Blog

Computation of Turnover and applicability of Tax audit for F&OTransactions

Ideally when you deal in Futures and Options(F&O), the transaction size is big but profits are too small. Therefore confusion prevails that whether these transactions can be termed speculative transaction or they are business losses or profits. Further computation in case of business losses, Tax audit limit will apply on transaction value or it applies […] Read More...

Model GST Law – Analysis

Analysis of Draft Model GST Act released by Govt of India About The Author: Mr. Himanshu Dhakad is a Chartered Accountant and company Secretary by Profession. The views are his personal views. For any queries you can follow him on twitter handle @hemanshow79 or can email him at hemanshow79@gmail.com. You can download the model GST […] Read More...

Transferable Development Rights(TDR) and its Taxability

Transferable Development Rights(TDR) Development right(TDR) is fundamentally a right to develop the land for agricultural , residential or commercial use. Essentially, land like any other asset is a bundle of several rights that accrues to it. Several rights one may identify with land are development rights, possession right, cultivation right etc.By transferring the development rights […] Read More...

Stamping/Franking

Stamping / Franking There are few pertinent questions when it comes to franking of documents. The typical question asked are: What is Franking? Can a document be franked once it is executed? What is Franking? Ans: You first prepare a document on paper and before signing parties on it, take it to nominated Branch of […] Read More...

Intermediary Services – Legal Overview under Service Tax Act

Intermediary Services – Legal Overview under Service Tax Background: Ever since the Service Tax based on negative list is introduces there is lack of clarity on intermediary and its taxability. Initially intermediary were liable to be taxed if those are provided for services. However in 2014 supply of goods are also added in definition of […] Read More...

Service tax on Google Adsense

Prior to 2014, Digital Ads or commonly known as Google Adsense were specifically exempted from the levy of service tax in India and were specifically mentioned in the Negative List of Services. However, this exemption has now been withdrawn and Google Adsense or Digital Ads are no longer part of the Negative List of Services. […] Read More...

Service tax on ‘Any services’ provided by Government under Reverse Charge w.e.f. April 1, 2016: Related Changes/ Clarification

Effective from April 1, 2016, under clause (iv) of Section 66D(a) of the Finance Act, 1994/Service Tax Law (“the Finance Act”), the words ‘support services’ have been substituted by the words ‘any service’ thereby, , any services provided by the Government or Local authority to a Business Entity [Section 109(1) of the Finance Act, 2015 read with […] Read More...

Taxability of TDR under Service Tax

Taxability of TDR Service tax legislation has seen a lot many changes from the days it was introduced and has always been evolving to ensure effective revenue collection. A large number of issues tend to be matter of disagreement between the revenue authorities, trade at large and consultants / experts. Obviously most of them go […] Read More...

Service Tax on Aggregator Services

Aggregator Service: The term “aggregator” has been defined under Service Tax Rules, 1994 as “a person, who owns and manages a web-based software application, and by means of the application and a communication device, enables a potential customer to connect with persons providing service of a particular kind under the brand name or trade name […] Read More...

Goods and Services Tax (GST)

Goods and Service Tax(GST) Goods and Services Tax (GST) refers to the single unified tax created by amalgamating a large number of Central and State taxes presently applicable in India. The latest constitution Amendment Bill of December 2014 made in this regard, proposes to insert a definition of GST in Article 366 of the constitution […] Read More...