...
Goods and Services Tax : The Central Government has issued Exemption Notification No. 8/2017-CT(Rate) dated 28-06-2017 giving relaxation to Registered Pers...
Goods and Services Tax : Article explains Due Date for filing GST Returns, Due Date for Payment of GST, Due Date for Payment of GST: Legal Analysis...
Goods and Services Tax : The GST Enrollment Application can be signed either by using Digital Signature (DSC) or by E-Signing. The use of DSC is mandatory ...
Income Tax : 1. Applicable for undisclosed income in the form of Cash or deposits already made or to be made in bank accounts. 2. Income Tax @ ...
Income Tax : In a judgement dated 19-01-2015 in the case of CIT-8 Vs. Proctor and Gamble Home Products Ltd., the Hon’ble Bombay High Court wh...
As we all aware that, section 87A is considered as one of the most important section. Since the rebate is very important to reduce the tax Burdon of assessee. But in industry there is always a confusion or doubt faced by professionals on availing the rebate. Hence today I am coverig this topic with in […]
The Central Government has issued Exemption Notification No. 8/2017-CT(Rate) dated 28-06-2017 giving relaxation to Registered Persons under GST from major (and draconian) compliance required under section 9(4) of the CGST Act, 2017.
Article explains Due Date for filing GST Returns, Due Date for Payment of GST, Due Date for Payment of GST: Legal Analysis
The GST Enrollment Application can be signed either by using Digital Signature (DSC) or by E-Signing. The use of DSC is mandatory for Company & LLP and optional for others. Any person other than Company & LLP can E-Sign the application.
1. Applicable for undisclosed income in the form of Cash or deposits already made or to be made in bank accounts. 2. Income Tax @ 30% of Cash + Surcharge @ 33% of Tax + Penalty @ 10% of Cash i.e. aggregating to 49.90% of undisclosed income (cash) (Section 199D & 199E)
Demonetisation: Article discusses do Central Government exceeded its powers under RBI Act by allowing hospitals, petrol pumps, etc to accept invalid notes?
The Central Government has issued Notification dated 16-09-2016 whereby all the provisions of The Constitution (101st Amendment) Act, 2016 comes into effect from 16/09/2016. Section 1 is also effective w.e.f. 16/09/16, which gives power to the Central Government to issue notification for effecting the various provisions of the said Act. Now, when Section 1 itself […]
Central Government and the State Governments are going to be empowered to levy & collect GST on supply of shares & securities!!!! The levy of even 1% GST on sale/supply of securities may create havoc on the share markets.
I am sure that you are completely surprised by the title because nobody has yet pointed out such an anomaly!! You heard it right and please do let me explain. The Finance Act, 2016 has amended Section 206C(1D) to provide that the seller shall collect the income-tax at the rate of 1% from the buyer on sale in cash of any goods or for providing of any services exceeding Rs. 2,00,000/-.
The Point of Taxation Rules, 2011 (in short POT Rules) was introduced w.e.f. 01-04-2011 to define and determine the point of taxation (in short POT) i.e. point in time when a service shall be deemed to have been provided. The twin objectives was to bring certainty regarding due date for payment of service tax (on accrual basis) and to determine the applicable rate of service tax as the one prevailing on the date of POT. While issuing the draft rules, the Central Government stated as under:
