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.
Learn how the new tax rules for A.Y 2015-16 in India will benefit the salaried class. Find out about the increased minimum limit and more.
Rajasthan High Court in a very important case namely ACTO vs Jain Hardware Stores has held that no penalty can be levied in the provisional assessment as for leving penalty definite findings and conclusions and many things have to be proved, therefore penalty cannot be levied merely on the basis of provisional assessment.
During our school days, I am sure each one of us would have surely encountered this question – ‘what do you want to become’. I don’t know how many of you would have said chartered accountant, but whatever our answer would have been, am sure none of you would have ever been asked the follow […]
The date of 01.07.2012 was a critical date in service tax laws because from this date the service tax laws underwent gigantic change. The concept of Negative list and partial reverse charge was introduced for the first time to broaden the scope of service tax along with simplifying the service tax laws.
The new Indian government announced its tax rules for the current financial year. But very few announcements were made by new government which could provide relief to salaried class people. The first and the most important amendment was in the tax slab.
There are certain type of forms which has been prescribed under central sales tax rules 1957, form C for making interstate purchase at lower rate, form F used to transfer goods from one branch to other in different state without making it as sale form E1 and E2 used when interstate sale or purchase which are effected by mere transfer of document of title (subsequent sale).
Once we file a return of income tax to the tax authorities, it has to be assessed as a correct return unless it is a self assessment return under section 139 of Income Tax Act. The assessment of returned income involves verification and scrutiny of the details of income submitted.
What is Reverse Charge? Generally, Service tax is payable by person providing the service who actually collect the tax and pays to government. But Section 68(2) introduced and makes provision for reverse charge i.e. making person receiving the service, liable to pay tax. Provision can be made that part of tax will be paid by service receiver and part by service provider or entire by Service Receiver.
Vide notification dated 22.08.2014 Ministry of Labour and employment has enhanced the ceiling of wage from Rs. 6500/- to Rs. 15000/- for the computation of contribution to Provident fund for both employer and employee contribution. Extract of the Notification 608(E)- In exercise of powers conferred by section 6A read with sub section (1) of section […]
