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 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 »
The Union Government has set the ambitious target to roll out of the Goods and Services Tax from 1st April, 2017. It was announced by Union Finance Minister Arun Jaitley after unveiling a detailed road map for GST implementation. This announcement was made after Rajya Sabha had passed The Constitution (122nd Amendment) (GST) Bill, 2014.… Read More »
What is exempted income? As per Section 10 to 13A, certain incomes are either totally exempt from tax or exempt up to a certain limit. Such incomes which do not form part of total income may also called incomes exempt from tax. Exemptions = Tax free income Income forming a part of total income on… Read More »
For AY 2017-18, As amended by Finance Act, 2016: TDS has to be deducted when you purchase a property (house, plot, bunglow, shop, villa, pent house, etc.) except agricultural land in rural area. Section 194IA has come into effect from June 01, 2013. It is important to understand the applicability of this section. This section will… Read More »
PAYMENT OF TDS SUBSEQUENTLY The procedure for paying the TDS amount into the Bank subsequently, i.e. not immediately after furnishing the purchase transaction details online: Using this facility deductor (Buyer) can furnish the details online and make the payment of taxes subsequently either through net-banking account or by visiting any of the authorized bank branches.… Read More »
PAYMENT THROUGH e-TAX PAYMENT OPTION IMMEDIATELY The procedure for furnishing TDS through the e-tax payment option immediately after providing the transaction details: E-Payment facilitates payment of taxes online by taxpayers. To avail this facility the taxpayer is required to have a net-banking account with any of the Authorized Banks. Please follow the steps as under… Read More »
What is TDS on property? The Finance Bill 2013 has proposed that purchaser of an immovable property (other than rural agricultural land) worth Rs 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor. Who is responsible to deduct the TDS on… Read More »
As we are kindly aware that ICAI, being a partner in nation building, has always supported the efforts of the government to achieve its objectives to optimize tax collection and prevent tax avoidance/evasion on one hand and to ensure timely compliance of statutory obligations by the tax payers on the other hand. It has also… Read More »
Para 9 of ICDS VI provides for the procedure for translation of financial statements of nonintegral foreign operations i.e. foreign branch. It provides that the assets and liabilities, both monetary and non-monetary, of the foreign branch shall be translated at the closing rate and resulting exchange differences shall be recognized as income or expenses in… Read More »