luxury tax karnataka

News

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

Bill introduced by govt in Parliament to tax black money


Taxation Laws Second Amendment Bill 2016 introduced in Lok Sabha A scheme namely Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016 PMGKY proposed in the Bill Evasion of taxes deprives the nation of critical resources which could enable the Government to undertake anti povert

ICAI denies any leakage of question paper of Direct tax law exam


No leakage of question paper relating to Paper 7 Direct Tax Laws of CA Final examination held on 13th November 2016 Our attention has been drawn to some unfounded reports in social media on alleged leakage of question paper relating to Direct Tax Laws Paper 7 of CA Final Examination held on 13th Nov

Govt warns 2.5 lac exemption for cash deposit not for bank accounts that are misused


Strict Action against Tax Evaders using other persons Bank Accounts to convert their Black Money into New Denomination Notes Person s who allows His Or Her Bank Account to be misused for this purpose can be Prosecuted for Abetment under Income Tax Act Government appeals to people NOT to come in the

Transactions in relation to which quoting PAN is Mandatory


The Income Tax Department prescribes a list of transactions for which quoting of Permanent Account Number PAN is mandatory These are listed in Rule 114B of the Income Tax Rules 1962 which were first inserted with effect from 1st November 1998 and have been amended from time to time The list under Ru

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Experts Opinions

Service tax applicability on sinking funds inv raised by rwa


Please advice on the applicability of Service Tax on Sinking Funds Invoices raised by RWA on it s Members once in a Year to collect amount for future replacement of Housing Complex s Assets e g Chillers Lifts Diesel Generating Sets etc There are various views 1 One view is amount of Sinking Fund is

Advance tax


Dear Team I would like to say for my client going to getting more than 1 cores of service income now how can i get the Advance Tax Calculation for U s234 abc c is 15 45 75 100 but 15 and 45 there was not calculation of Advance tax now we have to be going tax for Dec 15 upto 75 on Tax Please advise m

msme tax benefits


what are the benefits of tax registering the firm under msme

Error in service tax return


When i filed the return of the client The Return is showing error that the challan number 623102 doesnt not exist and or it is not matching with the database I made payment on the same day when i filed the return Is the error occured because i have filed the return on the same day when i made paymen

Rule 11UA of the income tax act


Can someone explain this new amendment with example plz

Discussion

Non-resdient taxablity?

A non resident having only income from short term capital gain of Rs 2 lacs whether tax 15 applicable or is it exempt as taxable income is below tax limit

What amount of tax i need to give?

my annual pcg is 4 7 where as i got 50k as variable bonus So what amount of tax i need to give is it 10 or 20

Income tax

How to prepare a capital account for an individual for filing his income tax return

Tax

I am pvt Emp My annual salary is 270000 could yu tell me that how much tax should o pay

Self assessment tax

Dear Sir An assesse has filed ITR 1 for A Y 2011 12 where there is tax payable of Rs 6000 00 which he has paid before filing that years IT Return and filed the Return by giving correct details of the tax paid Challan in the IT Return But by somehow IT Deptt has mistakenly demanded that money My quer

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Articles

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


Immunities under Income Tax Act, 1961 - In Brief


If a person co operates with tax department in disclosure of income the assessing officer normally grants immunity as permitted under the Income Tax Act However the final decision on whether to grant or not rests with the concerned tax authority where the appeal lies Here are the immunities availabl


Pradhan Mantri Garib Kalyan Yojana: Last Call To Tax Evaders To Come Clean


I Introduction Amidst the Opposition lead protests over demonetization of high denomination currency notes HDNs ensuring little or no business being transacted by Parliament in its current winter session till now on 28th November 2016 the Honble Minister of Finance and Corporate Affairs moved theTax


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Updated on : 12/5/2016 4:13:10 AM


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