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
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
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.
Authorities have cautioned taxpayers about a fraudulent order extending the date for filling audit report and return of income for 2015-16. The income tax department has clarified that circulation of a fake order dated September 26 for extension of due date for filling of audit report and return of income for assessment year 2015-16 is … Continue reading Tax returns deadline not extended
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:
Service Tax is a Tax which is paid by the provider of service. Any person whose revenue from providing of any type service (Whether Consultancy Risk advisory, Audit service in India and other service etc. During the year is more than Rs.10 lakh is liable to pay service tax as per the Tax rates prescribed … Continue reading Service Tax Guide for Indian
Multiple options. Contradictory advice. And a deadline that's approaching fast. Many taxpayers find themselves in this situation at the beginning of the year when they have to make tax-saving investments. Are you also confused? Before you make a choice, go through our cover story to know which the best option for you is. We have … Continue reading 10 best tax-saving investments