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Frequently asked questions on GST

Frequently Asked Questions FAQs on Goods and Services Tax GST Following are the answers to the various frequently asked questions relating to GST Question 1 What is GST How does it work Answer GST is one indirect tax for the whole nation which will make India one unified common market GST is a singl

Tax exemption to industry and commerce sectors

Direct Tax Various tax concessions in the form of exemptions deductions etc have been provided under the Income tax Act 1961 which have been availed by different sectors of Commerce and Industry also Cumulative figures of revenue impact of direct tax incentives for the last five years are as follows

CBDT extends due date for filing return to 5th August 2016

F No 225 195 2016 ITA II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block IT II DivisionNew Delhi the 29thof July 2016 Order under Section 119 of the Income tax Act 1961 On consideration of reports of Bank strike on 29thJuly 2016 Friday and the

Extension of the last date for filing of DVAT returns for 1st quarter

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES pOLICY BRANCH VYAPAR BHAWAN I P ESTATE NEW DELHI 110 002 No F 7 420 VAT Policy 2011 PF 518 24 Dated 28 7 16 CIRCULAR NO 11 of 2016 17 Sub Filing of online return for first quarter of 2016 17 Extension of period thereof I

FM takes a serious view of opposition by Income Tax officers

The Union Finance Minister Shri Arun Jaitley takes a serious view of the resolution by Officers of Indian Revenue Service Income Tax against Department of Revenue The Ministry of Finance has learnt through a newspaper item which appeared today that some officers of Indian Revenue Service Income tax

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Experts Opinions

Taxation of non registered trust under section 12a

Dear Experts There is a trust which is established in the year 27 08 2015 2015 16 applied for registration under 12A on march 2016 However it has raised General donation during the year 2015 16 and incurred expenses toward the objects Appreciate your valuable expertise for the following queries 1 is

Applicability of output tax on job work sale

there is an industries of fabric dyeing Received fabric from party on challan for job work Fabric dyeing after job work raising sale invoice to party My question is that any Output tax VAT or CST will be applicable while raising sale invoice to party

Service tax paid under rem

i am working in Freight forwards co and my co paid service tax under RCM on transport 30 of service tax under RCM whether service tax paid under RCM can avail service tax as a input

Tax credit u/s 87 e

I am resident individual having business in kolkata my income from business profession in a y 2016 17 is RS 359001 Can i avail the tax credit on taxable amount under scetion 87 E what is maximum tax credit amount under this section kindly advice

Tax credit u/s 87 e

I am resident individual having business in kolkata my income from business profession in a y 2016 17 is RS 359001 Can i avail the tax credit on taxable amount under scetion 87 E what is maximum tax credit amount under this section kindly advice


Tax on deemed rented

I assume philosophy of taxing is to tax the rich and share it with the poor but I am wondering why we should be paying the tax on income we never received i e Deemed rent Can anyone help explain philosophy behind paying tax on income rent we never received on empty flat

Registration and payment of professional tax

Dear Experts Our Company was incorporated with the registered address situated at TELANGAN STATE However the company have commercial activities only in the state of ANDHRA PRADESH AP but the administration from Hyderabad and in the near future will be shifted to AP because It formed by Joint Holding

Sold ulip in jan 2016. what is tax treatment ?

Hi All I had sold my ULIP in month of Jan 2016 Please let me know the tax treatment on this Thanks in advance

Income tax on 194da

I have withdrawn ICICI lIFE INSURANCE i got Rs 165000 after on which tax is deducted Rs 3300 2 u s 194DA in 165000 i have paid 148000 as premium so it would be my principle and 17000 i got as int now i am filing ITR what should I have to show in my income either 165000 whole or just 17000

Income tax return filing for pensioners

Dear Sir My father is a state govt pensioner aged 72 years Income tax is deducted from his pension for this FY 2015 2016 I request to kindly let me the procedure for getting form 16 online to file return Thanks in advance

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How to report Incomes from India while filing the tax return in USA?

It is often that people take the plea that the law is not known to them and any breach of law therefore is purely due to ignorance However the Latin term ignorantialegisneminemexcusat very aptly and succinctly states the truth ignorance of the law excuses no one Tax violations in countries like USA

An eye view on goods and service tax

1 Model of GST law has been formulated by Empowered Committee of State Finance Ministers on 14 June 2016 as Goods and Services Tax Act 2016 GST will be a cocktail of State VAT Central Excise and Service Tax The Entry Tax The Entertainment Tax and Luxury Tax are likely to be repealed Constitutional A

'Pokemon Go', like 'Taxman Go'! Enjoy It

Arjuna Fictional Character Krishna nowadays two topics are capturing the attention of everyone in India One is the mobile game Pokmon Go and the other is the Income Declaration Scheme 2016 we may call it Taxman Go One is for Finding Pokeman and other is for undisclosed income Lets enjoy it and learn

Income Tax Deductions 2016-17

Dear All Here are Income tax Deductions taking effect of amendments as per finance budget 2016 presented by Mr Arun Jaitely Income tax deduction for AY 16 17 Section 80c The maximum tax exemption limit under Section 80C has been retained as Rs 1 5 Lakh only The various investment avenues or expenses

Understanding the GST Model Law- Input Tax Credit

This is the seventh in the series of proposed articles on the GST Model law The purpose is mainly to create awareness and enable one to look at the unintended impact as maybe applicable for each sector person It could also aid in representation needed for amendment of the Model GST Law to make it ta

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Updated on : 8/4/2016 8:11:25 PM


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