Inflow of funds into Jan Dhan accounts not alarming says Govt

Inflow of Funds into Jan Dhan Accounts not alarming Income Tax Department identifies the local clusters and Bank Branches where the inflow of Jan Dhan deposits have been more than normal Since the time the Government has alerted people not to allow their accounts particularly Jan Dhan accounts to be

Rs 2000 crore of undisclosed inc admitted by taxpayers since demonetisation

Income Tax IT Department carries out swift investigations in more than 400 cases since the de monetization of old High Denomination OHD currency on 8th November 2016 More than Rs 130 crore in cash and jewellery seized and approximately Rs 2 000 crore of Undisclosed Income admitted by the taxpayers I

BRICS countries expresses commitment to ensure fairness of the International Tax System

Joint Communiqu issued at the end of the two day Meeting of the BRICS Heads of Revenue and Experts on Tax Matters at Mumbai today Heads of Revenue express their continued support to all international initiatives towards reaching a globally fair and universally transparent tax system Reiterate their

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

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

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Experts Opinions

Is new registration mandatory under service tax

Dear Experts My brother has entered into new business of Security Guard Agency with one of his partner His partner is already having Service tax registration for his ongoing establishment as Transport Labour contractor and Security agency Now both of them have entered into new partnership business a

Tax treatment

A partnership firm having two partners from two partners one partner get retired and he get capital contribution back in the form of stock in trade which includes land Buildings because firm have a business of real estate whether such transaction get attracted tax or not explain with relevant provis

tax rate

brooms percentage of tax in Telangana

service tax on works contract

sir after March 2015 is it any changes in exemption service provided government or local authority now is it exempted from service tax

Service tax registration

Hello Sir Mam What is the format of Authority letter for registration under service tax for a partnership firm If possible please upload the format Thanks


Service tax late filing

Good Afternoon everyone Dear sir I am filing my service tax return of FY 2015 16 today so i need to pay late filing penalty i have paid it but where i need to enter the penalty paid in service tax return either in G9 or G10 and also in Q1 or Q2

Tax implications on sale of under construction flats when flats are under joint development agreement

Hi Experts We have 1 acre land in Bangalore in my father name and same as given to XYZ Company for JDA Joint Development agreement to construct the flats in 2012 Now XYZ Company completed 70 of works Company said they will give 14 flats as your share so i decided to sale one flat at 30 lakhs which i

Is cancellation of registration under maharashtra value added tax mandatory on account of closure of business?

Dear Experts One of my friend is about to close his ongoing business for which he did registration under Maharashtra Value Added Tax Now he wants to know whether cancellation under Form 103 is mandatory for him or after specific time period his Registration will automatically get cancelled Also he w

Tax liability

A partnership firm having two partners from two partners one partner get retired and he get capital contribution back in the form of stock in trade which includes land Buildings because firm have a business of real estate whether such transaction get attracted tax or not explain with relevant provis

Is service tax payable on it services provided outside india

Hello I provide freelance services to foreing clients deliver softwares to them They usually pay me via Paypal com and amount is credit to my bank account within 7 working days Also I sellmy software in Envato marketplace Say I sold 100 in a month they charge some fee say 10 then credit 90 at the en

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How to Promote Cashless Economy & Tax Compliance

Our government is taking various steps to move the society to cashless economy as well as compliance of tax laws by them Although it needs various reforms in various economic laws and the results cannot be achieved overnight yet some change in Income Tax law for individuals and HUFs can turn the sit

Input tax credit under GST

style2 text align justify style3 text align justify margin leftt 40 5pt 1 GENERAL OVERVIEW Input Tax Credit is the backbone of the GST regime GST is nothing but a value added tax on goods services combined It is these provisions of Input Tax Credit that make GST a value added tax i e collection of t

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

Income Computation And Disclosure Standards - In Brief

Income Computation and Disclosure Standards ICDS Section 145 2 of the Income Tax Act 1961 confers powers to the Central Government to notify accounting standards to be followed by any class of assessee Exercising that power the Central Government introduced Income Computation and Disclosure Standard

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Updated on : 12/8/2016 2:13:37 PM


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