The recent Notification by allowing Refund of Accumulated Credit to Fabric Manufacturer brought some relief, but Textile Industry is not happy as still some other issues are not very clear and are in their favour.
“Reverse charge mechanism under GST law is quite complicated. There is also misconception among the taxpayers. I have received a lot of queries related to the reverse charge mechanism. Therefore through this article, I have tried to prepare Critical analysis which may be useful to the taxpayers to avoid confliction.”
As we had discussed about the taxation rules on sale of immovable property, in the article on Capital Gain on Immovable Property we are here to understand the benefits that can be claimed under section 54, 54EC & 54F to save tax on long term capital gains
Advance tax, as the name suggests, is nothing but taxes paid in advance on the estimated annual income. Advance tax, along with tax deducted at source (TDS) and self-assessment tax, constitute the three means by which income taxes are collected by the government.
Various tax benefit available under the Income Tax Act 1961, would help house aspirers to go in for housing loans which were a bit costlier till now. Taking loans for housing needs also makes an economic sense as it offers income tax incentives and exemptions.
As per the existing provisions of the Income-tax Act, a deductor is required to furnish a periodical TDS statement (quarterly) containing the details of deduction of tax made during the quarter by the prescribed due dateA substantial number of the deductors are not furnishing their TDS statement within the prescribed due date. Delay in furnishing of TDS statement results in delay in granting of credit of TDS to the deductee and consequently results into delay in issue of refunds to the deductee tax payers or raising of infructuous demand against the deductee tax payers
The provisions regarding the entertainment allowance and its deduction from salary are discussed below – Entertainment allowance as per Section 16(ii) is first included in salary income under the head “Salaries” and thereafter a deduction is given on the basis enumerated in the following points
Chartered Accountants Association, Surat has made a representation on recent Inapt amendments in Income Tax Audit Report / From CD for AY 2018-19 vide CBDT Notification No. 33/2018 dated 20th July 2018 which are to come into effect from 20th August 2018. It highlighted following points- 1. Timely Availability of Forms and Utilities 2. Impermissible […]
The Note on draft format of GST simplified return, inter alia, contains brief note which lists the salient features of the new GST return format and business process for the information of trade and industry
Arjuna, like heavy showers these tax payers are enjoying and following are the few major services exempted-1. Services by an old age home run by State/Central Government or by a body registered under 12AA of Income Tax Act) to its residents (aged 60 years or more) against consideration upto Rupees 25000 per month per member where Consideration is inclusive of charges for boarding, lodging and maintenance.
