2018-03-15 02:34
Finance Bill 2018, passed by the Lok Sabha on Wednesday without discussion, has streamlined tax breaks for start-ups and exempted foreign companies from having to quote a permanent account n… Read More
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Income tax rates, Service Tax, Pan verification, HRA, EPF, 80C,80D, Tax Tips, ITR, TDS rates ,challan, Tax calculator ETDS return, India, capital gain
2018-03-14 11:35
The new age women empowerment highlights the fact that women have indeed come a long way. They are on the forefront in numerous fields. Women are not only becoming independent but also are c… Read More
2018-03-14 04:27
Supreme court has extended the due date to Link Mobile number , Bank Accounts ,PAN till the final order to be given in the case. Further now Aadhaar is not mandatory to open Bank account.
Th… Read More
2018-03-14 03:22
The GST Council in its 26th Meeting on 10th March 2018 held at New Delhi recommended significant facilitative changes in order to provide relief to the taxpayers including the exporters.
Som… Read More
2018-03-13 03:05
Now you can Check your Provident Fund with the help of your Mobile ,You have three options to check Balance with Mobile.
Check PF balance with Missed CallCheck PF balance with Umang AppChec… Read More
2018-03-12 09:04
1 As you are aware that ICAI has issued Standard on Auditing (SA) 299, “Responsibility of Joint Auditors”. Regarding allocation of work among the joint auditors, SA 299 provide… Read More
2018-03-12 08:13
Independent audit of financial statement of banks is essential for a healthy, safe and sound banking system. Audit of banks involves number of peculiarities e.g. huge volumes and complexity… Read More
2018-03-10 15:40
In the 26th meeting held on 10.03.2018 , the GST Council has recommended the introduction of e-way bill for inter-State movement of goods across the country from 01st April 2018. For intra… Read More
2018-03-10 14:54
26th Meeting of GST Council was held on 10.03.2018 and following major decision has been taken on Return filing ,reverse charge mechanism and TDS/TCS provision under GST.[message]I. Ret… Read More
2018-03-10 12:42
Investing is like learning to cook. No matter how many recipe books you read or watch your mother while cooking, the perfect taste, aroma and texture comes only with practice. Only when you… Read More
2018-03-10 12:32
Earning money is easy, managing it is not. When there is a continuous inflow of income, forming the right habits in the early days becomes important. But if you do have any bad habits, get r… Read More
2018-03-09 16:28
The issue of taxability of out-of-pocket expenses has always been a matter of litigation. Before April, 2006 there was no specific provision to this effect. However, from April 19, 2006 onwa… Read More
2018-03-09 07:26
When it comes to financial planning, you must know that the income of the person does not always remain the same throughout his life span, so while earning the income everybody should also… Read More
2018-03-09 04:53
Benami Transactions (Prohibition) Act, 1988 has been amended and renamed as Prohibition of Benami Property Transactions Act, 1988 (PBPT Act). Benami Act mainly focuses on finding real names… Read More
2018-03-08 02:57
[To be published in the Gazetteof India, Extraordinary, Part II, Section3, Sub-section (i)]Government of India Ministry of Finance (Department ofRevenue)Central Board of Excise and Customs N… Read More
2018-03-07 03:21
In a first in the country, the court of Sub-Divisional Magistrate (Centre) Virat has issued an order for filing an FIR against the owner of a shoe shop for not passing on the benefit of a re… Read More
2018-03-06 03:16
As far as term insurance is concerned, renewal of the policy is as important as buying it. Life is always unpredictable and uncertain, hence failing to renew your term plan is a risk not wor… Read More
2018-03-06 01:37
Circular No. 35/9/2018-GST F.No.B-1/20/2016- TRU Dated 5th March, 2018 Government of India Ministry of Finance Department of Revenue Tax research Unit *****
Subject: Joint Venture … Read More
2018-03-04 16:21
Ever since the Hon’ble Prime Minister Shri Narendra Modi spoke to Chartered Accountants on CA Day on July 1, 2017 about his proposition that there should be Big Eight global accounting… Read More
2018-03-03 15:20
Taxpayers guide on reporting a grievance when money has been deducted from bank account but not reflecting in the Electronic Cash Ledger.
1. For which issues can I raise a grievance?
Grievan… Read More
2018-03-03 14:50
Filing for Cancellation of Registration by Legal Heir in case of Death of Sole Proprietor
1. Can a legal heir transfer the ITC to a new entity in case of death of sole proprietor?
Yes, a leg… Read More
2018-03-02 08:56
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal for establishment of National Financial Reporting Authority (NFRA) and creation of one post of Ch… Read More
2018-03-02 06:00
The Union Cabinet chaired by Prime Minister Shri Narendra Modi, has approved the proposal of the Ministry of Finance to introduce the Fugitive Economic Offenders Bill, 2018 in Parliament… Read More
2018-03-01 16:30
Tax Research Unit of under department of revenue ,Ministry of Finance and under direct control of CBEC has issued few clarification on taxability of various services /goods under GST
Q… Read More
2018-03-01 06:00
Why Growth Equity Mutual Funds is Still a Good Investment Option After The Introduction of LTCG Tax
Finance Minister has introduced Long-Term Capital Gains (LTCG) tax in the Budget 2018. Acc… Read More
2018-02-28 14:47
The Central Government has come out with a simplified version of GSTR-3B, making it more user-friendly. Following key changes made in the process of filing GSTR 3B:
1. Tax payment - Ea… Read More
2018-02-28 14:08
In order to ease out the difficulties being faced by the registered persons in filing the LUTs physically and submitting the documents in the department, GST council has enabled the option o… Read More
2018-02-28 13:49
Gifting is considered to be an art, but there is science behind it. You do not just want the gift to be beautiful and attractive, but you also want it to be useful to the person you are best… Read More
2018-02-28 13:19
Money management, budgeting, and savings may not be your top priorities as a college student. You may want to enjoy a carefree life and have fun while getting an education.
However, ma… Read More
2018-02-28 03:05
Imagine that you go to work on a pleasant morning. But by the time you reach office, the weather changes for the worse. It starts to rain heavily and most of your colleagues skip work for th… Read More
2018-02-27 02:45
MINISTRY OF FINANCE (Department Of Revenue ) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 22nd February, 2018 S.O. 771(E).—
In exercise of powers conferred by sub-sectio… Read More
2018-02-25 13:34
Starting April 1, inter-state movement of goods worth Rs 50,000 will need generation of e-way bills, Bihar Deputy Chief Minister Sushil Modi said at a media briefing on Saturday. The briefin… Read More
2018-02-25 06:31
Key Updates – GST Rate Amendments – Services
1. GST Rate on the Works Contract Services (WCS) provided by sub-contractor to the main contractor providing WCS to Central Gov… Read More
2018-02-24 08:35
It is estimated that every one car out of four cars sold in India would be against exchange of old car. Market for used cars has increased in recent years in our country. As per the report b… Read More
2018-02-22 02:59
Retirement fund body EPFO on Wednesday lowered the rate of interest on employees provident fund to 8.55 per cent for its over 6-crore subscribers for 2017-18, from 8.65 per cent in the previ… Read More
2018-02-18 13:52
Tax treatment of Pension Pension is a retirement benefit. Since this is payable to an employee or to his dependents by virtue of past employment, this is taxed as salary in the han… Read More
2018-02-17 04:03
The Central Board of Excise and Customs has issued Circular No. 1063/2/2018-CX dated 16.02.2018 on the subject “Orders of Supreme Court, High Courts and CESTAT accepted by the Departme… Read More
2018-02-15 17:23
Leave encashment Leave salary means the salary for the period of leave not availed by the employee. The encashment of accumulated leave can be at the time of retirement or during the co… Read More
2018-02-14 16:18
Individuals look to save tax through various exemptions and deductions available under the Income Tax Act, 1961. Salaried individuals, in particular, may enjoy numerous such deductions under… Read More
2018-02-14 16:16
We are sharing with you an important judgement of the Hon’ble Supreme Court of India in the case of Commissioner of Central Excise & Service Tax Vs. Ultra Tech Cement Limited [TS-1… Read More
2018-02-14 04:38
In this part you can gain knowledge about the normal tax rates applicable to different taxpayers. The tax rates discussed in this part are applicable for assessment year 2018-19 i.e. financi… Read More
2018-02-13 03:01
Is hostel accommodation provided by Trusts to students covered within the definition of Charitable Activities and thus, exempt under Sl. No. 1 of notification No. 12/2017-CT (Rat… Read More
2018-02-08 05:03
The word ‘composition’ comes from the Latin componere, meaning "put together". It is a feature of Indirect Tax laws that in order to provide a comfort to assessee from complying… Read More
2018-02-06 05:20
In India, if you own a business or is involved in any activity where the exchange of goods and services takes place, it a necessarily required to get GST Registration in India from their res… Read More
2018-02-05 11:59
Subject: Frequently Asked Questions (FAQs) regarding taxation of long-term capital gains proposed in Finance Bill, 2018-reg.
Under the existing regime, long term capital gains arising… Read More
2018-02-05 11:16
UNION BUDGET 2018 HIGHLIGHTS – DIRECT TAXES (ANALYSIS BY ICAI) [message]TAX RATES No change in tax rates and basic exemption limit Tax rates continue to be same for A.Y… Read More
2018-02-05 11:06
[message]CAPITAL GAINS TAXATION BUDGET-2018Taxability of Long-term Capital Gains on sale of listed equity shares etc.
Long term capital gains(LTCG) arising from transfer of long term c… Read More
2018-02-05 07:51
[message]RETURN OF INCOME AND ASSESSMENT PROCEDURE Rationalisation of prima-facie adjustments during processing of return of income
Section 143(1) provides for processing of retur… Read More
2018-02-05 07:21
[message]BUSINESS TAXATION Concessional tax rate
Domestic companies whose turnover was less than Rs. 50 crore in financial year 2015-16 was liable to pay corporate tax @25% in FY… Read More
2018-02-05 01:40
CHANGES PROPOSED IN BUDGET 2018-19 FOR INCOME COMPUTATION DISCLOSURE STANDARDS[ICDSs]
[message]INCOME COMPUTATION DISCLOSURE STANDARDS (ICDSs) The central government has notified ten IC… Read More
2018-02-05 01:29
Highlights of Union Budget 2018-19 relating to Indirect Taxes By Indirect Taxes Committee, The Institute of Chartered Accountants of India
CUSTOMS
[message]Amendments to be effe… Read More
2018-02-04 17:55
Union Budget 2018-19 Proposed Amendments in International Tax- Synopsis by ICAI[message]1. Taxation of long-term capital gains in the case of Foreign Institutional Investor[Section 115AD]&nb&hell…Read More
2018-02-02 03:27
From a personal savings and investment perspective, the restoration of long-term capital gains tax on equity income is a huge change.
Selling stocks or equity mutual funds that you hav… Read More
2018-02-01 17:39
Mr. Arun Jaitley today presented the final full budget of Modi government before the country goes to polls next year, amid subdued economic growth and challenging fiscal situation. Given tha… Read More
2018-02-01 16:51
Finance Bill 2018 has been presented by the honble Finance Minister on 1st February 2018 which has put forward some changes in indirect taxation regime.
For clear understanding, we hav… Read More
2018-02-01 16:36
I am confused ,whether categorized this news as good news for tax payers or bad news for tax payers , but this has happened again. GST tech system has failed again and not up to the mark on… Read More
2018-02-01 12:56
Finance Minister Shri Arun Jaitley presents general Budget 2018-19 in Parliament.Budget guided by mission to strengthen agriculture, rural development, health, education, employment, MSME an… Read More
2018-02-01 11:53
Several changes have also been introduced to improve the horizontal equity of the tax system by providing relief to certain section of the society, in particular, senior citizens and the sal… Read More
2018-02-01 11:14
The Union Finance Minister Shri Arun Jaitley in his Budget Speech ON 01/02/2018 in Lok Sabha proposed no change in the rate of personal Income-tax.
However standard deduction has been… Read More
2018-02-01 11:02
1. No change in Tax Rate. All persons including individuals, HUF, Firms and Companies to pay same tax. However Education cess is being increased from 3 to 4 % to be known as Education and He… Read More
2018-02-01 10:03
Under the existing regime, long term capital gains arising from transfer of long term capital assets, being equity shares of a company or an unit of equity oriented fund or an unit of busine… Read More
2018-02-01 08:45
In order to provide relief to salaried taxpayer, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley, proposed to allow a standard deduction of Rs. 40,000/- in lieu of th… Read More
2018-02-01 08:30
Budget 2018-2019 speech of
Arun Jaitley Minister of Finance ebruary 1, 2018
Madam Speaker,
1. I rise to present the Budget for 2018-19… Read More
2018-01-31 13:04
Recently, the Hon’ble Supreme Court in the case of Commissioner of Trade & Taxes, Delhi and others Vs. Arise India Limited and others [TS-2-SC-2018-VAT], has dismissed the Special… Read More
2018-01-29 16:35
The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley tabled the Economic Survey 2017-18 in Parliament today.
Based on the firm footing provided by the discernible improvem… Read More
2018-01-29 08:53
End of Financial year 2017-18 is now two months away, all salaried persons are busy in year-end Tax planning and considering various tax saving instruments like Life insurance, PPF, NSC etc… Read More
2018-01-28 14:49
With less than a week to go for the E-Way Bill to become a mandatory requirement for inter-state movement of the taxable goods under GST from February 1, 2018, it is time to gear up to under… Read More
2018-01-23 17:16
Insurance is an important element of individual personal finance. It is not just an instrument for investment but also a cover against untoward incidents, which may arise in the future.
It i… Read More
2018-01-21 10:05
An entity may incur expenditure on the development and operation of its own web site for internal or external access. A web site designed for external access may be used for various purposes… Read More
2018-01-21 09:12
Is GST a liberal credit regime?
The sole aim of the GST law is to allow seamless flow of credit at all stages of supply chain. However, this is far from realty.
‘Input tax&rsquo&hell…Read More
2018-01-20 04:20
The all-powerful GST Council meeting headed by the Hon’ble Finance Minister, Mr. Arun Jaitley held for the 25th time with an agenda to review the rates on basis of representation made… Read More
2018-01-19 02:45
The Union Finance Minister Shri Arun Jaitley Chaired the 25th Meeting of the GST Council in New Delhi today. The following Policy Changes have been recommended by the GST Council in its 25th… Read More
2018-01-18 14:47
The Goods and Services Tax Council has a big agenda lined up today(18/01/2018) as it considers more changes to further improve the country's most comprehensive indirect tax reform since Inde… Read More
2018-01-18 14:43
The Union Finance Minister Shri Arun Jaitley Chaired the 25th Meeting of the GST Council in New Delhi today. The Council has recommended many relief measures regarding GST rates on goods and… Read More
2018-01-18 10:44
As the financial year is ending, you may be looking for the best tax savings investment options. As per Section 80C of the Income Tax (IT) Act, amount up to INR 1.5 lakh per annum is exempte… Read More
2018-01-18 06:42
The Government of India vide Circular no. 28/02/2018-GST dated January 08, 2018 (“Circular No. 28”), has issued clarification on following queries in situation whe… Read More
2018-01-17 02:49
Introduction of Goods and Services Tax (GST) across India with effect from 1st of July 2017 is a very significant step in the field of indirect tax reforms in India.For quick and easy moveme… Read More
2018-01-15 14:19
I am very pleased to introduce our 1st E-Book on most awaited concept in GST “E-Way Bill.” Every one of us is now much familiar with GST law & its procedural aspects. GST E W… Read More
2018-01-15 10:46
Earlier, 65 years used to be the qualifying age for a senior citizen in India. However, since the year 2011-12, according to the Indian Constitution, an individual above the age of 60 years… Read More
2018-01-15 03:15
Question 1: I am a single truck owner-operator and I ply my truck mostly between States, carrying the goods booked for my truck by an agent; aggregate value of service which I provided excee… Read More
2018-01-14 12:28
We can covered GST exemption related to goods transport by road under three heads. These heads are
S. No. 18 of Exemption Notification No. 12/2017-Central Tax (Rate) S. No. 21 of Exempt… Read More
2018-01-13 19:36
Exemption of GST on religious ceremony is given under S. No. 13 of Exemption Notification No. 12/2017-Central Tax (Rate).We have covered the exemption under 5 different heads as under… Read More
2018-01-13 18:25
Introduction :Generally speaking, an invoice is a commercial instrument issued by a seller to a buyer. It identifies both the trading parties and lists, describes, and quantifies the items s… Read More
2018-01-13 04:48
If you have received arrears of salary/pension in Financial year 2017-18 related to previous year(s) then your tax liability will be on higher side due to arrears but do you know that you ca… Read More
2018-01-11 15:35
The GST roll-out on 1st July 2017 has paved the way for realization of the goal of One Nation - One Tax - One Market. GST is expected to benefit Indian economy overall with most tax complian… Read More
2018-01-10 01:44
Time of supply determines when the taxpayer is required to discharge tax on particular supply. Time of supply provisions are governed by Section 12 to 14 of the CGST Act, 2017. As per the sa… Read More
2018-01-08 01:20
Introduction: What is a works contract?
Simply put, a works contract is essentially a contract of service which may also involve supply of goods in the execution of the contract… Read More
2018-01-06 16:29
EPFO has issued instructions to all commissioners not to force employers to contribute to employee provident fund over and above EPF contribution statutory Limit .However employee can opt to… Read More
2018-01-06 15:29
The levy of Service Tax on Road Transportation Service has always been a contentious issue. The legal position prevailing under Service Tax is being continued under the GST regime. The servi… Read More
2018-01-06 12:56
Section 80GGA allows deduction from total income of assessee in respect of donations of any sum as given in the Table below:
[post_ads]
Donations made to persons Approval / Notification… Read More
2018-01-05 19:12
INCOME-TAX DEDUCTION(TDS) FROM SALARIES DURING THE FINANCIAL YEAR 2017-18 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.
CBDT has issued a Circular No 29/2017 dated 05.12.2017 under which gu… Read More
2018-01-04 19:59
There is General Perception to taxpayers that All premiums paid for Life Insurance is eligible for deduction under 80C subject to overall Limit of 1.50 Lacs .Further there is misconception t… Read More
2018-01-02 12:34
CBEC has issued notification 73/2017 dated 29.12.2017 under which late fees for delayed filing of Return GSTR-4 for composition dealers.
As per notification ,if composition Dealer's turnover… Read More
2018-01-02 12:34
For small assesses compliance with Indian tax laws has always been a challenge. Forcing such assesses for compliance may not yield much revenue to exchequer. It may in fact alienate them fro… Read More
2018-01-01 16:40
A) Section 269SS and 269T – Mode of taking or accepting and repayment of certain loans and deposits through banking channels
Section 269SS of the Income–tax Act, 1961 requires th… Read More
2017-12-30 14:30
Manual filing of applications for Advance Ruling and appeals before appellate Authority for Advance Ruling
The Central Government vide Circular No.25/25/2017- GST dated 21st December, 2017 h… Read More
2017-12-30 09:15
The GST Council, in its 23rd meeting held at Guwahati on 10th November 2017, has taken certain decisions in regard to filing of returns by taxpayers. Subsequently, various representations ha… Read More
2017-12-30 05:34
Section 234F – Fee for delayed filing of return – Removal of provision levying fees to prevent undue hardship for the genuine assessees
The Finance Act, 2017 vide section 234F le… Read More
2017-12-30 04:54
Your bank account is your first step to the world of savings and investments. Having a bank account provides you access to a world of services such as mutual funds, insurance, bill payments… Read More
2017-12-29 15:24
The government has extended by 10 days the last date for filing of final sales return GSTR-1 till January 10 under the Goods and Services Tax, sources said. Businesses with turnover of up to… Read More
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