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The Budget 2016 has introduced a new cess named as Krishi Kalyan Cess, which is applicable from June 1, 2016 at the rate of 0.5% on all the taxable services. With the imposition of this cess, the new effective Service Tax would henceforth be 15%. With the addition of KKC, all DTH, credit and debit […]
The Indirect tax collections witnessed the sharp rise in the graph of excise collection due to the increased excise duty on the petrol and diesel. An official statement expressed,”Indirect tax collections for the month of April 2016 was Rs 64,394 crore registering a growth of 41.8 per cent as compared to Rs 45,417 crore collected […]
In this post, we have discussed the income tax provisions for doctors that should be remembered with the tax presumptive scheme. Doctors perform noble and busy professions in the country. They work for approximately 9×7 hours a week and maybe more to help the people in the fight against their sufferings. They really do not […]
Apart from paying Income Tax, there are several other forms of taxes, which Indian citizens have to pay as per law. When you are doing a job, earning money, you pay income tax. When you buy stuff from the store, you generally pay sales tax. As we can not come up with every such example […]
CBDT has recently made a declaration that August 31 is the last date to settle down the income tax returns for all the taxpayers. These pending ITRs belong to 6 assessment years from 2009-10 to 2014-15, which are due for processing and issue of refunds because of the non-filing of ITR-V acknowledgement form at its collection centre based in Bengaluru.
The Hon’ble Finance Minister Mr. Arun Jaitley announces a new Cess, Krishi Kalyan Cess at the rate of 0.5% on all taxable services while presenting the third full-year Budget of the current government on February 29, 2016. The Krishi Kalyan Cess has been introduced for the purpose of financing to improve agriculture activities and welfare […]
These types of taxes paid on Consumption by the consumer but they do not pay directly to the government (unlike income tax). For example, We pay VAT and other taxes on purchasing a product.
Dual control over the assessees from both the states and center was earlier a stick in the neck and is still in the same position. Kerala Finance Minister Thomas Issac said, a vertical division of assessees for the collection of taxes and for the purpose of the audit would create problems for small taxpayers, Kerala, Bengal, Tamil Nadu, Bihar, Delhi, Odisha… the majority of states want a combination of vertical and horizontal (dual control structure). Below Rs 1.5 (crore turnover), states should tax, above Rs 1.5 crore, it can be vertical division.
In India, the Goods and Services Tax (GST) system represents a significant step in easing the collection of taxes on goods and services. An update has been launched by the government called GST 2.0, which revises the way taxes are structured to make the system simpler to comprehend, transparent, and effectively suited to the requirements […]
