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recent amendments in income tax


Framework for computation of book profit for the purposes of levy of MAT

Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income tax Act 1961 for Indian Accounting Standards Ind AS compliant companies A Committee had been constituted with the approval of the Finance Minister to suggest the framework for computation of bo

ICSI president on passing of the bill paving way for GST

Dear Professional Colleagues Greetings from ICSI With the passage of Constitution Amendment 122nd Bill in Rajya Sabha on August 03 2016 ICSI welcomes one of the most significant tax reforms in the history of India The changes made in the Bill at Rajya Sabha will have to be subsequently ratified by L

Next steps required on GST

Revenue Secretary s presentation on next steps required on Goods Services Tax PFA the enclosed file for more details

Frequently asked questions on 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 single tax on the supply of goods and services right from the manuf

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

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Experts Opinions

direct and indirect tax

hello experts is dere wil be change in syllabus of ca final direct and indirect tax if gst is implemented from next April thanx in advance

Tax or exemption on capital gain

Dear Sir My Question Is Mr X transfer his right between his wife and his 3 sons on 2008 09 after the death of Mr X at the time selling of HP in 2015 16 profit distributed amongst 4 members equally which is 34 lac each member and hence 3 sons purchase new house with d same amount and mother distribut

Applicability of Reverse Service Tax on Facebook book Ad payment

Pls suggest whether Reverse Service Tax is applicable on payment made to Facebook through Credit Card for online Advertising the same is being paid in USD but being billed in INR by Credit Card provider Equalization levy is also being paid on paid amount since billed through card and not able to ded

Minor income

What will be the tax implications on minor s minor income

Service tax applicable on mba institute

I am working as an Accountant in a MBA Institute Please inform us in details whether service tax is applicable on MBA Institute Whether service tax return to be filled or not


Taxation of political party and electoral trust

What is the tax rate applicable on taxable incomes of political party and electoral trust

Tax residency

HiI have tried to search this forum but didnt get the exact reply to my question So my apologies if Im repeating a query here Ive recently moved to Singapore on June 19 and will be working here for the rest of the year However Im expected to travel to India with work for 5 days in September and a pe

Souce of income for house wife/home business

I am IT professional my wife is house wife doing small business in house like tailoring selling snacks sarees etc but not registered I see for women 2 5lakhs income no tax My wife wants to invest the money she earned in stock market She has around 10 lakhs now earned since 5 years 2 lakhs per year f

Service tax on brokerage for which tds deducted 194h

We were deducted TDS of 10 on commission under 194H We have doubt whether we have to pay Service Tax for the Brokerage Amount for which TDS is deducted Kindly anyone Help Us with this issue Its really urgent

Service tax exempted turnover

Exempted turnover not shown in ST 3 return any penalty imposed by department further any judgement available on this matter thanks

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Income Tax Return ('ITR') - A must for CA

Greetings of the day to all the members of CCI family After a gap of 2 years I am writing this article keeping in mind my relationship with the CACLUBINDIA family I have seen many Chartered Accountants CAs as well as aspirants who though have completed their article ship but still find it difficult

Key amendments in the passed GST constitutional amendment bill

Goods and Services Tax GST is the biggest indirect tax reform since independence which is aimed at dismantling Inter State barriers to trade in goods and services by subsuming a slew of around 17 indirect taxes viz Excise Duty Service Tax VAT CST Luxury tax Entertainment Tax Entry Tax Octroi etc The

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

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Updated on : 8/7/2016 11:04:10 AM


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