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 »
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 »
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 »
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 »