Income Tax : Learn about Tax Deducted at Source (TDS), its purpose, applicable payments, and the rates for various categories including residen...
Income Tax : Penalties for failing to maintain records of specified domestic transactions. Learn about arm's length pricing & essential documen...
Income Tax : There are a lot of securities available to you to reduce your tax liability .Chapter VIA offers you so many opportunities. Sec 80 ...
Goods and Services Tax : Again in Sec. 50(1), the word used ‘Tax’ and not ‘Total Tax Liability’, so interest should be calculated on net tax amount...
Goods and Services Tax : What is Audit Report in Form 704? Ans : It is a report under section 61 of MVAT ACT, 2002 to be submitted by eligible dealer withi...
Income Tax : The Supreme Court today said the CBDT order, as and when it is passed, on Mahindra Satyam tax dispute case would not take effect f...
Income Tax : Terming the $2.6 billion tax liability on the company as 'inequitable', UK-based Vodafone today questioned the Indian authorities ...
Income Tax : The government will mop up Rs 1,400 crore (Rs 14 billion) this fiscal by taxing the second installment of arrears due to central g...
Income Tax : The Central Board of Direct Taxes (CBDT) has set up a committee to formulate rules for the safe harbour provisions—a set of rule...
Income Tax : The government will allow companies to adjust the fringe benefit tax (FBT) paid by them against the advance tax due in the March q...
Service Tax : CESTAT Chennai held that as there is no tax liability on the advance amount received by the appellant, demand of interest thereon ...
Corporate Law : In present facts of the case, the National Commission while relying upon the RBI Circular dated July 6, 2017 observed that there w...
Income Tax : If we agree with this submission of the Id. A.R that as the ultimate tax liability of the assessee together with its AE does not v...
Income Tax : However, in view of the fact that the agreement has been accepted as genuine in the hands of one of the parties and economic conse...
Service Tax : Learned Chartered Accountant submits that the excess amount paid in the subsequent period may be treated as mere deposit which can...
Goods and Services Tax : The sub-rule (1) provides the different forms of returns to be filed by various categories of dealers. Earlier, the dealers. used ...
Goods and Services Tax : Nothing in this paragraph shall apply to the said registered dealer unless he applies to the Joint Commissioner of Sales Tax (Retu...
Goods and Services Tax : TRADE CIRCULAR Mumbai, Dt.25.03.2009, No.LTR-2009/ 1/Adm-29/ B-139 , Trade Cir. No. 11 T of 2009 Sub: Luxury T...
In the instant case, the deductee has already discharged tax liability with interest payable under Section 201(1)(a) of the Act. As such no further interest can be claimed by the revenue from the respondents either under Section 234A or 234B or 234C of the Act. The view taken by the Tribunal for the reasons stated cannot be faulted.
Your tax burden has just gone up, with the government today issuing the new guidelines for taxation of perquisities. In fact, it could be a double whammy, as you have to pay the additional tax liability for the whole of this financial year over the next three months. Employees who were not paying tax on a host of perks such as company-provided cars, employee stock options, interest-free loans and salaries of gardeners and watchmen for the past five years now face an additional liability.
It was zero-tax companies, which were profitable and paid dividends to shareholders but owing to various deductions/sops available under the tax laws did not have a taxable income and thus did not pay tax, that caught the attention of the legislators and led to the introduction of MAT. Under the existing provision a company is liable to pay minimum tax u/s. 115JB on its book profit @ 10% if the tax payable by such company on the total income under the other provisions of the Act is less than the tax payable under MAT. The credit of taxes such paid can be carried forward u/s. 115 JAA for 7 years to be set off against the tax liability arising under the other provisions of the Act. At the same time the section provides for the specific additions and deductions that are to be made to book profit in order to arrive at the profit as per section 115JB of the Act.
The concept of Minimum Alternate Tax (“MAT”) was introduced in the Indian tax regime to widen the tax net. Often there were situations where companies declared both profits and dividends but were not liable to taxation on account of various incentives and exemptions provided under the income tax legislation. MAT ensured that such companies were liable to pay some tax. As per the existing provisions of the Income tax Act, 1961, certain companies are liable to pay a fixed percentage of book profit as MAT.
The Central Board of Direct Taxes (CBDT) had earlier issued a circular (Circular No. 23 dated July 23, 1969) clarifying the India tax liability of non-residents in respect of income accruing or arising through or from, a business connection in India. As per the aforesaid Circular 23, even if a business connection existed under section 9 of the Income-tax Act, 1961 (“the Act”), only so much of the profit which can be reasonably attributed to the operations of the business carried out in India could be subject to tax in India. Circular 23 also provided clarifications on the taxability of non-residents in specific situations.
The Government has been rightly concerned about the component of black money in real estate transactions and consequent evasion of tax. With a view to curb the said menace and to tax the unaccounted money, the Government has time and again made amendments in the Income-tax Act (Act) by introducing different provisions to tackle the issue.
The finance ministry is likely to retain the EET (exempt-exempt-tax) principle proposed in the Direct Tax Code on the lump sum amount a salaried taxpayer will receive from his investment in savings schemes such as the Public Provident Fund and other superannuation funds. This means while the contribution and accumulation are tax-free, withdrawal will be taxed at the marginal rate of income tax.
The proposed goods & services tax (GST) could turn out to be a far more benign impost than anyone expected.In what would amount to a radical tax reform, the 13th Finance Commission is understood to have arrived at a revenue-neutral rate of around 12%, at least 4 percentage points lower than what most believed the combined Centre-state rate would be.
The assesses claiming refund orders under Insurance services are experiencing enormous complexities in getting their refund orders passed on vague and futile justifications that not only are annoying and irritating the assessees but also deprives away the faith of assessees on the refund mechanism designed by the Government. Such reasons on which the department is refusing the refund claims on the said services are being written out hereunder as follows: –
For non filing or late filing of the Audit Report, penalty at the rate of 0.1% of the turnover of sales is also leviable. As explained from beginning, under VAT Act the assessments will be sparing, based on selection criteria. Therefore, to have authentic checking of the returns/tax liability of the dealer, the VAT Audit provision has been introduced. The VAT Audit report in Form 704 is accordingly notified in the MVAT Rules right from 01.04.2005. However, the said Form is now replaced by Notification dated 26.08.2009 under Rule 17A(2) of MVAT Rules,2005 applicable from 01.04.2008. The newly introduced Form will accordingly be applicable from financial year 2008-2009. Some of the important aspects of this Form can be noted as under:
