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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:


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

  • 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

  • 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

  • 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

  • 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-

  • Important Sections covered in Income Tax Returns Filing

    Sec 139(1):-  As per Sec 139(1) of Income Tax Act  Every Company or Firm and other than Company or Firm if their gross total Income basic exemption limit have file Their income Tax Return before due.

    Due Dates:- Due Date is 30th September of assessment year whose  accounts required to get audited including partners of firm whose accounts are required to get audited and due date is 31st July

  • 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

  • Defective Return in Income Tax Reasons and Solutions

    Sec 139(9):-  Income Tax Return is treated defective return under section 139(9) of income tax act if Income Tax Return is filed without complete information or documents.

     Defective return should be rectified within 15 days of Receipt of Notice under section 139(9) otherwise return become void ab initio. 

    Reasons for Defective Returns: -

    1. Assessee fails to file his/her return in correct format or correct form

  • Income Tax Slab Rates for Financial Year 2017-18

    Individual Tax Payers - Male Less Than 60 Years Old 

    Income up To Rs. 250000 - Nil Rate

    Income More then Rs. 250000 upto Rs. 500000 - 5%

    Income More then Rs. 500000 upto Rs. 1000000. - 20%

    Income Exceeding Rs. 1000000 - 30%

    In Addition to Tax Surcharge and Education Cess is Applicable

    Surcharge at the Rate of 10% on Tax Amount if Total Income excced Rs. 50 Lakh upto Rs. 1

  • Clarification of Some Important Accounting Terms

    Provisional Balance sheet, Projected Balance sheet, Estimated Balance Sheet and Final Balance Sheet

    Provisional Balance Sheet: - Provisional Balance Sheet is prepared for the Period which is already started and Completed but finalisation of Accounts not done.

    Estimated Balance Sheet:

  • Deduction Under Chapter VIA of Income Tax  Act for Financial Year 2017 -18 (Assessment Year 2018-19)

    Deduction under Chapter VIA of Income Tax Act will be allowed either based on Investment or based on expense done as per specified in Income Tax Act. All subsections of sec 80 are covered under Chapter VIA. Deduction under Chapter VI A of Income Tax Act is restricted to Gross Total Income (other than Income from Capital Gain and Wining from Lottery or horse race etc) and No

  • Important sections in Chartered Accountant Act 1949

    Sec 7:- As per Sec 7 of Chartered Accountant Act 1949, a member in Practice can't use any other designation or description other than a Chartered Accountant. However member who is not in practice can use any other description if he or she doesn't use the designation of a Chartered Accountant. Member in practice can use any other description which indicates the membership of other accounting bodies approved

  • Tax Treatment of Allowances Received by Salaried Employees

    ·        Sec

  • Step by Step Guide to E-Way Bill System

    E-Way Bill is Replacement to old system of Delivery Challan System. E-Way Bill is fully online Process from Registration to E-Way Bill Generation. E-Way bill works on Android and Web Based system. E-Way Bill works in four types of methods such as Web System, SMS System, Bulk Generation System and API System.

    Registration Process

  • Taxability of Dividend

    Dividend refers to Distribution of Accomulated Profits by a Company to its share Holders. But there are Certain Transaction which are considered as Deemed Dividend even though there is no Actual Distribution of Profits such Transaction are Distribution of May Assets by Company to its shareholders, Distribution of Debentures or Debenture Certificate by Company to Its Share Holders, Distribution of any Assets by Company to its shareholders in

  • Clubbing of Income


    Clubbing of Income means any Income Earned by any Person but included in the total Income on any other Assessee or Transferor of Assets through which Income is Earned. Asseessee may try to avoid Tax or minimise Tax Liability either through transferring the Income or Transferring the Source of Income (i.e. Transferring Asstes from which Assessee is earning Income). To avoid such Tax Evasion Activities Concept of Clubbing of Income

  • Tax Treatment of Retirement Benefits Received by Asseessee

    Any Person who had completed his or her Service Period expects some benefits on Retirement based on Performance during Service. Retirement benefits may be in form of Gratuity or Pension or Leave Encashment etc. Even Non Government Employers are also bound to provide Benefits subject to certain exemptions. Taxability of such Benefits depends on nature Benefits and type of Employee along Relevant Legislation.



  • Important Notes of Professional Ethics in CA Final Audit


    THE PART I :- Professional misconduct in relation to chartered accountants in Practice

    Clause I: - A chartered accountant in practice shall be deemed to be guilty of professional misconduct, if he allows any person to practice in his name  unless such person is also a chartered accountant in practice and is in partnership with or employed by him.

    Clause II: - A chartered accountant in practice shall

  • Analysis of Negative List in GST

    As Per the Schedule III of Central Goods and Service Tax (CGST) Act 2017 certain service are excluded from Preview definition of Supply of Goods or Service i.e. those certain service are neither treated as Supply of Service or Supply of Goods.


  • CA Final Direct Tax - Recent Case Laws, Circulars and Notifications for May 2018 and Nov. 2018 exams. by CA. Dinesh Tejwani