A Overview onBanking Transaction Tax
Contents: Purview Need of reforms and Current Tax System What will happen if India does introduce BTT Advantage Disadvantage Conclusion Purview: BTT, abbreviated as Banking Transaction Tax, is the tax levied on debit or credit entries on banking transaction made by any account holder. In other words, each time an account holder withdraws from or deposits … Continue reading A Overview onBanking Transaction Tax
Read more 4896 Views Leave a commentAn opinion on GST
GST one of the most Chanted Word in the Finance Industry , abbreviated as Goods & Service Tax. Two different opinion : A major Tax relief or a Tax burden? Though, i may not have a detailed knowledge about it but nobody would deny the fact that they are familiar to the term (GST). By … Continue reading An opinion on GST
Read more 12994 Views Leave a commentWhat is Forensic Accounting & Auditing
Contents: Introduction What is a Fraud Need of Forensic Accounting & Auditing Objectives Forensic Accounting V/s Forensic Auditing Applications: Cyber World Banks Conclusions INTRODUCTION Forensic accounting and auditing is the specialized field of accounting that investigates fraud and analyze financial information to be used in legal proceeding. “Forensic” refers to “suitable for use in … Continue reading What is Forensic Accounting & Auditing
Read more 6284 Views Leave a commentUP VAT return filing procedure
In a bunch of various of taxation policy, VAT is an Indirect tax system, which is collected by the state authorities. The VAT system has its own policy which differs from state to state. Today, i am going to share the procedure to be opted for VAT filing procedure, in Uttar Pradesh state. The following … Continue reading UP VAT return filing procedure
Read more 5516 Views Leave a commentAmendments vide notification no. 30/2016 dated 29.04.2016 in the chapter XVIIB-Deduction of Tax at source (Applicable from 01.06.2016)
A new rule 26C is being inserted wherein the assessee shall furnish to the employer the evidence or the particulars of the claims such as HRA, Deduction u/c VI-A, in Form No.12BB for the purpose of estimating his income or computing the tax deduction at source. For different claims, following evidences shall be required: … Continue reading Amendments vide notification no. 30/2016 dated 29.04.2016 in the chapter XVIIB-Deduction of Tax at source (Applicable from 01.06.2016)
Read more 5410 Views Leave a commentCBDT Circular 09/2016 Reg Commencement of limitation for Penalty Proceedings U/s 271D and 271E of the Income tax Act, 1961
Background Section 271D and 271E of the Act provides for penalty for failure to comply with the provisions of Section 269SS and 269T (i.e. Acceptance or repayment of loans and deposits by modes otherwise than account payee cheque or account payee bank draft). Sub section (2) of both these provisions provides that any penalty … Continue reading CBDT Circular 09/2016 Reg Commencement of limitation for Penalty Proceedings U/s 271D and 271E of the Income tax Act, 1961
Read more 2994 Views Leave a commentMajor Changes in ITR 1(Sahaj) of A.Y. 2016-17 in comparison to A.Y. 2015-16.
Under the heading Deduction under chapter VI A, New columns inserted for 80CCD (1), (1B) and (2). 80CCD(1B) was inserted vide Finance Act, 2015. Before such insertion, deduction was available u/s 80CCD(1) in respect of employees contribution and u/s 80CCD(2) in respect of employers contribution.The position that stood as of now after Finance act, 2015 … Continue reading Major Changes in ITR 1(Sahaj) of A.Y. 2016-17 in comparison to A.Y. 2015-16.
Read more 3947 Views 3 CommentsChanges in Rule 7 of Point of Taxation Rules, 2011
The Finance bill, 2016 has proposed an increase in the rate of service tax from 14.5% to 15% in the form of Krishi Kalyan Cess of 0.5%. The said increase will be effective from 01.06.2016. In the recent times, there has already been an enormous increase in the rate of service tax from 12.36% to … Continue reading Changes in Rule 7 of Point of Taxation Rules, 2011
Read more 10203 Views Leave a commentA preview on E-Governance
Purview: In the context of a globalising world, it is important that Indian industry remains in the reckoning in a competitive environment. Therefore, the regulatory framework must facilitate compliance of rules at a minimum cost and with convenience to the stakeholder. MCA21 is founded on the Government’s vision to build a healthy business eco system … Continue reading A preview on E-Governance
Read more 4476 Views Leave a commentITR-4S SUGAM A.Y. 2015-16
Introduction: For Assessment Year 2015-16 there are some thing new to the Income Tax Return filings, so I am just sharing some of the things that needs to be taken into consideration while filing such ITRs, ITR-4S is here under: 1. Who can use Form ITR-4S Sugam for Assessment Year 2015-16: This Return Form is … Continue reading ITR-4S SUGAM A.Y. 2015-16
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