Don’t assume that since you are a buyer, you just have to pay tax to seller and that’s all. It is very much possible that you could be liable to pay tax to the government directly, under the concept called reverse charge. Few might argue that this is not a new concept as it exists under service tax law in present indirect tax regime and they are well versed with it. Then why? Read More
It will not be incorrect to term GST as the current anthem of the nation. July 1, the appointed day for implementation of GST is near. In our previous article (Export of Goods and Services under GST), we discussed the GST provisions and impact on export of goods and services. In this article, we will be looking at the GST take on other leg of international trade which is import of goods and services. Read More
India is gearing towards implementation of GST. GST would have significant impact on international trade, one aspect of which is export of goods and services. Read More
Kevin Kelly, executive editor of Wired Magazine, writes in his latest book, New Rules for the New Economy,
“The great benefits reaped by the new economy in the coming decades will be due in large part to exploring and exploiting the power of decentralized and autonomous networks.”
Bitcoin is an early example of this so predicted future scenario. This article provides our readers with understanding and functioning of bitcoins, in a detailed yet precise manner. Read More
This time, the CBDT has notified the new ITR forms well in advance before the commencement of the tax filing season, providing an opportunity to tax payers to avoid last minute hassles in return filing. The new ITR forms for all categories of taxpayers for assessment year 2017-18 were notified vide Notification No. 21/2017 dated 30 March 2017. Read More
This is a direct tax proposal introduced in Budget 2017-18 as a measure to prevent abuse of Section 10(38) through sham and bogus transactions. This article talks about Section 10(38), proposed amendment and resulting consequences. Read More
Budget 2017-18 definitely means that and surely propagates “Beware of cash!”
By proposing a series of amendments aimed at less cash transactions, it is, invariably gearing towards promoting a less cash economy as well as curbing generation and circulation of black money. In this article, we are presenting those proposed amendments for your knowledge so that you can plan your transactions to continue enjoying tax benefits. The list of amendments is as follows: Read More
Section 194-I of the Indian Income tax Act, deals with the deduction of tax at source from payment of rent. The tax is required to be deducted by specified classes of assesses on payment of rent above specified limit at a prescribed rate. Budget 2017-18 has proposed to insert a new section 194-IB to cover more taxpayers. Read More
As per existing provisions of the Income Tax Act, income chargeable under the head ‘Capital gains’ is computed by taking into account the amount of “full value of consideration” (FVC) received or accrued on transfer of a capital asset. Read More
“Money is like gasoline during a road trip. You don’t want to run out of gas on your trip, but you’re not doing a tour of gas stations.”
Indeed an apt quote by Tim O’Reilly, O’Reilly Media founder and CEO. Read More