Service tax assessees to file annual return Although, with the government resorting to implement unified taxation regime GST in near future, it was hoped that the number of returns to be filed by an assessee would reduce substantially and this has been done in case of Central Excise Assessees which is highly appreciated by the […]
KRISHI KALYAN CESS The Government of the day believes that taxation is a major tool available to the Government for removing poverty and inequality from the society. To a common man, tax, surcharge or cess does not make any difference as all these modes of extracting money from the citizens have been used since many […]
Income tax department has started sending notices to non-filers for the assessment year 2013-14 & onwards Income tax department has started sending notices to non-filers for the assessment year 2013-14 & onwards & are also using the said information to verify under-reporting of income
Presumptive Taxation of Business: Analysis of Amendments Section 44AD widely affects the businesses in small sector. It was brought in its present shape by Finance Act 2009 wef AY 2011-12. It implies that legislature at that time thought it fit to take a year extra to have impact study of the section. However section 44AD […]
Section 44ADA a Provision to tax more than Actual Income The professionals have been brought under the ambit of Presumptive Taxation for the first time in history of Indian Taxation by virtue of Section 44ADA proposed in the Union Budget 2016. It would be a welcome step provided that the proposed Net Profit (NP) rate […]