Indian Economy: Survey 2016 (2)

Many economists and experts have appreciated the candid posture of this year’s Economic Survey and hoped the recommendations made in it would be reflected in the national budget to be presented by Finance Minister Arun Jaitley on Monday. The Economic Survey has highlighted that India’s potential growth rate is in the range of 8-10 percent… Read More »

Indian Economy: Survey 2016 (1)

As per the date was announced, budget 2017 will be presented on 1st Feb. 2017 in India. With the announcement of the much-awaited budget for the fiscal year 2017-18 just around the corner, many economists and experts have set the bar high with their expectations from PM Modi and the NDA Government on laying various… Read More »

First Develop India- Make in India

The Prime Minister said: “FDI” should be understood as “First Develop India” along with ” Foreign Direct Investment”. He said, ‘Let’s resolve to steer the country to one destination. We have it in us to move in that direction’. “Make in India – manufacture in India.” Sell in any country of the world but manufacture… Read More »

Current Indirect Taxes Vs. GST – II

It has been long pending issue to streamline all the different types of indirect taxes and implement a single taxation system. The main expectation from this system is to abolish all indirect taxes and only GST will be levied. Thus, GST will replace all indirect taxes levied on goods and services by the Indian Central… Read More »

Current Indirect Taxes Vs. GST – I

Current Indirect Taxes:- The present structure of indirect taxes is very complex in India. There are so many types of taxes that are levied by the Central and State Governments on Goods and Services. People pay ‘entertainment tax’ for watching a movie. People pay value added tax on purchasing goods and services. And there are… Read More »

Indirect Tax in India – II

The table below summarizes the changes in Customs, Central Excise and Service Tax rate structures and law and procedures. Sl. No. Changes Existing Proposed I Promoting Agriculture and food processing  1. Krishi Kalyan Cess proposed to be levied on all taxable services to finance and promote initiatives to improve agriculture, w.e.f. 01-06-16. – 0.5%  2.… Read More »

Indirect Tax in India- I

What is Indirect Tax? As the name suggests, Indirect tax is not directly levied on the taxpayers. In other words, the burden of such tax is transferable to someone else. This tax is often levied on goods and services which results in their higher prices. A few examples of such tax include service tax, central… Read More »

How to save TDS on Interest Income?

What can you do to make sure bank does not deduct TDS on interest, if your total income is not taxable? The simple thing you can do is:- Form 15G and Form 15H are forms you can submit to make sure TDS is not deducted on your income if you meet the conditions mentioned in… Read More »

Formation of GST council gets approval by Union Cabinet

Union Cabinet approves formation of GST Council: The Union Cabinet has approved the process, formation and functioning of the Goods and Services Tax (GST) Council as per the Article 279A of the Constitution. Decision regarding the fixation of the rate of tax under the GST regime was taken by the Union Cabinet meeting chaired by… Read More »

Tax Audit Process by IRS: Analysis of Rules & Guidelines to Audit

Tax audit is a process. There are systematic steps and discipline involved. Tax audits can potentially affect anyone, including self-employed individuals and corporate entities. Though many business owners worry about potential audits, the audit procedure is most often not as stressful as popular culture makes it out to be. Not all returns selected for audit contain… Read More »