luxury tax karnataka


MOU between MCA and CBDT for automatic exchange of information

MOU between the Ministry of Corporate Affairs and Central Board of Direct Taxes CBDT for Automatic and Regular Exchange of Information Taking forward the initiative launched by the Government of India to curb the menace of shell companies money laundering and black money in the country and prevent m

CBDT asked to include service charge while assessing tax

CBDT has been asked to consider inclusion of Service Charge while assessing tax Shri Ram Vilas Paswan Shri Ram Vilas Paswan Union Minister for Consumer Affairs Food Public Distribution told that in order to check the levying of Service Charge compulsorily CBDT has been asked to consider inclusion of

FAQ and MCQ on GST by ICAI

Levy and Collection of Tax FAQs Scope of supply Section 7 Section 7 of the Central Goods and Services Tax Act 2017 the CGST Act 2017 or the CGST Act made applicable to IGST vide Section 20 of the Integrated Goods and Services Tax Act 2017 the IGST Act 2017 or the IGST Act and UTGST vide Section 21 o

Direct Tax Collections upto August grows by 17.5%

Direct Tax Collections up to August 2017 in the current Financial Year 2017 18 show Growth of 17 5 The Direct Tax collections up to August 2017 in the current Financial Year 2017 18 continue to register a steady growth Direct Tax collections net of refunds stands at Rs 2 24 lakh crore which is17 5 h

Late fee waived for delay in GSTR 3B filing

The Goods and Services Tax GST tax was introduced on 1stof July 2017 The last date for payment of GST for the month of July 2017 was 25th August 2017 Payment of GST is complete only when amount of tax payable is debited from electronic cash credit ledger Now late fee for all taxpayers who could not

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adjustment of advance tax

we paid 250000rs against advance received form a party name ABC Ltd in July s GSTR3B Now how we adjust it in August s GSTR3B because we made supply in August and the value of invoice become part of August s turnover

Tax charge

In Hotel Industry customer book his room on 28th July to 3 August And when he check out on 3rd subsequently he get his tax invoice for service So when GST charged Opinion 1 whole tax charged in the month of August Opinion 2 whole tax charged in the month of July Opinion 3 Tax should be charged propo

Advance tax payment by senior citizen for ltcg tax

I am 73 Years old I need to pay About 6 Lakhs as Caital Gains Tax Do I have to pay Advanxce Tax Or can I pay one single payment before March 2018

Input tax credit

HI Please let me know whether a builder developer would be eligible to take credit of tax suffered by him on supply of works contract service by the contractor who has constructed building immovable property for the builder Section 17 5 c of CGST Act specifically excludes admissibility of ITC when t

Interest on late deposit of service tax

Dear All we got a service tax case for which we went into appeal But we lost there Then we went to CESTAT we paid 10 of service tax that time according to rules We didn t get stay order So need to deposit service tax now please tell me calculation of interest on service tax Service tax dispute 51500


Advance tax by senior,pensioner with l t c g and pension

senior citizen with govt pension and long term capital gain no profit or gain from business or profession need to pay advance tax

Input Tax Credit on renteal taxi's

I hired taxi for my office tour from travel agency he is providing GST invoice chaging 5 The tax charged in invoice can clam the same or i ve to pay RCM for the same

service tax return under gst

in service rendered to unregistered client s which is follows under law exceed 20 laks or equal wht procedure to be followed under gst monthly return and quarterly return

tax of handicraft furniture


Ca final direct tax nov 2017

I have heard that for nov 17 exams of direct tax if there is any asset charged at more than 60 depreciation then the rate is restricted to 60 only Is this amendment correct Will it be applicable for coming attemp

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Eligibility of input tax credit with respect to Motor Vehicle

Section 17 of the Central Goods and Service Tax CGST Act deals with Apportionment of credit and blocked credits wherein Clause 5 of the said Section provides for restriction of credit It is pertinent to note that section 17 5 of the Act start with Notwithstanding anything contained in sub section 1

Tax audit not applicable for Turnover less than 1 crore

Section 44 of Income Tax Act 1961 essentially deals with sections related to audit presumptive taxation and special provisions related to computation of income for business purpose Till FY 2015 16 eligible assesses having turnover less than Rs 1cr and net profit less than 8 cannot were not allowed t

Real Estate Development Agreements, Share Valuation & Charitable Trusts : Recent Tax Amendments

1 Taxation of Capital Asset under Development Agreement with Builder 1 1 In recent past it has quite been a trend that individual plot house owners enter into some development agreement with builders whereby in a typical agreement the builder demolish the old house and constructs a new multistory bu

Vodafone deal: Tax dept. seeks over Rs. 32,000 crore from Hutchison

One of the most controversial economic issues in the last five years was the tax dispute between Vodafone and the tax department The case originated after the revenue s tax department notice to Vodafone that the company has to pay a capital gains tax of nearly Rs 11000 crores from its purchase of Hu

RCM in case of GTA Services and rate of tax payable

Sr No 1 of notification under Central Tax and Sr No 2 of notification under Integrated Tax provides that tax will be payable by the recipient of service in respect of services provided by GTA to specified person The entry in both the notification reads as follows Category of Services Supplier of ser

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Updated on : 9/16/2017 7:53:11 AM

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