Posted On:  2 months ago


Analysis of Goods & Service Tax (GST) on Real Estate Industry

If Government/GST Council will rectify defects pointed out by me in the said article then it will help in reducing inflation & also help in achieving Government’s mission of creating employment, creating smart cities, good infrastructure & ‘Housing for All’ mission by 2022. Please note that my above article is also uploaded in www.taxguru.in website on 29-05-2017.

article author CA JINESH GADA

Posted On:  2 months ago


Procedure and List of Documents required for registration of Public Trust

According to Section 2 (13) of the Bombay Public Trust Act 1950, a Public Trust means , an express or constructive trust for either a public, religious or charitable purpose or both and includes a temple, a math, a wakf, church, synagogue, agiary or other place of public religious worship, a dharmada or any other religious or charitable endowment and a society formed either for a religious or charitable

article author Varsha Kewalramani

Posted On:  2 months ago


How to Pay Zero Tax for Income up to Rs 12 Lakhs from Salary for Financial Year 2017-18

Most of salaried individual do their tax planning at the end of the year, as many are not aware of what all options are available to save taxes. Very few start planning at the beginning of the year. The article will help individuals to plan their taxes well in advance so that can invest and plan in systematic manner much in advance. The Article gives you brief idea on how to save tax and at the same time make proper investment and cover insurance and Medical expenses risk.

article author CA Chirag Chauhan

Posted On:  3 months ago


New Cost Inflation Index Base year 2001-2002 as per Income Tax

CBDT has vice Notification No. 44/2017 notified Cost Inflation indexes with Base Year as 2001-02 for the Financial Year 2001-02 to 2017-18 and same are applicable from Financial Year 2017-18. S.O. 1790(E).—In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961

article author CA Chirag Chauhan

Posted On:  3 months ago


Registration for GST migration started from 1 June, Step wise process and documents required.

Have you missed to register and migrate to GST. The Enrolment process has started again from 1 June 2017 and will be open for 15 days. All the exsisting taxpayer need to migrate to GST

article author CA Chirag Chauhan

Posted On:  3 months ago


Due date for filing of Form 61A (SFT) extended to 30th June 2017

The last date for furnishing the statement of financial transactions under Rule 114E(5) of the Income Tax Rules, 1962, (the Rules) read with sub-section (1) of section 285BA of the Income Tax Act, 1961, (the Act) is 31st May, immediately following the Financial Year in which the transaction is registered or

article author CA Chirag Chauhan

Posted On:  3 months ago


CBDT clarifies on SFT & SFT Preliminary Response Filing

Section 285BA of the Income Tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income Tax Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017.

article author CA Chirag Chauhan

Posted On:  3 months ago


Limited Liability Partnership LLP –Annual Filing due dates and Penalty for MCA, Audit and Income Tax

Limited Liability Partnership (LLP) under the Limited Liability Partnership Act, are required to file the Forms with the Registrar every year. All registered LLPs are required to prepare their accounts and fill in information regarding the profit earned, or any other financial inputs regarding business, and submit it to MCA and Income Tax Department every year. Following is the summary of compliance required for LLPLimited Liability Partnership (LLP) under the Limited Liability Partnership Act, are required to file the Forms

article author CA Chirag Chauhan

Posted On:  3 months ago


Exempt Services under GST in India from May 2017

Services by Government or a local authority excluding the following services— (i) services by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than Government;

article author CA Chirag Chauhan

Posted On:  3 months ago


Services under reverse charge as per GST in India

ABCThe fitments of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28%. The list of services that will be under reverse charge as approved by the GST

article author CA Chirag Chauhan

Posted On:  3 months ago


GST rates for services in India as on May 2017

The fitments of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28% as listed below. The information is being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes.

article author CA Chirag Chauhan

Posted On:  3 months ago


Are you required to file Statement of Financial transactions - Form 61A filing under Section 285BA Rule 114E?

Many individuals and corporate have started receiving emails to file Statement of Financial transactions (SFT) by all reporting persons covered under Rule 114E of Income-tax Rules, 1962. Due date for filing the same in Form 61A is 31st May 2017, The Article give you detail of its applicability, transaction and entity covered, exemption and monetary limit

article author CA Chirag Chauhan

Posted On:  3 months ago


Composition scheme under the GST

The word ‘composition’ comes from the Latin componere, meaning "put together". It is a feature of Indirect Tax laws that in order to provide a comfort to assessee from complying with the requirement of paying tax on value addition by maintaining detail of ‘inputs’ and ‘outputs’, a option is provided to go for a put together scheme.

article author KUNAL BUDHRAJA

Posted On:  3 months ago


GST Rates of all items and goods in India as on May 2017

Outcome of Today's GST Council Meeting at Srinagar-  1) GST Council has decided on rates for all 1,211 items except 6 items. And 81%of the total items to be taxed at below 18% GST rate slabs (As per Revenue Secretary Hasmukh Adhi Ji Statement) 2) GST council approved seven rules of GST and that remaining two rules relating to transition and return are being vetted by a legal committee. (As per Arun Jaitley Ji Statement) 3) GST Council will tomorrow discuss rates on services. 4) List of exempted items will also be decided tomorrow.

article author CA Chirag Chauhan

Posted On:  3 months ago


Rights of a Married Daughter as per Hindu succession Act in Ancestral Property

Keeping the aforesaid position of Hindu Law, in its 174th Report (May 2000), the Law Commission of India was of the view that the gender reforms were called for to ensure equality. The Commission noted the fact that in various States such as Kerala, Andhra Pradesh, Tamil Nadu, Maharashtra and Karnataka, attempts had already been made to bring about the gender equality.

article author Varsha Kewalramani

Posted On:  3 months ago


Modus Operandi adopted for conversion of unaccounted old cash during demonetization and how department caught them

Modus Operandi adopted for conversion of unaccounted old cash during demonitization and how department caught them Unexplained cash deposits by bullion traders and Jewellers, Petrol pumps, Traders, Contractors and Real Estate Developers, Professionals, Government Employees, cooperative banks and societies, through Shell companies and Abuse of Exemptions provided for North Eastern states are cited with examples as given by Income Tax Department.

article author CA Chirag Chauhan

Posted On:  3 months ago


Demonetization period Cash deposit Statistics – Average cash deposited by different tax payers

This section contains breakup of reported cash deposits for various taxpayer segments. Table 1 provides percentage of ‘distribution of PANs and ‘total cash deposit’ across taxpayers segments. Further, the table provides average reported cash deposits per PAN for taxpayer segments.

article author CA Chirag Chauhan

Posted On:  4 months ago


Doctors To Face Disciplinary Action If They Prescribe Brand Name Drug : Government Circular 21/04/2017

From Today if you consult a doctor for fever, and if he prescribes ‘crocin’ or ‘instead of ‘paracetamol’ (generic name drug), he can face disciplinary action from Medical Council of India as per recent circular. The Medical Council of India has asked all the registered Medical Practitioners to ensure that they prescribe drugs with generic names only. The Council also warns disciplinary action against those found violating these regulations.

article author Dharmesh Jain

Posted On:  4 months ago


Which ITR form you should File? New Income Tax Return form for AY 2017-18 FY 2016-17

Which ITR form you should File? New Income Tax Return form for AY 2017-18 FY 2016-17 This article will give you all the knowledge regarding the latest changes in the ITR forms and also clarifies regarding the various types of form with respect to its applicable income and also which ITR to be used against which income.

article author CA Chirag Chauhan

Posted On:  5 months ago


Top 9 landmark cases and judgments that brought a change in India

Vodafone was embroiled in a $2.5 billion tax dispute over its purchase of Hutchison Essar Telecom services in April 2007.  The transaction involved purchase of assets of an Indian Company, and therefore the transaction, or part thereof was liable to be taxed in India as per the allegations of tax department. Vodafone Group entered India in 2007 through a subsidiary based in the Netherlands, which acquired Hutchison Telecommunications International Ltd’s

article author Dharmesh Jain