A quick review (Limited Information) of the applicable provisions under the income tax act after incorporating selective amendments proposed by the Budget of 2017 are given below for ready reference and information of our clients:- (A) RATE OF INCME TAX FOR F. Y. 2017-18 (A.Y. 2018-19) (I) INDIVIDUALS / HUF / AOP / BOI …
INDIAN INCOME TAX RATE FOR F. Y. 2017-18 (A. Y. 2018-19) Read More »
Q 1. What is e-commerce? Ans. Section 43B(d) of the MGL defines an Electronic Commerce to mean the supply or receipt of goods and/or services, or transmitting of funds or data, over an electronic network, primarily the internet, by using any of the applications that rely on the internet, like but not limited to e-mail, …
FAQs ON GST (Series 4) – GST LIABILITY ON E-COMMERCE BUSINESSES Read More »
The Central Government vide Notification No. 04/2017 has amended the Rate of Abatement under Service Tax on TOUR OPERATORS w.e.f. 22-01-2017 with details as below:- (1) Any booking solely for the purpose of accommodation by a tour operator has been removed from the category of Tour Operator which was previously taxed after 90% abatement – It …
CHANGE IN SERVICE TAX RATE ON TOUR OPERATORS w.e.f. 22-01-2017 Read More »
Q 1. What is advantage of taking registration in GST? Ans. Registration under Goods and Service Tax (GST) regime will confer following advantages to the business: • Legally recognized as supplier of goods or services. • Proper accounting of taxes paid on the input goods or services which can be utilized for payment of GST …
FAQs ON GST (Series 3) – REGISTRATION UNDER GST IN INDIA Read More »
RISHABH PANT is the rising super star of the Indian Cricket. With 972 runs (avg 81, strike rate 107) in the Ranji Trophy this year, the Left Hand Keeper Batsman is the first choice of the Selection Committee as a replacement of the erstwhile Captain Mahendra Singh Dhoni in the Indian T20 Squad. Rishabh Pant …
RISHABH PANT SEEN AS REPLACEMENT OF DHONI IN THE INDIAN T20 SQUAD Read More »
Q 1. Where is the power to levy GST derived from? Ans. Article 246A of the Constitution, which was introduced by the Constitution (101st Amendment) Act, 2016 confers concurrent powers to both parliament and state legislatures to make laws with respect to GST. However, -clause 2 of Article 246A read with Article 269A provides exclusive …
FAQs ON GST (Series 2) : Levy of and Exemption from GST Read More »
Q 1. What is Goods and Service Tax (GST)? Ans. It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition …
FAQs ON GST (Series 1) – Overview of Goods and Services Tax (GST) in India Read More »
The Government of India through Ministry of Labour & Employment vide Notification No. F. No. S-38012/02/2013-SS-I dated 22-12-2016 has increased the wage limit for coverage of an employee under sub-clause (b) of clause (9) of Section 2 of the ESI Act to Rs. 21000/- (Rupees Twenty One Thousand only) from earlier limit of Rs. 15000/- by amendment in …
EMPLOYEE STATE INSURANCE (E.S.I.) – INCREASE IN WAGE LIMIT FOR COVERAGE TO Rs. 21000/- Read More »
The Central Government has vide Notification No. S. O. 4086 (E) dated 17-12-2016 has inserted a new proviso to clause (iii) S. O. 3407 (E) dated 08-11-2016 related to Demonetisation of the Old Currency Notes of Rs. 1000/- and Rs. 500/-. As per the new proviso “The deposit of an amount exceeding Rs. 5000/- …
The Central Government has issued the procedural guidelines for implementation of FAQ 1 : WHAT IS THE PERIOD WITHIN WHICH DECLARATION HAS TO BE FILLED UNDER PMGKY The Central Government vide Notification No. 115/2016, F.No.142/33/2016-TPL dated 16/12/2016 has notified the period for which this Scheme will be applicable as below:- a) Date from which Declaration can …
FAQ’s ON PROCEDURE FOR DECLARATION UNDER PRADHAN MANTRI GARIB KALYAN YOJNA, 2016 Read More »