New tax norms target shell firms

The guidelines have a few safeguards that were not present in draft norms issued in 2015 such as a collegium of officers to vet whether companies are to be taxed on the basis of their place of effective management (PoEM) and test of active business. However, experts warned even then there could be subjectivity in … Continue reading New tax norms target shell firms

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Input tax Credit on ATF: Aviation Ministry Suggest Ways to Compensate Airlines

GST regime for the time being, airlines will not be able utilise credit on taxes paid on ATF – a key input which comprises over 40 per cent Union civil aviation minister Ashok Gajapathi Raju said his ministry has suggested various alternatives to the finance ministry to help compensate airlines that cannot take tax consultancy firms in … Continue reading Input tax Credit on ATF: Aviation Ministry Suggest Ways to Compensate Airlines

Direct tax mop up rises 15% to Rs 1.89 lakh Cr in April-August.

Net direct tax collections during the April-August period has grown 15.03 per cent to Rs 1.89 lakh crore, led by robust collections in personal income tax. Direct taxes, which include corporate income tax and personal income tax, collection in the first five months till August is 22.30 per cent of Budget estimates for the full … Continue reading Direct tax mop up rises 15% to Rs 1.89 lakh Cr in April-August.

Duties and Responsibilities of a Tax Consultant:

Tax consultants, referred to as tax advisers and are trained in tax law. They understand the regulations regarding business and individual taxes and advise clients on how to comply with both federal and state tax legislation. Tax consultants provide their clients with financial and tax-related advice. They meet with client over the phone and-in person … Continue reading Duties and Responsibilities of a Tax Consultant: