ALL YOU NEED TO KNOW ABOUT ADVANCE TAX
Posted Date : 26-May-2015 , 11:20:35 am | Posted By
Ankit Gupta
1.- Section 208 :- An assessee is liable to pay Advance Tax only if his ‘’Advance Tax’’ Liability is Rs.10,000 or more during the previous year. :- An individual whose age is 60 years or more at anytime during the previous year is not required to pay Advance Tax if his Total ...
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Category : Income Tax |
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Refund of excess Excise duty permissible on reduction in contract price after clearance of goods from factory
Posted Date : 25-May-2015 , 07:05:48 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, Refund of excess Excise duty permissible on reduction in contract price after clearance of goods from factory We are sharing with you an important judgment of the Hon’ble Supreme Court, in the case of HPL Socomac Ltd. Vs. Commissioner of Central Excise, Gurgaon [...
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Category : Excise |
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Gist of Depreciation under Companies Act 2013
Posted Date : 25-May-2015 , 06:50:25 pm | Posted By
Vivek Parakh
Provision as per Schedule II of Companies Act, 2013
Depreciation = allocation of depreciable amount + over useful life.
Depreciable amount = Cost of Asset – Residual Value.
Useful life = Expected period of use or no. of production etc.
Depreciation includes amortization.
For other ...
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Category : Companies Act |
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Taxability of newly taxable services from June 1, 2015
Posted Date : 21-May-2015 , 02:20:29 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, Taxability of newly taxable services from June 1, 2015 The Ministry of Finance, Department of Revenue vide Notification No. 14/2015-ST dated May 19, 2015 has notified that the following changes in relation to the Negative List of services contained under Section 66D of...
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Category : Service Tax |
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How change in Service Tax rate should be tackled?
Posted Date : 20-May-2015 , 08:55:08 pm | Posted By
Vimmi
How change in Service Tax rate should be tackled? Please keep in mind the following and prepare yourself accordingly:
1. Service Provision is complete till 31.05.2015 and Invoice raised till 31.05.2015 but Payment received on or after 01.06.2015- 12.36% applicable....
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Category : Service Tax |
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Analysis of Service tax rate increase from 12.36% to 14% (Subsuming EC and SHEC) effective from 01.06.2015
Posted Date : 20-May-2015 , 06:01:35 pm | Posted By
Chitresh
Analysis of Service tax rate increase from 12.36% to 14% (Subsuming EC and SHEC) effective from 01.06.2015
By CA. Chitresh Gupta, B.Com(H), FCA, IFRS (Certified), IDT (Certified)
Author of Book “An Insight Into Goods & Service Tax”
After the Hon’ble President h...
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Category : Service Tax |
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Finance Bill, 2015 enacted: Significant changes under the Central Excise and the Customs
Posted Date : 19-May-2015 , 07:19:35 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, Finance Bill, 2015 enacted: Significant changes under the Central Excise and the Customs The Hon’ble President has given assent to the Finance Bill, 2015 on Thursday, May 14, 2015. Accordingly, the Finance Bill, 2015 has now become Finance Act (No.20), 2015. We h...
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Category : SEBI |
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The Goods and Service Tax (GST)- A detailed explanation with examples!!
Posted Date : 17-May-2015 , 11:42:39 am | Posted By
Shivashish Karnani
Brief Intro: Introduction of Goods and Services Tax (GST) will indeed be an important perfection and the next logical step towards a widespread indirect tax reforms in India. As per, First Discussion Paper released by the Empowered Committee of the State Finance Ministers on 10.11.2009, it...
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Category : GST |
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Service tax rate of 14% shall come into effect only from a date to be notified - Finance Bill, 2015 enacted
Posted Date : 16-May-2015 , 01:21:19 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, Service tax rate of 14% shall come into effect only from a date to be notified – Finance Bill, 2015 enacted The Hon’ble President has given assent to the Finance Bill, 2015 on Thursday, May 14, 2015. Accordingly, the Finance Bill, 2015 now becomes Finance A...
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Category : Service Tax |
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How a Bill becomes an Act
Posted Date : 13-May-2015 , 09:21:18 pm | Posted By
Vimmi
A Bill is the draft of a legislative proposal. It has to pass through various stages before it becomes an Act of Parliament.
First Reading
The legislative process starts with the introduction of a Bill in either House of Parliament—Lok Sabha or Rajya Sabha. A Bill c...
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Category : Finance |
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All about Tax Deduction at Souce (TDS)
Posted Date : 09-May-2015 , 11:23:54 am | Posted By
CA Kapil Goel
Tax Deducted at Source (TDS) is one of the modes of collecting income tax in India at the very source of income, governed under the Indian Income Tax Act of 1961. It is controlled by the Central Board for Direct Taxes (CBDT) and is part of the Department ...
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Category : TDS |
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All about Joint Ventures
Posted Date : 09-May-2015 , 11:22:36 am | Posted By
CA Kapil Goel
A Joint venture is an arrangement in which 2 or more individuals /companies / partnership firms /corporations/legal entities come together to undertake an economic or research activity by entering into an agreement. The parties agree to create a new entity by contributing capital and share income, e...
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Category : General |
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All about Income Tax Returns (ITR)
Posted Date : 09-May-2015 , 11:21:37 am | Posted By
CA Kapil Goel
The forms used to file income taxes with the Internal Revenue Service (IRS) are known as Income Tax Returns. Tax returns are set up in an excel worksheet format, where the income figures are used to calculate the tax liability of persons. Tax returns must be filed every year for an individual or bus...
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Category : ITR |
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TDS on Rent u/s 194I
Posted Date : 09-May-2015 , 11:19:56 am | Posted By
CA Kapil Goel
Any person who is not an Individual or HUF, who is paying any income to resident by way of rent is liable to deduct tax at source only in case the aggregate of the amount of such rent credited or paid or likely to credited or paid during the financial year by the aforesaid person to the accoun...
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Category : TDS |
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TDS on Payment to contractors u/s 194C
Posted Date : 09-May-2015 , 11:18:57 am | Posted By
CA Kapil Goel
As per Section 194C, deduction of TDS is required to be made from payments of any amount to resident contractors or sub-contractors.
1. DEDUCTION OF TDS FROM PAYMENT TO RESIDENT CONTRACTORS :- Sec 194C(1) provides that any person responsible for paying any sum to resident contractor for ca...
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Category : Income Tax |
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Dissolution of Partnership Firm
Posted Date : 09-May-2015 , 11:17:56 am | Posted By
CA Kapil Goel
There are many consequences where the partners feel the need to close the partnership firm. As per our Partnership Act the closure of firm is termed as dissolution of firm. In the words of bare act "The dissolution of partnership between all the partners of
a firm is called the dissolution ...
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Category : Chartered Accountant |
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All about Goods & Service Tax (GST)
Posted Date : 09-May-2015 , 11:16:15 am | Posted By
CA Kapil Goel
The Goods and Service Tax (GST) is a tax likely to be implemented in India, from 1st April 2016. GST is proposed to be a comprehensive indirect tax to be levied on manufacture, sale and consumption of goods as well as services at the national level. It will substitute all&nb...
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Category : GST |
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Indian Economy from FII perspective
Posted Date : 05-May-2015 , 12:11:12 pm | Posted By
Gautam Soni
After a 12-month honeymoon with the Narendra Modi-government at the Centre, foreign investors appear to be losing patience, as a revival in corporate earnings is taking longer than expected time
We continue to believe the market rally last year was mostly due to a global rally in equities, helped b...
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Category : International Business |
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TDS RATE CHART FOR F.Y 15-16
Posted Date : 04-May-2015 , 05:21:53 pm | Posted By
Rinki
Here is a article of TDS rate for f.y 2015-16. Financial Year 2015-16
Nature of Payment Made To Residents
Threshold (Rs.)
Company / Firm / Co-operative Society / Local Authority
Individual / HUF
If No / Invalid PAN
Section - Description
Rate (%)
Rate (%)
Rate (%)
192 - Salar...
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Category : TDS |
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Incorporation of New Company by filing a single form INC 29
Posted Date : 02-May-2015 , 07:44:22 am | Posted By
Vimmi
On the occasion of World Labor Day, Ministry of Corporate Affairs (MCA) introduced a major reform for entrepreneurs in India. Effective May 1st, incorporation of a new business will require only one form to be filled, against 8 earlier.
This new form is known as INC-29, and i...
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Category : Companies Act |
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