Posted On:  3 months ago


Frequently Asked Questions (FAQs) regarding taxation of long-term capital gains proposed in Finance Bill, 2018

Under the existing regime, long term capital gains arising from transfer of long term capital assets, being equity shares of a company or a unit of equity oriented fund or a unit of business trust, is exempt from income tax under clause (38) of section 10 of the Act.

article author CA Chirag Chauhan

Posted On:  4 months 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:  4 months ago


Download the Budget Memorandum 2018 for Financial Year 2018-19

The provisions of Finance Bill, 2018 relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as 'the Act') to continue to provide momentum to the buoyancy in direct taxes through deepening and widening of the tax base, reducing the corporate tax rate for micro, small and medium enterprises, promoting horizontal equity in personal income-tax and enhancing the effectiveness, transparency and accountability of the tax administration. With a view to achieving the above, the various proposals for amendments are organised under the following heads

article author CA Chirag Chauhan

Posted On:  4 months 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:  4 months 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:  4 months ago


Special Audit in GST

GST is a trust based taxation regime wherein the assessee is required to self-assess his returns and determine tax liability without any intervention by the tax official. Therefore, a tax regime that relies on self-assessment has to put in place a robust audit mechanism to measure and ensure compliance of the provisions of law by the taxable person.

article author One Roof Consultant

Posted On:  4 months ago


Why Electoral Bonds are Necessary

"India is the largest democracy in the world. However, despite strengthening various institutions for the last seven decades, India has not been able to evolve a transparent political funding system. Elections and political parties are a fundamental feature of Parliamentary democracy. Elections cost money. The round the year functioning of the political parties involves a large expenditure.

article author One Roof Consultant

Posted On:  5 months ago


No shop & establishment license required for less than 10 employees from 2018 in Maharashtra

The new amendment effective from 20th December 2017 has been proved to be a boon and relief to many employers and small and medium size establishments. The state government has amended by issuance of notification the Maharashtra Shop and Establishment (Regulation of Employment and Service Condition) Act 2017.

article author CA Chirag Chauhan

Posted On:  6 months ago


Best 8 tax saving option in 80C available today

Every year we look forward for tax deduction under section 80C. Rather than investing in last moment do make proper analysis before investing so that you can earn expected returns. Following is the Ranking based on research conducted.

article author CA Chirag Chauhan

Posted On:  6 months ago


Which mutual fund NFO you should invest?

There are three new Mutual Fund Launch of NFO in November 2017. The Stock markets has generated a return of over 30% in last one year time. Most of the mutual fund has performed well. The biggest question is should you invest in Mutual fund now? The probable answer is yes, provided you can hold on till 3 to 5 years.

article author One Roof Consultant

Posted On:  8 months ago


GST FAQ on Government Services

These include services provided by government or a local authority or governmental authority by way of any activity in relation to any function entrusted to a municipality under Article 243W of the Constitution and services by a governmental authority by way of any activity in relation to any function entrusted to a Panchayat under article 243G of the Constitut

article author CA Chirag Chauhan

Posted On:  8 months ago


GST on Charitable and Religious Trusts

The provisions relating to taxation of activities of charitable institutions and religious trusts have been borrowed and carried over from the erstwhile service tax provisions. All services provided by such entities are not exempt. In fact, there are many services that are provided by such entities which would be within the ambit of GST.

article author CA Chirag Chauhan

Posted On:  9 months ago


Why it is right time to invest and switch to 8% RBI Bonds?

Recently RBI has reduce interest rate and going by inflation figures there is all the possibility of further reduction of interest rate in near future by 2018. The rate of interest on fixed deposit of banks are reducing below 7% making them non attractive in terms of returns post tax.  Rate of interest on fixed instrument with government guarantee are at all-time low,

article author CA Chirag Chauhan

Posted On:  9 months ago


Why it is right time to invest and switch to 8% RBI Bonds?

Recently RBI has reduce interest rate and going by inflation figures there is all the possibility of further reduction of interest rate in near future by 2018. The rate of interest on fixed deposit of banks are reducing below 7% making them non attractive in terms of returns post tax.  Rate of interest on fixed instrument with government guarantee are at all-time low,

article author CA Chirag Chauhan

Posted On:  9 months ago


Online Registration Mechanism for Securities Market Intermediaries

Online Registration Mechanism for Securities Market Intermediaries

article author One Roof Consultant

Posted On:  9 months ago


Reserve Bank Commercial Paper Directions, 2017

Whereas the Reserve Bank of India, in exercise of the powers conferred by Sections 45J, 45K, 45L of the Reserve Bank of India Act, 1934, and of all the powers enabling it in this behalf, notified the Non-Banking Companies (Acceptance of Deposits through Commercial Paper) Directions 1989 vide Notification No.IECD.1/87(CP)-89/90 dated December 11, 1989;

article author One Roof Consultant

Posted On:  11 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:  11 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:  1 year 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:  1 year 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