Posted On:  6 days ago


Procedural aspects while conducting e-assessment of Scrutiny under Income Tax : CBDT

Sub-section (23C) of Section 2 of the Income-tax Act, 1961 (Act), applicable from 01.06.2016, provides that “hearing” includes communication of data and documents through electronic mode. Accordingly to facilitate conduct of assessment proceedings electronically, vide letter dated 23.06.2017, in file of even number, Board had issued a revised format of notice(s) under section 143(2) of the Act.

article author One Roof Consultant

Posted On:  2 weeks ago


Why people don’t grow rich by investing in stocks?

A lot has been said and written about generating wealth by investing for the long term in equity markets. The mutual fund industry in India now boasts of monthly collections through Systematic Investment Plans (SIPs) of over Rs 6,000 crore – a bulk of these investments are by retail investors who plan to get rich by investing in the equity markets for years. Will these investors really achieve their goal of creating wealth for themselves in the long run?

article author CA Chirag Chauhan

Posted On:  2 weeks ago


How to calculate Long Term Capital Gain Tax on Equity Shares and Mutual Fund from 1st April 2018

The Long Term Capital Gain Tax on Shares and Equity oriented Mutual Funds were exempt since 2004. The government has introduce Securities Transaction Tax from 2004, to simply the tax regime, and introduce section 10(38) to provide exemption to long term capital gains on transfer of shares listed on a recognised stock exchange (BSE & NSE) provided STT was paid on them. Short term capital gains on such a transfer would be taxed @ 15%. The Budget 2018 has proposed to tax Long Term Gains on Equity Shares and Mutual Funds without withdraw of securities transaction tax (STT), which was introduced as an alternative to LTCG tax.

article author CA Chirag Chauhan

Posted On:  3 weeks ago


Latest TDS Tax Deducted at Source Rate Chart for FY 2018-19 AY 2019-20

TDS is to be deducted on payment made as prescribed by Income Tax Act by persons who are liable to deduct TDS. It is the duty of the deductor to deduct TDS as given in Income Tax Act. Following are the revised rate of TDS applicable for Financial Year 2018-19 Assessment Year 2019-20

article author CA Chirag Chauhan

Posted On:  3 weeks ago


Download Budget speech and Finance bill for 2018 by FM Arun Jaitely FY 2018-19

Madam, four years ago, we pledged to the people of India to give this nation an honest, clean and transparent Government. We promised a leadership capable of taking difficult decisions and restoring strong performance of Indian economy. We promised to reduce poverty, expedite infrastructure creation and build a strong, confident and a New India. When our Government took over, India was considered a part of fragile 5; a nation suffering from policy paralysis and corruption. We have decisively reversed this. The Government, led by Prime Minister, Shri Narendra Modi, has successfully implemented a series of fundamental structural reforms. With the result, India stands out among the fastest growing economies of the world.

article author CA Chirag Chauhan

Posted On:  3 weeks ago


100 Key Highlights of Union Budget 2018 presented by FM Arun Jaitely FY 2018-19

No changes in person tax structure for salaried class and No change in Slab Rates 1.44 lakhs crores paid by salaried tax payers.  Standard deduction of Rs 40,000 for salaried taxpayers, in lieu of transport and medical reimbursements for salaried classes Govt will have a scheme to give every enterprise in India a unique ID

article author CA Chirag Chauhan

Posted On:  3 weeks ago


CBEC exempts royalty and license fee included in transaction value from IGST

Seeks to exempt royalty and license fee from Integrated tax to the extent it is paid on the consideration attributable to royalty and license fee included in transaction value under Rule 10(1)(c) of Customs Valuation (Determination of value of imported Goods) Rules, 2007.

article author One Roof Consultant

Posted On:  4 weeks ago


Appeals and Review Mechanism under GST

Tax laws (or any laws, for that matter) impose obligations. Such obligations are broadly of two kinds: tax-related and procedure-related. The taxpayer’s compliance with these obligations is verified by the tax officer (by various instruments such as scrutiny, audit, anti-evasion, etc.), as a result of which sometimes there are situations of actual or perceived non-compliance.

article author One Roof Consultant

Posted On:  1 month ago


Benefits of Goods and Services Tax (GST)

GST stands for Goods and Services Tax which is levied on the supply of goods or services or both in India. GST subsumes a number of existing indirect taxes which were earlier levied by the Centre and State Governments including Central Excise duty, Service Tax, VAT, Purchase Tax, Central Sales Tax, Entry Tax, Local Body Taxes, Octroi, Luxury Tax, etc.

article author One Roof Consultant

Posted On:  1 month ago


Pure Agent Concept in GST

The GST Act defines an Agent as a person including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatever name called, who carries on the business of supply or receipt of goods or services or both on behalf of another.

article author One Roof Consultant

Posted On:  1 month ago


Deemed Exports in GST

“Deemed Exports” refers to supplies of goods manufactured in India (and not services) which are notified as deemed exports under Section 147 of the CGST/SGST Act, 2017. The supplies do not leave India. The payment for such supplies is received either in Indian rupees or in convertible foreign exchange. Deemed exports are not zero rated supplies by default, unlike the regular exports.

article author One Roof Consultant

Posted On:  1 month ago


Works Contract in GST

Simply put, a works contract is essentially a contract of service which may also involve supply of goods in the execution of the contract. It is basically a composite supply of both services and goods, with the service element being dominant in the contract between parties. In a general sense, a contract of works, may relate to both immovable and immovable property.

article author One Roof Consultant

Posted On:  1 month ago


Compensation cess in GST

The compensation cess on goods imported into India shall be levied and collected in accordance with the provisions of section 3 of the Customs Tariff Act, 1975, at the point when duties of customs are levied on the said goods under section 12 of the Customs Act, 1962, on a value determined under the Customs Tariff Act, 1975.

article author One Roof Consultant

Posted On:  1 month ago


Integrated Goods and Services Tax Act

The introduction of Goods and Services Tax (GST) is a significant reform in the field of indirect taxes in our country. Multiple taxes levied and collected by the Centre and states would be replaced by one tax called Goods and Services Tax (GST). GST is a multi-stage value added tax on consumption of goods or services or both.

article author One Roof Consultant

Posted On:  1 month ago


Input Tax Credit Mechanism in GST

Uninterrupted and seamless chain of input tax credit (hereinafter referred to as, “ITC”) is one of the key features of Goods and Services Tax. ITC is a mechanism to avoid cascading of taxes. Cascading of taxes, in simple language, is ‘tax on tax’. Under the present system of taxation, credit of taxes being levied by Central Government is not available as set-off for payment of taxes levied by State Governments, and vice versa. One of the most important features of the GST system is that the entire supply chain would be subject to GST to be levied by Central and State Government concurrently.

article author One Roof Consultant

Posted On:  1 month ago


Electronic Way Bill in GST

A waybill is a receipt or a document issued by a carrier giving details and instructions relating to the shipment of a consignment of goods and the details include name of consignor, consignee, the point of origin of the consignment, its destination, and route. Electronic Way Bill (E-Way Bill) is basically a compliance mechanism wherein by way of a digital interface the person causing the movement of goods uploads the relevant information prior to the commencement of movement of goods and generates e-way bill on the GST portal.

article author One Roof Consultant

Posted On:  1 month ago


Accounts and Records in GST

Assessment in GST is mainly focused on self-assessment by the taxpayers themselves. Every taxpayer is required to self assess the taxes payable and furnishes a return for specified tax periods i.e. the period for which return is required to be filed. The compliance verification is done by the department through scrutiny of returns, audit and/or investigation.

article author One Roof Consultant

Posted On:  1 month ago


Tax Invoice and other such instruments in GST

Generally speaking, an invoice is a commercial instrument issued by a seller to a buyer. It identifies both the trading parties and lists, describes, and quantifies the items sold, shows the date of shipment and mode of transport, prices and discounts, if any, and delivery and payment terms

article author One Roof Consultant

Posted On:  1 month ago


Reverse Charge Mechanism in GST

Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism. Reverse Charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply

article author One Roof Consultant

Posted On:  1 month ago


Input Service Distributor in GST

Input Service Distributor (ISD) means an office of the supplier of goods or services or both which receives tax invoices towards receipt of input services and issues a prescribed document for the purposes of distributing the credit of central tax (CGST), State tax (SGST)/ Union territory tax (UTGST) or integrated tax (IGST) paid on the said services to a supplier of taxable goods or services or both having same PAN as that of the ISD.

article author One Roof Consultant