ajay jain tax notes


RBI to release new notes for Rs 20 and Rs 50 soon

Issue of Rs 20 banknotes with the inset letter L with numerals in ascending size in number panels and without intaglio printing The Reserve Bank of India will shortly issue Rs 20 denomination banknotes in the Mahatma Gandhi Series 2005 with inset letter L in both the number panels bearing signature

Tax Investigations unearth misuse of Jan Dhan Accounts

Tax Investigations unearth mis use of Jan Dhan Accounts Account holders once again urged by CBDT not to consent to any kind of mis use of their accounts which would expose them to the dangers of being held responsible for the tax evasion by unscrupulous elements Investigation being conducted by the

Bank official suspended for not following RBI guidelines

Action taken in cases of bank officials involved in carrying out irregular transactions violative of RBIs instructions post demonetisation of Specific Bank Notes by the Government w e f midnight of 8th November 2016 Pursuant to the decision of the Government to demonetise Specified Bank Notes w e f

No seizure of gold jewellery upto 500 grams per married lady and 250 gm for unmarried

Government clarifies that the apprehension sought to be created that the jewellery with the household which is acquired out of disclosed sources or exempted income shall become taxable under the proposed Taxation Laws Second Amendment Bill 2016 is totally unfounded and baseless In the wake of Taxati

POS Devices exempted from Central Excise Duty till 31st March

Point of Sale POS Devices and Goods required for their manufacture exempted from Central Excise Duty till March 31 2017 The Government has demonetised the currency notes of Rs 500 and Rs 1 000 with effect from mid night of 8th 9th November 2016 Along with this the Government has also laid increased

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Experts Opinions

Income Tax Appeal

Assessee is Non resident not having PAN order under 144 made by AO Is he can submit form 35 for appeal offline and how to pay the appeal fees

Professional tax on partner's remuneration

Is partner s remuneration liable for professional tax Can he produce any document for non deduction of professional tax and can pay on his own

Tax invoice for retail liquor shop

How can a retail liquor dealer is supposed to issue the tax invoice as majority of the sales are in cash and to non tin holders basically individuals Awaiting for your positive reply

Applicablility of service tax

Dear Expert one of my client having soyabean plant in this we process soyabean seed after processing DOC refined soya oil is come out IS feeding of soyabean seed we are outsourcesd this work to third party is applicable of service tax

Tax query

Hi If my pvt ltd company after paying tax has a profit of 1cr how can the share holders take out the money from company My CA say that shareholders can take money in form of dividend but that will result in additional tax in the form of dividend distribution tax 15 so that will am out to total taxat


Service tax on repair & maintenance service to hospital

One of our client having hospital a pvt ltd company under section 12AA I want to know whether repair maintenance service without any supply of goods i e not works contract provided by partnership firm to them is taxable or not

Tax on dividend

Any further tax other than 10 tax on dividend in excess of 10 lacsI mean is the above income taxed again in INCOME FROM OTHER SOURCES

Service tax interest

Dear All Kindly confirm me that ihave not paid service tax payment on 06 11 2016 now today we want to pay last month service tax andalso pay for currentmonth service tax Please confime me that how many days interest will pay on last month if i pay today that interest will pay evenfor one month or tw

Taxability of accummulation in employees' cooperative fund

A employee of an school subscribed to employees cooperative for 20 years Received Home loan was eligible tax deduction got the tax benefit Now with retirement the employee as per rules ceased to be a subscriber received a part amount of total accumulation rest to receive next by part It is to know w

Oidar -service tax on leasing dedicated server outside india

Hello I am Indian and leasing a dedicated server from United States I read about OIDAR Service tax Now I need to pay service tax on purchasing server from outside of India USA Thanks

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Regulation of tax professionals by different countries

It would be difficult to have a well functioning tax system without tax advisors Because most taxpayers are not familiar with the intricacies of tax laws tax advisors are needed so that taxpayers can fulfill their complicated tax obligations As informed members of the public tax advisors also provid

A complete list of Penalties under Income Tax Act, 1961

1 Penalty under Section 270A Penalty for under reporting and misreporting of income If during the assessment proceedings it is found that an assessee have under reported or misreported his income then penalty u s 270A will be imposed on the Assessee This is the harshest penalty that can be imposed b

Currency Ban: How penalty cannot be imposed on cash deposits in bank account under Income Tax Act, 1961

Introduction We are going through a very unusual phase of Indian economy where people are rushing nowhere carrying cash in hand I have experience it first time when people are ready to pay the full amount of tax or they are ready to even forego 50 of the amount still they are not able to buy peace o

Goods and Services Tax (GST) Council - An Overview

After much awaited now its a matter of time that GST is going to be a reality in our Country the seriousness of the Government to implement GST clearly appears from the passage of 122nd Constitutional Amendment Bill in both the Houses of Parliament i e Lok Sabha and Rajya Sabha On the other hand the

Tax Deducted at Source from Salaries

Section 192 of Income Tax deals with deduction of tax from salaries paid to the employees by certain tax payers like company cooperative trust firm govt authorities etc Tax is not deductible if salary is not paid actually even if it is provided as payable in the accounts of tax payer Tax is deductib

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Updated on : 12/6/2016 2:41:16 PM


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