taxation

In this age of digital India, everything is moving pretty fast. You can see the working style, the jobs, the legal disputes, the marketing strategies etc. This has also starting affecting the government as well. We can Companies Act, 2013 has already been placed, Goods and Service tax (GST) is on a roll and Income tax Act, has already changed a lot. Though GST ha..

Financial Crises why we faced, why we could face?   Factors Financial Economics history is forgotten   1930s p styl..

Filling of returns Every dealer, registered under this Act, shall file return, in the prescribed form showing the total and taxable turnover within the prescribed period in the prescribed manner, along with proof of payment of tax. The tax under this section shall become due without any notice of demand to the dealer on the date of receipt of the return or on the last date of the period for ..

Introduction:   This year’s overall  Union Budget is  just  like an  election budget- trying to please more of  poor voters-nothing is wrong in it but schemes launched for them must be strictly monitored / implemented  and benefits&n..

Introduction:-   EPCG scheme enables a Indian manufacturer all service provided to obtain capital goods at nil rate of customs duty against commitment of export obligation. The objective is to facilitate import of capital goods producing quality..

Introduction:   A return is a mirror reflection of the state of financial affairs of an assessee for a specified period. It serves as an important link between the taxpayer and tax administration inasmuch as it aids the compliance verification program of tax administra..

PROLOGUE:   The topic calling for a critical analysis is the Judgment of the SC recently delivered in a dispute between a property owner and the IT Department (the Revenue). The issue is centred on the jurisdict..

Settle past disputes & then move to GST   A. Prelude:   THERE are many disputes pending in the present indirect tax laws (both Central and State laws), whi..

Registration process under Goods and Service Tax (GST)   A. Prelude:   The success of GST would depend to a large extent on a robust GST Network as it will be th..

Payments under GST - Business Process   Introduction:   The Joint Committee has submitted its report on various business processes in April 2015 and it was made..

The write up is based on an old Supreme Court Case in the name of Commissioner of Income Tax, Patiala Vs RB Jodha Mal Kuthiala AIR 1966 SC 1433. The statute concerned is Income Tax Act, 1922 as amended by Income Tax (Amendment) Act, 1939 (1939 Act).   Facts of the case/s..

Media reports and press statements by Government Officials seem to suggest that the Union Government is keen to introduce Goods and Service Tax in the year 2016. While they themselves have given up hope of its implementation from 1.4.2016, there seems to be a claim by some quarters that it is possible to implement GST from 1st October 2016. This article attempts ..

Prelude: Export refunds are often a subject matter of dispute and bone of contention between the exporter and the tax department in the context of indirect taxes. While the policy of the Government is to free exports from the burden of taxes, the tax administration often finds ways and means to somehow avoid granting refunds/rebates. This results..

Goods and Services Tax (GST) being implemented, is held out to be the biggest tax reform in India since independence. As an entrepreneur, I find it a complete farce and colossal waste of opportunity while still incurring huge cost of implementation that could be avoided, and that will help the economy avoiding a needless speed-breaker. I am quite surprised that e..

“Hey Niraj, am back to seek your help again” said Uncle Shrikant to his nephew Niraj Desai.   “Completely my pleasure uncle, please tell me, how can I be of help to you.” Said Niraj   Shrikant: As you know, my younger son, Aakash is going for MBA to Australia.   str..