Crux is that we perceived the GST as eight lane super national highway, but it turnout to be a typical Indian road with encroachments, potholes and diversions. Rest you are best to judge.
Birth Of GST – A Brief History
Finally, after accepting the some major suggestions by Congress party, Constitutional Amendment Bill has been passed by Rajya Sabha on 03/08/2016 and by Lok Sabha on 08/08/2016.
Roll Out Of GST
The Government has already been started its preparations to implement the GST in terms of information technology, transitional provisions, data exchange system and other administrative issues. However, tax payers have not prepared anything till now. This would create huge burden to change on fast basis.
Incentives For Start-Ups In Budget 2016
Apart from the above beneficial provisions under income-tax Act, beneficial provision in respect of payment of service tax on quarterly basis and facility of payment of service tax on receipt basis is being extended to a One Person Company (‘OPC’) with effect from 1 April, 2016, which would also benefit start-ups registered as OPCs.
Initiative To Create Environment For Startup India
Department of Industrial Policy and Promotion may, until such mobile app/portal is launched make alternative arrangement of recognizing a ‘startup’. Once such application with relevant document is uploaded a real-time recognition number will be issued to the startup.
Service Exports From India Scheme (‘SEIS’)
At best, the Service exporter can be asked to apply for a valid IEC and declare all the export earnings for the previous period. This, to my mind should serve the purpose of Commerce Ministry, i.e., gathering the data on export of services from India.
Major Highlights Of Union Budget 2016-17 Announced By Hon’ble Finance Minister
Assignment of right to use the spectrum and its transfers has been deducted as a service leviable to service tax and not sale of intangible goods.
Customs Act to provide for deferred payment of customs duties for importers and exporters with proven track record
Tax Benefits On Home Loans?
Stamp duty and registration charges and other expenses related directly to the transfer are also allowed as a deduction under Section 80C, subject to a maximum deduction amount of Rs.1,50,000. Claim these expenses in the same year you make the payment on them.
What Is House Rent Allowance( HRA) ?
The word salary includes dearness allowance if terms of employment so provide and commission based on fixed percentage of turnover but exclude all other allowances and perquisites.
Some Delusions/Myths About The Tax Under I T Act, 1961
Normally also, if you receive a cash gift or gifts by cheque or bank draft of more than Rs 50,000 from a non relative, you are required to pay tax on the excess amount exceeding Rs 50,000
Tax Deduction At Source (TDS) On Salary Income.
It is the responsibility of the employer to deduct TDS on salary and deposit to government. In the case of salaries the liability to deduct tax arises only at the time of payment.
What Is Import Export Code (IEC) ?
For the purpose of expansion of business you need to take your goods or services to the international market to import in or export out of India for that purpose Import Export License is mandatory.
ESI Scheme And Its Application
An employer is liable to pay his contribution in respect of every employee and deduct employees contribution from wages bill and shall pay these contributions at the above specified rates to the Corporation within 21 days of the last day of the Calendar month in which the contributions fall due.
What Is Form Delhi Sugam-2 In Short DS2 In DVAT?
To facilitate business in Delhi and to prevent evasion of taxes, Delhi Government has decided to introduce a new online form – Delhi Sugam-2 (DS2) with effect from 15th September 2015.
All Services By Govt To Business Entities Taxable From April 1, 2016
Presently, services provided by Government or a local authority, excluding certain services specified under clause (a) of section 66D, are covered in the Negative List.