Posted On:  1 month ago


Constitution of National Anti-profiteering Authority under GST

The Rules on anti-profiteering are contained in Chapter-XV (Rule 122 to Rule 137) of the Central Goods and Services Tax Rules, 2017 (Rules). As per Rule 122 of the Rules, the National Anti-profiteering Authority (NM) shall, apart from a Chairman, consist of four Technical Members who are or have been Commissioners of State Tax or Central Tax or have held an equivalent post under the existing law, to be nominated by the GST Council.

article author One Roof Consultant

Posted On:  1 month ago


CBEC notifies rules for filing Revised GST TRAN-1

Provided that the said persons shall not be allowed to furnish the declaration in FORM GST TRAN–1 after the statement in FORM GST ITC–03 has been furnished.”;

article author One Roof Consultant

Posted On:  2 months ago


If you love your country, know why you should celebrate Independence Day by paying your taxes honestly!

We Indians are proud of our country and always show our love and affection towards it by celebrating Independence Day with flag hoisting, viewing parade, posting messages on what’s app, facebook and other social media, singing patriotic songs and the national anthem, and finally by listening speech of the Prime Minister of India. Leaders and many prominent celebrities will comment on various government policies and changes government should implement to make India a better place for next generation.

article author CA Chirag Chauhan

Posted On:  3 months ago


Filed IT Return, got Income Tax Intimation or Notice? Know what to do next

The Deadline for filing Income Tax Return which was 5th August. Central Processing Center (CPC) of Income Tax have started processing return and sending various intimation and notices. The processing of Income Tax returns have expedited compared to previous years and most of returns are processed within month time. The communication or intimation are usually send by Email with hard copy at address mention in ITR. Do check all communication you received on the register email id and check under which section you have received intimation or notice and respond

article author CA Chirag Chauhan

Posted On:  3 months ago


Process and documents required for Education Loan

Anyone who has secured an admission into an approved course in India or elsewhere is eligible for an Educational Loan. The bank manager has discretion in approving the loan based on the student's academic performance and the expected employment opportunities for the course.

article author CA Chirag Chauhan

Posted On:  4 months ago


Short FAQs on Tweets Questions received by GST_GOI handle

The tweets received by ask GST_ GoI handle were scrutinized and developed into a short FAQ of 100 tweets.

article author CA Chirag Chauhan

Posted On:  4 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:  5 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:  6 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:  7 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

Posted On:  7 months ago


How to ensure that rent you paid is not claimed as fake by IT Department? And get proper HRA exemption

Recently in 2017 March, ITAT Mumbai Bench did not allow HRA exemption claim stating it as based on sham rent payments supported only by rent receipts from mother without paying actual rent. In the view of above decision many salaried employee who are claiming HRA by paying to their parents, relative and friends have to know proper rule under which HRA can be claimed and what all documents are required, including legal judgments supporting the claim. The article give you a detail guidelines so that you can claim proper HRA as per the rules and have adequate documents to support your claim. There is nothing in the law to stop the taxpayer from renting premises from parents and relative and claiming the HRA benefit for such rental payment.

article author CA Chirag Chauhan

Posted On:  7 months ago


Missed filing income tax return for FY 2014-15 and FY 2015-16? Last chance to file your return before 31st March, 2017

Taxpayers who have not filed the Income Tax Return for the financial year 2014-15, the deadline to file the return has already passed. The Act mentions hat if a person does not file the return of income within the time limit as per section 139(1), he may file the return for same at any time before the end of one year from the end of the relevant assessment year or  before the completion of the assessment, whichever is earlier. So, the taxpayers who have not filed the return for FY 2014-15 has the last chance to file the return before 31st March, 2017 with penalty and taxpayers who

article author CA Chirag Chauhan

Posted On:  7 months ago


Why you need to pay Advance tax before 15th March?

Advance tax is the payment of income tax which is paid in advance. Instead of paying in a lump sum at the end of the year, it is paid in advance. It is paid in four installments as per the prescribed due dates. The income tax department prescribes due dates for advance tax payment. Advance tax is payable only on estimate basis. While computing liability for advance tax, income-tax calculated on the current income estimated by the assessee shall be reduced by TDS deducted / TCS collected, MAT /AMT credit, relief under tax-treaty. After making payment of first/second installment of advance tax, the assessee can revise the remaining installments of advance tax in accordance with his revised estimate of current income and pay tax accordingly. Advance tax is based on the principle of “pay as you earn”. It is collected even before the income tax becomes payable and the installments are payable during the financial year itself. Advance tax receipts help the government to receive a constant flow of tax receipts throughout the year so that the expenses can be incurred rather tha receiving all the tax payments at the end of the year.

article author CA Chirag Chauhan

Posted On:  8 months ago


Changes in Presumptive Tax Regime u/s 44AD from FY 2016-17.

Section 44AD was originally introduced in the Income Tax Act by the Finance Act, 1994 with effect from the assessment year 1994-95 providing the presumptive income schemes to the taxpayers who were engaged in the business of civil construction. Later on the section was amended or substituted by the Finance (No. 2) Act, 2009 extending the provisions of earlier section to all small businesses except that covered under the section 44AE, with effect from assessment year 2011-12 titled as – “ Special provisions for computing profits and gains of business on presumptive basis”. The consequences of the amendment affected section 44AF by making it no n operational as all the retail traders falling under section 44AF can now avail the scheme under section 44AD.

article author CA Chirag Chauhan

Posted On:  8 months ago


Having second property and claiming unlimited interest setoff? You cannot claim after Budget 2017

The Budget 2017 had made a lot of changes in the income tax provision whether it is the changes made in the slab rates, TDS provisions, changes in penalty and rate of surcharge etc. One of the changes I am going to discuss in this article will changes made in the house property provisions.

article author CA Chirag Chauhan

Posted On:  8 months ago


Deposited Cash from 9 Nov to 31 Dec 2016 and received Notice ? Read FAQ

The basic information required is: PAN, Full Name, Date of birth/incorporation, communication address, valid e-mail id, mobile number and digital signature certificate (if applicable). For persons other than individuals, in addition to the above mentioned information, PAN details and contact details of the principal contact are required.

article author One Roof Consultant

Posted On:  8 months ago


How forming a Company instead of LLP or Partnership can save tax for you after Budget 2017 ?

Budget 2017 has given companies an advantage over partnership and Limited Liability Partnership in terms of Income Tax. The maximum marginal tax rates including surcharge will be following

article author CA Chirag Chauhan

Posted On:  1 year ago


Contribution to pension fund on salary exceeding Rs. 15000 per month with effect from 1st September 2014

Kind attention is invited to the notification no. GSR- 609 dated 22.08.2014 through which following provisions were inserted in sub Para 4 of Para 11 of Employees Pension Scheme 1995 (determination of pensionable salary). The provisions of Para 11 (4) is reproduced below for your ready reference

article author One Roof Consultant

Posted On:  1 year ago


Know all about Tax Planning – What, Why and How?

Tax planning can be defined simply as planning your cash outflow towards payment of taxes in legitimate manner most beneficial to you. It draws attention to “Payment of taxes”, here question to be answered is how one can reduce that taxes or one can postpone it to future date using tax planning tools. “Legitimate Manner” means it should not be tax evasion using illegal tools of tax saving and hiding certain transactions.

article author CA Chirag Chauhan

Posted On:  1 year ago


Supreme Court Judgement on Transfer of Flat to Nominee

Land Mark Judgement: Nominee of Deceased Member is absolutely entitled for the Ownership by transfer, Co-op. Soc can't challenge the right of Nominee a settled Law of the land. No legal heirship, court order or succession certificate is required. Please circulate, important for society members and  office bearers.

article author CA Chirag Chauhan