Tax Considerations for E-commerce Business Owners
E-Commerce has grown tremendously in India as more Indians are buying and selling items online. In fact, India’s potential for domestic e-commerce has only flourished in COVID times. [...]
How do I Claim GST Input Tax Credit on My Existing Closing Stock?
Input Tax Credit According to the model GST Law, a taxable person can accumulate credits of taxes paid and carry them forward in a return. With the introduction of the GST, the last set of credits will have to be transferred. To do this, you must satisfy the conditions mentioned [...]
Are You Selling a House or Plot of Land? Ideas to Lower Your Taxes
Every time you sell property — a house or a plot of land — you are liable to pay tax on the capital gain made on the sale. While you can’t always get away with paying capital gains tax, there are certain ways in which you can bring down your [...]
New Service Tax Rate From June 1, 2016
Finance minister, Mr. Jaitley had proposed to impose a Cess, called the Krishi Kalyan Cess (KKC), at 0.5% on all taxable services during Budget 2016. Effective date of Krishi Kalyan Cess is 1st June 2016. In this article, we are trying to answer most commonly asked questions about this new tax. As you know, Service [...]
Government to impose 0.5% Swachh Bharat cess on services from November 15, 2105
All services, including air travel, telephony, eating out and banking will become expensive from November 15 as the government on Friday decided to impose a 0.5 per cent cess on all taxable services to fund the Swachh Bharat programme. The additional cess would be over and above the 14 per [...]
Guidelines for scrutiny of service tax returns
Primarily, service tax department is bifurcated into anti-evasion and audit wings so as to keep an eye on service tax defaulters. In order to additionally curb the small assessees, who usually don’t fall in the ambit of service tax audits, CBEC has issued circular 185/4/2015- ST wherein check-list & revised [...]
New Service Tax Rate @14% Effective From June 1 2015
The new service tax rate of 14 per cent will come into effect from June 1, the government said in a notification. In his Budget statement in February, Finance Minister Arun Jaitley had proposed a hike in effective service tax rate from 12.36 per cent (including cess) to 14 per [...]
Have you missed the tax filing deadline? Know what to do
The surge in the number of e-filers on 31 July, the last day for filing income tax returns, overloaded the system and forced the government to extend the deadline to 5 August. This last-minute rush has become a regular feature in the past few years. The system gets overloaded because a large [...]
Taxpayers To Get Unique Number For Complaints
Taxpayers having grievances regarding their I-T refunds and tax computations will now get a unique acknowledgement number with an assurance that their complaint will be resolved within two months time. The newly-introduced number will not add to confusion and will be different from the existing unique numbers issued by the [...]
Now, pay TDS on property over Rs 50 lakh
Now, you will now have to deduct tax when you make the payment to the seller if the cost of the immovable property exceeds Rs 50 lakh. The CBDT has notified the new provision of tax deducted at source, or TDS, on immovable property The rate at which tax is to [...]