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Posted On:  2 years ago


Clarifications for implementation of FATCA and CRS-reg : CBDT Circular no.12/2016

An Inter-Governmental Agreement between India and USA was signed for implementation of Foreign Account Tax Compliance Act (FATCA). The Government of India has also joined the Multilateral Competent Authority Agreement (MCAA) for Automatic Exchange of Information as per Common Reporting Standard (CRS). To provide guidance for implementation of FATCA and CRS, A Guidance Note was released on 31st August 2015 which was subsequently updated on 31.

article author CA Chirag Chauhan

Posted On:  2 years ago


Equalisation Levy in India, rules and how it effects Business in India – CBDT Notification 38/2016

What is equalisation levy tax ? From June 1, an equalisation levy of 6% will have to be deducted by a business entity in India which makes payments exceeding Rs 1 lakh in the aggregate in a financial year to a non-resident service provider for specified services.

article author CA Chirag Chauhan

Posted On:  2 years ago


Stepwise Registration under Profession tax registration certificate (PTRC) in Maharashtra

1. Create Temporary Profile Click on ë-Registration” under e-services menu

article author CA Chirag Chauhan

Posted On:  2 years ago


Step wise registration under Profession tax Enrollment certificate (PTEC) in Maharashtra

Steps involved in the grant of Enrolment Certificate (EC) under sub-section(2) or sub-section(3) of section 5 of the Maharashtra State Tax on Professions, Callings and Employments Act, 1975 (PT Act)

article author CA Chirag Chauhan

Posted On:  2 years ago


Stepwise Registration process under SCPT (Sugarcane cane purchase tax) in Maharashtra

Steps involved in the grant of Registration Certificate under section 5 of the Maharashtra Purchase Tax on Sugarcane Act, 1962

article author CA Chirag Chauhan

Posted On:  2 years ago


Stepwise Registration under Entry Tax Goods in Maharashtra

Steps involved in the grant of Registration Certificate under section 4 of the Maharashtra Tax on the Entry of Goods into Local Areas Act, 2002. (Maharashtra Act IV of 2003)

article author CA Chirag Chauhan

Posted On:  2 years ago


Stepwise Registration process under MVAT and CST - Maharashtra Value Added Tax and Central Sales tax

1. Introduction Under Maharashtra Value Added Tax Act, 2002, there are two modes of registration viz. (a) when the dealer crosses the threshold limit and; (b) When the dealer makes an application under voluntary scheme of registration (c) Non Resident Dealer (d) Casual Dealer Central Sales Tax is an Act to formulate principles for determining, when a sale or purchase of goods takes place in the course of inter-state trade of commerce, or outside a State or in the course of imports into or export from India, to provide for the levy, collection and distribution of taxes on sales of goods in the course of interstate trade of commerce and to declare certain goods to be of special importance in inter-state or commerce and specify the restrictions and conditions to which state laws imposing taxes on the sale or purchase of such goods is of special importance. Eligibility criteria for CST registration is that the dealer should have entered into inter-state trade of commerce.

article author CA Chirag Chauhan

Posted On:  2 years ago


Steps for E-Verification and User Manual for Form 35

E-Verify Form 35 (Individuals) Login to e-Filing Portal Click “e-File” Select “Prepare and Submit Online Form (Other than ITR)”

article author CA Chirag Chauhan

Posted On:  2 years ago


Section wise Changes in TDS Provisions from 1st June 2016

Chnages in TDS rate from 1 June 2016

article author One Roof Consultant

Posted On:  2 years ago


Profession Tax Enrolment Amnesty Scheme 2016 Maharashtra - Tax payable and documents required

The Maharashtra government has introduce Scheme for professionals and self-employed who has not enrolled for Professional Tax and not paid any Professional Tax (PT) till date. Government send usually notice to all those who are liable to pay professional tax and make them pay Professional Tax for 8 years with interest and penalty. To give one time relief to all government has introduce. This scheme is applicable only to the unregistered persons as on 1-4-2016, those who are already registered before 1-4-2016 cannot avail the scheme.

article author CA Chirag Chauhan

Posted On:  2 years ago


Features and Step wise process - Income Declaration Scheme 2016 – Convert your Black Money to White

Features and Step wise process - Income Declaration Scheme 2016 The Income Tax Department has come up with the Income Declaration Scheme 2016 which gives chance to Individual to come clean and declare their undisclosed investment, income, assets. The Center government has announce the scheme in Budget 2016. The Scheme Requires investment to be revalued as on 1 June 2016 and tax is to paid on fair market value of such assets which may not sound positive for declarants as assets have to be revalued. However confidentiality of declarant and immunity for prosecution, is very positive for declarant. In case the black money is not disclosed in this scheme and the undisclosed income will be liable to pay 300% of Penalty, interest , etc and also tax payer will be prosecuted. So to avoid such circumstances the scheme can be utilized to disclose black income and come clean. The Article introduce with feature and process of the scheme.

article author CA Chirag Chauhan

Posted On:  2 years ago


The Income Declaration Scheme Rules 2016

The Income Declaration Scheme Rules, 2016 as Notifed by CBDT which shall come into force from shall come into force on the 1st day of June, 2016

article author CA Chirag Chauhan

Posted On:  2 years ago


Mauritius tax treaty DTAA Analysis from April 2017 and impact

Investment that were routed through tax heaven like Mauritius through Round tripping, Treaty shopping, will no longer get tax benefit from April 2017. Government of India has finally India has managed to renegotiate its tax treaty with Mauritius and signed Double Taxation Avoidance Agreement (DTAA)

article author CA Chirag Chauhan

Posted On:  2 years ago


Depreciation is allowed as expenditure for Computation of Income in case of Trust till 2015

Assessing Officer are mostly objecting depreciation claim by Charitable trust in scrutiny based on their opinion that expenditure is claimed twice, once at the time of application of income at the time of acquiring of asset and other at the time of claiming depreciation. The Article provides you explanation with relevant case laws on why depreciation should be allowed as expenditure

article author CA Chirag Chauhan

Posted On:  2 years ago


Declare Undisclosed Income Pay 45% as Tax from June 2016 to Sep 2016

The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income(s).

article author CA Chirag Chauhan

Posted On:  2 years ago


Non filing of annual accounts turns LLP into unlimited liability

NON FILING OF ANNUAL ACCOUNTS TURNS LLP INTO UNLIMITED LIABILITY

article author CS Perila Sheth

Posted On:  2 years ago


Forget to sign and send ITR V for last 6 years ? You have time to Verify till August 31 2016 - CBDT

CBDT has declared August 31 as deadline for the taxpayers whose ITRs for six assessment years between 2009-10 and 2014-15 are pending for processing and issuance of refunds due to issues of non-filing of ITR-V acknowledgement form at its Bengaluru-based collection centre.

article author One Roof Consultant

Posted On:  2 years ago


Procedure for Service Tax Registration online and Documents required

India's services sector has the largest share in the GDP, accounting for 57% in 2016, up from 15% in 1950. Service tax is a tax levied by Central Government of India on services provided or to be provided excluding services covered under negative list. Liability for registration in service Tax arises when turnover crosses Rs 9 Lakhs in any financial year. Liability to collect and pay service tax arises when turnover crosses Rs 10 Lakh.

article author CA Chirag Chauhan

Posted On:  2 years ago


CBDT issues directions to field formations reg taxability of income from transfer of shares of unlisted companies

CBDT, vide order dated 2nd May, 2016 has given direction to field formation, with a view to avoid disputes/Litigation and to maintain uniform approach that the income arising from transfer of unlisted shares, irrespective of period of holding, would be taxable under the head ‘Capital Gain’ except in certain circumstances where the Assessing Officer would examine the issue and take appropriate view.

article author CA Chirag Chauhan