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  • GSTR 10 Due Dates, Format & Filing

    Form GSTR-8 is a monthly return form to be furnished by all e-commerce operators who are required to deduct TCS (Tax Collected at Source) under GST.Form GSTR-10 is a final return form to be furnished by all taxable persons whose GST registration is cancelled or surrendered.

    Here it is important to understand the difference between a final return and an annual return, basically the difference between GSTR-10

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  • Ind AS roadmap for banks, insurance companies and NBFCs

    In pursuance to the budget announcement by the Union Finance Minister, after consultation with the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority (IRDA) and Pension Fund Regulatory and Development Authority (PFRDA), the Ministry of Corporate Affairs (MCA) issued a press release on 18 January 2016, announcing the Ind AS roadmap for scheduled commercial banks (excluding regional rural banks [RRBs]),

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  • Step By Step- How to file revised TDS return

    Procedure for Filing Revised TDS Return
    If you find any mistake in filling of the eTDS or want to make any modifications like changing the name, address, challan serial no., BSR code, challan tender date, etc, you can correct your form in simple steps. However, before going through the steps, there is something you should know:

    Update deductor details such as Name, Address of Deductor.

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  • CA INTER/IPCC students - TAX AMENDMENTS for May 2019 by CA Dinesh Tejwani

    CA. Dinesh Tejwani is a B.Com. (Hons.) Accouting , FCA, DISA. He is founder of Dinesh Tejwani Classes, Jodhpur. He is renowned faculty of Direct Tax and Indirect Tax (GST).

    He has 17 years of experience and teaching since 22-8-2002. He has taught over 4500 students of CA IPCC  / Intermediate and CA Final in face to face class in Jodhpur, Rajasthan.

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    Tax Amendments for May 2019 exams available on our you tube

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  • Handbook on Different Dimensions of Mergers & Demergers

    A merger is a combination of two companies where one corporation is completely absorbed by another corporation. The less important company loses its identity and becomes part of the more important corporation, which retains its identity. It may involve absorption or consolidation.

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  • No TDS is to be deducted on Service Tax Portion on Payments under different Sections

    Payments made to Individual or Firm includes consideration payable to him/her and Service Tax if applicable in any provision of law or under taxation rule. Service Tax is applicable when payment is made for certain service like Contract, Rent or profession fees etc. and consideration payable is exceeds minimum exemption limit under service

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  • Rent which include Service Tax and TDS Liability on such Rent

    Rent which include Service Tax and TDS Liability on such Rent

    Rent may include Service Tax amount if Land lord have taxable service is above Rs. 10

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  • Different types of Forms Used/Applicable in Income Tax, Service Tax and TDS/TCS

    Different types of Forms Used/Applicable in Income Tax, Service Tax and TDS/TCS

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  • No TDS to be deducted on service tax portion comprised in the payment to residents (circular 1/2014

    CBDT by its circular number 01/2014 dated 13th January 2014 notified that no TDS on service tax component on payments made to residents shall be deducted. Earlier in 2008 CBDT issued circular numbered 04/2008 which allowed the non deduction of TDS on the service tax component on payment of rent (under section 194I).

    Now by the new circular numbered 01/2014 CBDT clarified that if the service tax

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  • TDS ON PAYMENT OF RENT MORE THAN RS. 50,000 PER MONTH BY INDIVIDUALs/HUFs

    TDS ON PAYMENT OF RENT MORE THAN RS. 50,000 PER MONTH BY INDIVIDUALs/HUFs

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  • Companies Act, 2013 v/s Accounting Standard (AS) 21

    Companies Act, 2013 v/s Accounting Standard (AS) 21

    No TDS On Service Tax

    In earlier article author has expressed his view that circulars issued by CBDT in respect of TDS on professional and technical fees under section 194J clarifying to deduct tax on element of service tax is wrong and need reconsideration. Author had pointed out that in circular relating to TDS from rent, CBDT has considering nature of service tax as a levy which is just collected by landlord, clarified that tax is to be deducted only from rent

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  • Delhi High Court Decision on Refund of TDS

    We have examined the counter affidavit filed by the Revenue/Income Tax Department. In the counter affidavit it has been acknowledged and accepted that the tax payers are facing difficulties in receiving credit of Tax Deducted at Source (TDS for short). It is also accepted that tax payers are facing difficulties in getting refunds on account of adjustment towards arrears.
    2. In the counter affidavit steps taken by the Revenue to

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  • Taxation Entries for Vat,Excise,Service tax and TDS

    Vat paid on purchase of material-Input

    Vat paid on Sale of Material-Output

    Output amount is adjusted with the input and the balance is paid to the department. Entries to be made are:-

     

    At the time of Purchase of Material

     

    Purchase Dr………….

    Vat Input Dr……………

    To Creditors……………………

    At the time of Sale of Material

    Debtors Dr……………….

    To

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  • No TDS on Service Tax charged on Professional or Technical fees

    Facts & Background:

     

    M/s Rajasthan Urban Infrastructure Development Project (“the Respondent”or “the RUIDP”or “the assessee”) is a project of Government of Rajasthan for the Infrastructure Development and Civic Amenities in the specified areas/ cities in the state of Rajasthan. The RUIDP appoints the technical and

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  • No TDS on Service Tax charged on Professional or Technical fees

    No TDS on Service Tax charged on Professional or Technical fees

    We are sharing with you an important judgement of the Hon’ble Rajasthan High Court, in the case of Commissioner of Income Tax (TDS), Jaipur Vs. M/s. Rajasthan Urban Infrastructure [2013 (8) TMI 12 – RAJASTHAN HIGH COURT] on following issue:

    Issue:

    Whether TDS is to be deducted on the amount of Service Tax charged on professional/ technical fees

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  • Recent Decisions on Capital Gains as reported

    Reported in (2012) 52 SOT 327 (Mum.) (Trib.)

     

    The assessee earned capital gain from sale of ancestral property. The assessee claimed exemption u/s 54F in respect of amount invested towards purchase of four flats which were converted into one residential unit. The AO allowed exemption only in respect one flat by holding

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  • Service tax implication on AC Restaurants vide the Finance Bill, 2013

    Service tax implication on AC Restaurants vide the Finance Bill, 2013

    With effect from July 1, 2012, Service is defined under Section 65B(44) of Chapter V of the Finance Act, 1994 (“the Finance Act”) means  any activity carried out by a person for another person for a consideration is service, which includes a declared service. Further service tax is applicable unless said service falls under the negative list of services or

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  • Types of GST Returns or Forms Currently Functional

    GSTR 1:- GSTR 1 is monthly or Quarterly (Based on turnover) Return for all supplies made by a regular tax payer. Registered person having turnover more than Rs. 150 lakhs or Rs. 1.5 crore required to file monthly GSTR 1 and a registered person having turnover up to Rs. 150 lakhs or Rs. 1.5 core required to file quarterly GSTR 1. E-

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  • Important Concepts in Insolvency and Bankruptcy Code 2016

    Applicability of Insolvency and Bankruptcy Code 2016

    This code is applicable to following entities:- 

    1. Any type of Company incorporated under the Companies Act 2013 or incorporated under any previous Companies Act.

    2. Any other type Companies Governed by any Special Act for time being in Force with an exception i.e. IBC provision is inconsistent with the provisions of such

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