Popular Articles
Limited Liability Partnership - Concept & Taxation
Sumit 27 December 2014 at 11:38Introduction Limited Liability Partnership Act was made applicable from 01st Apr 2009 in India. However the LLP structure never became as popular as was envisaged. However, after the enactment of Companies Act there is a renewed interest in the LLP s
Exemption for Leave Travel Concession u/s 10(5) of the IT Act
Prashant Bhosale 07 May 2014 at 12:03Section 10(5) of the Income Tax Act, 1961 (along with Rule 2B of the Income Tax Rules) governs calculation of tax exemption on LTA. Each year organizations face significant difficulty while calculating tax exemption on LTA when they carry out the yea
E-Filing is mandatory Income is more than 5 lacs
CA Prasenjit 29 May 2013 at 12:38The Central Board of Direct Taxes (CBDT) is Spreading e-tax net through Notification dated 34/2013 dated 01.05.2013. E-filing of I-T returns is now mandatory for individuals, including salaried taxpayers, earning more than Rs 5 lakh taxable income d
Service Recipients obligations under reverse charge
MOHAMMAD SALIM 16 October 2012 at 12:39The Ministry of Finance (Department of Revenue), Government of India has made certain changes and brought certain additional items of services under the ambit of reverse charge mechanism where the service recipient is liable to pay tax. Till 30th
Disallowance by I.T. Dept. w.r.t. VAT Hawala Purchase Info
Krunal.J.Davda 29 March 2013 at 11:20Date - 23/03/2013 IS IT FAIR TO DISALLOW PURCHASES BY THE I. T. DEPARTMENT , JUST ON THE BASIS OF HAWALA INFORMATION RECEIVED FROM THE SALES TAX DEPARTMENT ? Recently the Income Tax Department is sending Show Cause Notices to many Assessee&rsq
Chargeability of GST On Interest Income
Ashish Bansal 31 January 2020 at 10:24Interest is generally part of everyone's life. It can be in anything or for anyone. Well! here we are only focusing on interest as financial term. So, in layman language, Interest is the amount paid by borrower for usage of anyone's money generally termed as Lender.
Condition for Levy of Excise duty
bheemashankar 26 August 2008 at 12:51Condition for Levy of Excise Duty 1) There must be goods.2) The goods must be excisable.3) Excisable goods must be manufactured or produced in India. Goods The Central Excise Act 1944 does not define goo
Tax Consultancy: How to increase your clients?
Rabish Chandra 23 July 2012 at 17:38Very often many young entrepreneurs and some who are in consultancy business for quite a long time but struggling for a good number of clients asks about how to increase my
FAQs on Input Tax Credit (ITC)
CA CS CIMA Prakash Somani 22 April 2009 at 12:39INPUT TAX CREDIT Q.1. What is input tax credit? A.1. Input tax credit is the amount of tax paid by the dealer on purchases for which the dealer is entitled to claim a credit.
Sponsorship Services
Renuka 21 May 2011 at 12:27Article on Sponsorship Service Introduction: Service Tax is started with three Services, but now slowly it covers all the limbs of services. In Every Budget one new service will be introduced. With effect from 1st May 2006, Sponsorship Servi
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