Introduction: Navigating the intricate world of taxes can be a daunting task for individuals and businesses alike. With ever-changing tax laws, regulations, and complex filing requirements, it is no wonder that many people seek the assistance of tax consultants. These professionals possess a deep understanding of the tax landscape and [...]
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 [...]
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 [...]
As the old proverb goes: “There’s no time like the present”. Don’t delay filing your income tax return. Generally, the due date for filing the return is July 31 for individuals. However, this time around, the tax authorities have extended the due date to August 31. If due to unavoidable [...]
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 [...]
F. No. 142/18/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** [...]
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 [...]
A majority of businesses would welcome greater guidance from tax authorities on what is deemed acceptable tax planning, according to the latest research from the Grant Thornton International Business Report. The advisory firm interviewed 3,194 chief executive officers, managing directors, chairmen and other senior executives from all industry sectors between [...]
Read this interesting post on some of the (mis) information about Income Tax Returns http://www.caclubindia.com/articles/top-10-myths-about-income-tax-return-filing-on-31st-march-2013-deadline–17171.asp [...]
The Central Board of Excise and Customs the apex indirect taxes body, has issued new norms that restrict lower service tax to only those houses that cost below Rs 1 crore and have carpet area less than 2000 square feet. Service tax at the rate of 12% will be applicable [...]