luxury tax karnataka


Direct Tax Collections grows 19.1 percent upto July 2017

The Direct Tax collections up to July 2017 in the Current Financial Year 2017 18 continue to register steady growth Direct Tax collection during the said period net of refunds stands at Rs 1 90 lakh crore which is 19 1 higher than the net collections for the corresponding period of last year This co

Extension of due date of GST returns

To be published in the Gazette of India Extraordinary Part II Section 3 Sub section i Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Notification No 20 2017 Central Tax New Delhi 08th August 2017 G S R E In exercise of the powers conferred by the su

25 percent growth in number of Income Tax Returns filed

25 growth in number of Income Tax Returns filed in current fiscal Advance Tax Personal Income Tax collections up by 41 As a result of demonetization and Operation Clean Money there is a substantial increase in the number of Income Tax Returns ITRs filed The number of Returns filed as on 05 08 2017 s

Income tax offices to remain open till midnight today

In view of the difficulties faced by taxpayers the due date for filing of Income Tax Returns for F Y 2016 2017 i e Assessment Year A Y 2017 2018 was extended to 5th August 2017 for certain categories of taxpayers In order to facilitate manual filing of returns of aforesaid categories on 5th August 2

Eighteen sectoral group under GST

The Goods and Services Tax GST Council in its 14th meeting held on 18 19 May 2017 approved the constitution of eighteen sectoral groups to ensure smooth roll out of GST The Council has received reports from sixteen out of the eighteen sectoral groups The GST Law Committee comprising of officers of t

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Experts Opinions

confusion regarding income taxable under which head...

one of our clients has own agriculture land In last year he make a agreement with developer to convert his agriculture land into number of plots and all procedure took places in last year my question is income from this sale of plots taken under either business or profession or capital gain

input tax credit of service tax in gst

hello sir ma am i have a query regarding Input Tax credit of Service tax under RCM which i paid in April to June return can i take a credit of that rcm liability of Service Tax under GST return which i paid in April to June return

Casual taxable person

Is it really mandatory to register as casual taxable person if you have to do occasional business in a state other than where you are registered For example If an Exhibition Organiser is registered in Delhi and organises an exhibition in Mumbai then in this case can he issue invoices to his exhibito

Service tax invoice

Hello I have raised an Invoice in April June with Service tax rate 15 and remitted the ST But now the customer is telling that the invoice has to be canceled and needs to be issued a fresh invoice with GST So my question is Can we cancel the Invoice now If yes how to get back the ST amount which we

Tax audit

Please suggest i m a CA fresher how should i prepare my self for tax audits of firm and company Which are the best books for study icds and accounting statndard


Gst - taxable supply or non taxable

Assessee engaged in playing of electric operated golf cart in a bio natural park His gross receipts is more than 20 Lacs Whether is it a taxable supply If yes than what rate should be charged and what is SAC for this services

Gst - taxable supply or non taxable

Assessee engaged in playing of electric operated golf cart in a bio natural park His gross receipts is more than 20 Lacs Whether is it a taxable supply If yes than what rate should be charged and what is SAC for this services

Service tax excess paid in june-2017

Hi All We have paid excess payment of service tax RCM in the month of June 2017 This is the last payment of service tax last return How can I consider this excess payment in ST 3 and this excess amount can be adjustable against GST liability please give me a solution for this issue Thank You

Whether tax audit is applicable to partnership firm ??

Hi Friends Whether Tax Audit u s 44AB is applicable in case of Partnership firm where the net income after Interest on capital and remuneration to partners is less than 8 of Gross receipts for AY 2017 18 Kindly reply

Which tax to be levied


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  • ITC-Conditions to claim

  • ITC under GST

    ITC under GST
  • Updated Details Collection Excel for GST Return GSTR-3B

    As everybody is aware the GST Returns for every month needs to be filed by 20th of subsequent month As the regular outward and inward annexures and return GSTR 3 are not yet made available for the months of July and August 2017 a summary return in Form GSTR 3B needs to be filed before 20th of next month An excel sheet for obtaining the details required to fill the GSTR 3B is prepared as the GSTR 3B needs to be prepared and submitted online only as offline utility is not provided yet Basic features of the excel sheet are as follows 1 The details need to be entered in the yellow colored cells only 2 If any incorrect information is entered in the cell the contents of the cells appears in red color Please correct the same to get proper working 3 While entering the details of outward supplies and inward supplies in Table 3 1 select the proper nature of supplies from the drop down wherever it is provided 4 The Integrated Tax Central Tax and State UT Tax is calculated automatically depending on the figures entered under Inter State or Intra State columns and the Rate selected from drop down 5 Cess needs to be entered manually 6 Table 3 2 contains details of state wise inter state supplies to unregistered dealers composition dealers and UIN holders Select the Nature of inter state supplies and state from drop down 7 In Table 3 2 Total taxable value and integrated tax should be less than the taxable inter state supplies and integrated tax shown in Table 3 1 above 8 Details of ITC available ITC reversed and Ineligible ITC needs to be given in Table 4 The description mentioned in yellow cells is given for reference only and can be changed as appropriate in respective case 9 Tax payable in Table 6 1 is auto calculated and arrived by adding the tax payable as per Table 3 1 and deducting the net ITC available and adding ineligible ITC as shown in Table 4 10 The Tax payable figures in Table 6 1 appears in red color if there is net tax payable after adjusting payment through ITC TDS TCS and payment in cash 11 Similarly The Tax payable figures in Table 6 1 appears in red color if interest and late fee payable is greater than the tax paid in cash as the same needs to be paid by cash and can not be paid through ITC 12 The TDS and TCS credit is not applicable at present as the said provisions are not made applicable presently till further instructions
  • Returns, Payments, interest/penalty under GST regime

    Returns Payments interest penalty under GST regime
  • Tax Connect (With GST) - 132nd Issue

    Tax Connect With GST 132nd Issue

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Meaning of supply, time of supply and value of taxable supply

Meaning and Scope of Supply Q 1 What is the taxable event under GST Ans The taxable event under GST shall be the supply of goods or services or both made for consideration in the course or furtherance of business The taxable events under the existing indirect tax laws such as manufacture sale or pro

Taxability of bonus received from cooperative society

Taxability of bonus in the hands of the members received from the co operative society Brief History Even before the Co operative structures came into existence the practice of the concept of the co operative societies was prevalent in various areas of the society To mark the first instance where th

Be alert about the new process of refund under the Income tax Act

Refund process under the Income tax becomes more stricter than earlier through the amended Section 143 1 A of the Income Tax Act The Income tax department is suspecting that most of the taxpayers are getting refunds by declaring the taxable income comparatively lesser than the issued Form 16 16A The

Huge impact of Exemption under Service Tax not continued in GST

There could be a number of service providers who are not updated on the GST law Some maybe hearing rumours that many changes are expected However 1 month has passed Those service providers who were enjoying the exemption would be in shock if they continue not to collect the GST applicable normally a

Cash Transactions - Legal Backup(Income Tax)

Income Tax Provisions on Cash Transactions Section 269ST AND 271DA Section 40A 3 Section 269SS AND Section 271D Section 269T AND Section 271E Section 43 1 Section 269ST AND 271DA 269ST This section is attracted when Any Person receives cash more than 2 lakhs from any person From Same person in a day

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Updated on : 8/12/2017 1:46:32 PM


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