Vinod & Narendra

Taxman gets new tech tool to identify, kill duplicate PAN

March 22, 2016

After years of labour, the I-T department has finally got a new technology tool to check duplicate PAN cards, allowing them to ‘kill’ it. An ambitious electronic platform called the Income Tax Business Application-Permanent Account Number (ITBA-PAN) has been operationalised. It will help the taxman and PAN issuing intermediaries identify

High Court Shocked At Loot Of Taxpayers Funds By Corrupt Babus. Calls For Non-Cooperation Movement By Taxpayers To Eradicate “Hydra Headed Monster” Of Corruption

February 17, 2016

Miscellanea

[Source: itatonline.org] Hon’ble Justice A. B. Chaudhari of the Nagpur Bench of the Bombay High Court has passed severe strictures against the Government for turning a blind eye to the rampant corruption in the Country. The learned Judge lamented that “It shocks one and all as to the manner in

Amendment of Rules regarding quoting of PAN for specified transactions w.e.f. 1-Jan-2016

January 20, 2016

Income Tax

It is mandatory under Rule 114B of the Income Tax Rules to quote PAN where the transactions exceed a specified limit. To bring a balance between burden of compliance on legitimate transactions and the need to capture information relating to transactions of higher value, the Government has amended Rule 114B

Why India’s most important tax reform is still stuck in parliament

December 15, 2015

GST·Gujarat VAT & CST

[Written By: Gautam Khattar, Partner-Indirect Tax, PwC India; Source: Quartz India] In his budget speech in February 2015, Arun Jaitley announced an ambitious goal of implementing the Goods and Services Tax (GST) nationwide by April 01, 2016. Ever since that declaration by the finance minister, passing the bill through parliament

Cabinet nod for real estate Bill paving the path for a regulator for the real estate sector

December 12, 2015

Miscellanea

Cabinet nod for real estate Bill paving the path for a regulator for the real estate sector

CBDT Circular On TDS From Salaries During FY 2015-16

December 8, 2015

Income Tax

The CBDT has issued Circular No. 20/2015 dated 02-Dec-2015 in which it has explained the entire law relating to the obligation of employers to deduct income tax from the payment of “Salaries

Time reduced for filing Gujarat VAT Returns

November 16, 2015

Gujarat VAT & CST

The Gujarat VAT Rules stipulate a period of 30 days for e-filing of monthly / quarterly returns from the end of the relevant period. Since e-filing of returns was new at that point of time, the State Government had granted relief by giving additional time for filing E-Returns. Now through

Rate of service tax further increased with levy of Swachh Bharat Cess from 15-Nov

November 9, 2015

Service Tax & CBEC

Budget 2015 had provided for a new levy viz. Swachh Bharat Cess (SBC) on all taxable services effective from the date to be notified at a rate not exceeding 2%. Now, CBEC vide Notification No. 21/2015-ST dated 6-Nov-2015 has provided that SBC would be leviable @ 0.5% on value of

Intangibles–ambiguity between VAT & Service Tax

September 10, 2015

Gujarat VAT & CST·Service Tax & CBEC

[Source: forbesindia.com; Author: Rajeev Dimri, Leader, Indirect Tax, BMR & Associates LLP] Levy of service tax on provision of ‘services’ and value added tax (VAT) on sale of ‘goods’ is clearly demarcated and may look simple enough to the uninitiated. However, this simplistic differentiation regarding the nature of levy becomes

ITC cannot be denied where registration is cancelled retrospectively–Gujarat HC

September 2, 2015

Gujarat VAT & CST

Under Gujarat VAT Act, amongst other conditions, the purchasing dealer can claim input tax credit (ITC) only if the purchases are made from another registered dealer. In cases where the assessee had purchased the goods from a dealer who was a registered dealer and, subsequently the registration of the said

Earlier Posts

Taxman gets new tech tool to identify, kill duplicate PAN

High Court Shocked At Loot Of Taxpayers Funds By Corrupt Babus. Calls For Non-Cooperation Movement By Taxpayers To Eradicate “Hydra Headed Monster” Of Corruption

Amendment of Rules regarding quoting of PAN for specified transactions w.e.f. 1-Jan-2016

Why India’s most important tax reform is still stuck in parliament

Cabinet nod for real estate Bill paving the path for a regulator for the real estate sector

CBDT Circular On TDS From Salaries During FY 2015-16

Time reduced for filing Gujarat VAT Returns

Rate of service tax further increased with levy of Swachh Bharat Cess from 15-Nov

Intangibles–ambiguity between VAT & Service Tax

ITC cannot be denied where registration is cancelled retrospectively–Gujarat HC

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