Do you think that the tax news in simple language are better? Can you write them in simple language? and then broadcast? Then Write them at shocks n mocks.
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If you are a person who is responsible to pay money to a resident contractor for the services he has rendered to you... Read this article to find out how you can discharge your responsibility in regards to TDS as per the provisions of section 194C of the Income Tax Act. The provisions of TDS are contained in section 194C of the Act. I have categorised this section into seven questions, the answers of which will help you understand this sectio...
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Nobody needs an introduction to what e-commerce is. It has become a part of our daily lives. Be it shopping, eating food, buying groceries, buying a vehicle, planning a trip or any other thing for that matter, we just turn to e-commerce. Such is its influence in today’s world. Will the scenario change under GST? Let’s see
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GST, or the Goods and Services Tax is the new indirect tax structure to be implemented in India. Govt has stated 1st of July as the appointed date for its rollout. As the country prepares itself for the biggest tax change since independence with barely 10 days remaining, here is a quick bird’s eye view for our citizens.
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In my previous article, I told you about audit to be conducted by the department under section 63. But there is a twist in the tale, If during scrutiny or investigation it is found that the case is of complex nature or there is significant revenue at stake... then what will happen ? Read on
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Introduction of GST is going to make life very tough for tax evaders. The government has developed a comprehensive set of activates and practices which would be categorized as an offence under GST. Each of these would attract different penalty as per the severity and nature of offence.
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Tata Group is considering buying a controlling stake in state-run aviation Air India from government in partnership with Singapore Airlines,May be homecoming for Air India,whose original owner was Tata Group itself before airline was nationalised,in 1953. State-run carrier Air India is beleaguered. Tata Group chairman held informal talks with government, expressing preliminary interest in buying a controlling stake in Air India with 51% equity h...
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There’s a thin line of distinction between composite and mixed supply when a combination of goods/services is supplied together. What are the provisions relating to it under GST? Let’s find out
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Stock closed higher by 16.94% to Rs 35.20 on BSE on Jun'20.With banks planning to take up debt-laden Monnet Ispat & Energy for corporate insolvency resolution process (CIRP) under Insolvency & Bankruptcy Code, 2016,company’s shares surged.Among other companies which are facing bankruptcy action,Bhushan Steel rose by 8.91% & Amtek Auto by 9.17%.Lenders are likely to explore the process of resolution of company’s non-performing assets (NPAs) throug...
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Fearing some amount of financial loss with the introduction of the Goods and Service Tax (GST), chemists have not ruled out a temporary shortage of drugs in the market. The Chemists Association of Pune,having 7,000 retailers under its aegis,admitted that they were not willing to keep stocks.“With just 10 days left before GST is introduced on July 1,we don’t have much time to update our database & do coding of the products as per new structure.” s...
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Uber CEO & co-founder Travis Kalanick has resigned.He said yesterday that he has accepted a request from investors to step aside & it will allow ride-sharing company to go back to building itself rather than become distracted by another fight.He was criticised for his management.San Francisco-based co.,founded in 2009, has been trying reverse damage done due to revelations of sexual harassment in its offices,allegations of trade secrets theft & a...
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Accounts and records constitute the basic documentation for any business. Maintenance of these documents is mandatory under law since they are of utmost importance. They perform a variety of functions and have a varied usefulness. What are the provisions for maintenance of accounts under GST? Let’s find out
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Equalisation levy is the first important step taken by government to tax digital economy transactions….So in my previous article, we understood why the tax authorities introduced the concept of equalisation levy…...Endeavouring in this journey further, here is some comforting news...I found few exceptions in the provisions of equalisation levy….These exceptions might help you to avoid payment of this levy.
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A seller sells goods, collects payment, collects tax. But, does not pay to the govt. Instead he keeps it in his pocket. Unfortunately this practice is followed by a number of people in our country. This dries up the revenue collection of govt and results in sluggish economical growth. 1 selfish act becomes a deterrent in nation building. But the picture might change under GST.
If you look closely at the audit provisions under GST Act, you’ll find a lot of confusion and uncertainty over it. Do you have to get audited by department, or by a Chartered Accountant? Or you have to do it yourself? What are the threshold limits? All these things perplexes a common man and he often fails to comply with the provisions and rules due to inability to understand them. With the help of this series, I’ll try to tell you what you ne...
Hey..... There is one date in this year.. which perhaps every Indian is waiting for.... May be more than his birthday too... Let me ask you to give a guess to it? Ok.... Here are your options...#1 Dec 31 #2 Mar 31 # 3 July 2 and # 4 July 1.... Whizzo, you may give your choice in the comments section... or shoot me an email in the summary
Yep.... have you ever met a balanced person.... oops, do you even know what is balance?
Yep.... have you ever met a balanced person.... oops, do you even know what is balance?
Having told you about the various offences under GST in my previous article, now I will tell you about the penalties that will be attracted in case of those offences being committed.
Case Law,Jun. 19, 2017
Can you believe that? The major global player, world # 4 biggest company, who has conquered Indian net market (95%) wasn't paying any taxes in India....... Yep... Not only google, Instagram, Facebook and twitter also didn't pay any taxes in India.
Budget 2016 introduced the concept of equalisation levy. It is levied on digital advertising service. The provisions of equalisation levy are somewhat similar to that of withholding tax(TDS). To get an insight into the concept of equalisation levy, i am presenting a series of write ups on this topic…
Everyone wants to save on taxes, including the rich….The rich guys always find some loophole in tax laws, for its advantage….They will find, as they pay crores of rupees to their tax consultants to save taxes…. Do you have any idea about the modus operandi (method) used…..
In Amarshiv Constructions case AO noticed that assessee had deducted Rs 50 lakhs from profits, being retention money retained by assessees clients. AO rejected deduction claim and made addition. CIT(A) dismissed assessees appeal. ITAT following its Cordinate Benchs and High Courts decision in assessees own case, held retention money was not assessees income, and deleted addition.
Case Law,May. 02, 2017
