Importance of maintaining proof of Investment

It’s mid of January and Employers has started asking their employees to submit proof of Investment and Expenses that qualifies for tax deduction and exemption under the Income Tax act. It is employer responsibility to deduct TDS of Employees and deposit it to government every month. In order to deduct tax employer first ask the […]

A relief for Small Service Provider under the GST announced yesterday.

GST council yesterday recommended a ‘’Composition Scheme’’ for the small Service Provider. The scheme which was neither existed under the Service Tax nor in GST. Soon Service Provider can also opt for composition scheme. The purpose of this scheme is to reduce compliance burden on small tax payer. In this scheme you can pay GST[…..]

Various representations from Exporter of Services were received by department seeking clarification on GST Laws.

Exporter of services raised issue that, what would be tax treatment if Exporter of services outsourced a portion of the services contract to another person located outside India, which is usually happened in business? Let’s say Mr. A India has received a contact from Mr.B. Canada for supply of services of which Mr.A outsourced a[…..]

You know when your incomes are taxed thrice.

Government always try to make affords to avoid double taxation in India but their efforts is useless when same income becomes taxable 3 times. In India it is a tax policy that Government taxed the income when company earns it and again it is taxed when it is passed on to the owners of the[…..]

Income tax exemption for Startups

The government of India has launched ‘Startup india’ initiative on 2016 to build strong entrepreneurship. As a part of this initiative, the department of industrial policy and promotion (DIPP) has issued notification to avail income tax exemption. Section 80IAC specifies that you no need to pay income tax on your profits for 3 years out[…..]

Hindustan Unilever (HUL) was not passing on benefit of GST rate reduction to end consumers.

The GST anti-profiteering watchdog, National Anti-profiteering Authority (NAA), on Monday imposed a fine on consumer goods giant HUL of Rs.383 crores. Few applicants complained to GST anti-profiteering watchdog that although GST had been reduced from 28% to 18% on a large number of products w.e.f. 15.11.2017 but HUL has not reduced the maximum retail process[…..]

Genuine startups will not be taxed

On Wednesday government said startups would not be harassed if they receive consideration more than its fair price of shares. A section 56 of income tax comes into play when a unlisted company receives funds from Angel investors and Value offered by Angel investor is far more than its fair value. This section is introduced[…..]