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
Export of Goods and Services under GST
Simplifying Tax for C.A's and Taxpayers
Category Archives: Income Tax
Know the ITR forms for Assessment Year 2017-18
This time, the CBDT has notified the new ITR forms well in advance before the commencement of the tax filing season, efficient payment process 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 the most common payroll pitfalls vide Notification No. 21/2017 dated 30 March 2017.
Read MoreYour “Yes” to Cash means “No” to tax benefits!!!
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 on help for back taxes filing so that you can plan your transactions to continue enjoying tax benefits. The list of amendments is as follows: Read More
Section 50CA to give unquoted shares a “fair value” quote
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
When does your Provident fund become inoperative?
Two years ago, Sameer got an exciting opportunity and he switched job. While joining the new company, he was asked to share his previous PF account number so that same could be transferred or else open a new PF account with new employer online paycheck stub maker for startups. Sameer envisaged some funds requirement near the year end, so he decided to use the existing PF and open a new PF account. Few months later, he realized he forgot to withdraw previous PF balance. He later came to know that the account has become inoperative!
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Learn About Carbon Credits
“Income from transfer of carbon credit shall be taxable at concessional rate of 10% plus applicable surcharge and cess.” (Budget 2017-18)
Though I have read this term “carbon credit” many times, but since it was never a subject of significance to me, I never attempted to understand them. But while reading the proposed tax amendments in Budget 2017-18, proposal to tax income from carbon credits at 10% as mentioned above, ignited in me a curiosity to learn about them. Yes, it is time to unveil them.
I read many articles and felt like sharing my understanding with my readers. Read More
Union Budget 2017-18: Proposed tax slabs for FY 2017-18
Union Budget 2017-18 has proposed certain modifications in the tax structure for certain categories of assessees. We have presented the proposed changes for following categories of assessees referred below:
Benami Property and Benami Transactions (Prohibition) Amendment Act, 2016
“This (demonetisation) is not an end. I have more projects in mind to make India corruption-free. We will take action against ‘benami’ property. This is major step to eradicate corruption and black money”
Provident Fund Amnesty Scheme
As the Oprah Winfrey quotes, “Cheers to a new year and another chance for us to get it right”, here comes the NEW YEAR BONANZA-another amnesty scheme and this time by EPFO.
Revised model GST law vis-à-vis Old Model GST Law: Part III-Job Work
In continuation of our previous article in this series, we present this article relating to updated version of draft GST law on job work and related aspects.