Blog

Stamp paper validity period- Myth or Reality?

Stamps – An Introduction: There is huge controversy over validity of a stamp paper commonly known as stamps. Common belief is that a stamp is valid for 6 Months from the date of purchase of receipt. Over a period of time, the stamped document has obtained so much value that a ‘stamped document’ is considered much more […] Read More...

HRA,Housing Loan Interest Under House Property and Capital Gains under Income Tax Act?

Introduction:Employee can claim deduction of HRA and Interest on Housing Loan to acquire house property u/s 24(b) and simultaneously (if he resides in property other than acquired) under Income Tax Act. Upon sale of said property, interest already claimed as deduction u/s 24(b) can be added to cost of property for the purpose of computing […] Read More...

Goods and Service Tax – Story So Far

Introduction: 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 by inserting a […] Read More...

Gist of Report of the JOINT COMMITTEE ON BUSINESS PROCESS FOR GST on GST Return

GST is a self-assessed destination based taxation system. The submission and processing of return is an important link between the taxpayer and tax administration as it is an important tool for: Compliance verification program of tax administration; Providing necessary inputs for taking policy decision; Management of audit and anti-evasion programs of tax administration; Finalization of […] Read More...

Service tax and its changes

How to Determine whether a service is not taxable under New ST Law Follow below steps: If Service Falls Under Below categories then Service Tax is not taxable. Step 1 Check whether Service is excluded from defination of service. Exclusions from defination of service: Merely Transfer of Title in Goods Transaction in money and Actionable […] Read More...

Service Tax Circulars

Background: Good Transport Agency has been defined to mean any person who provides service to a person in relation to transport of goods by road and issues consignment note, by whatever name called. In addition to transportation services, GTA also provides various ancillary services such as loading/ unloading, packing/unpacking, transshipment, temporary storage etc., which are […] Read More...

Compliance Checklist under Companies Bill,2013

Compliance Checklist under Compliance Bill,2013: Section No. Rules Brief Provisions Listed Companies Unlisted Companies INCORPORATION OF COMPANY AND MATTERS INCIDENTAL THERETO 5(6) The Articles of the Company shall be in respective forms specified in Table F (Schedule ‐ I), as may be applicable on the Company AOA to be amended and matter to be placed […] Read More...

Exemptions theory in GST — Principles and Practices

Exemptions in GST — Whether viable or not? Universe and life in Universe often do not confirm to a linear mathematical model. In spite of best intention and efforts, it is difficult to design a perfect Tax system which is universally applicable for all times to come. Ability to adapt to changing realities is critical […] Read More...

Will GST serve its desired purpose with imperfections?

Issues in Current GST Bill: GST rates or RNR rates– Revenue neutral rates (RNR) in lay terms, is the rate that allows the Centre and State to sustain the current revenues from tax collection and, therefore, takes within ambit, among others, any tax losses because of tax subsumed, grant of input tax credits as well […] Read More...

Goods and Services Tax (GST )

Introduction to GST: One of the biggest taxation reforms in India — the Goods and Service Tax (GST) — is all set to integrate State economies and boost overall growth. GST will create a single, unified Indian market to make the economy stronger. The implementation of GST will lead to the abolition of other taxes […] Read More...