Clarification regarding Restaurant Service

Clarification regarding Restaurant Service Services provided by specified Restaurant Service in other areas of the hotel are liable to service tax.Under Service Tax Act. Circular No.173/8/2013 – ST F.No.334/3/2013-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Tax Research Unit North Block New Delhi, 7th October, 2013  To […]

Income-tax deduction from Salaries during the Financial Year 2013-14 under section 192 of the Income-tax act. 1961

CIRCULAR NO : 08 /2013 F.No. 275/192/2013-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ….. New Delhi, dated the 10th October, 2013  SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2013-14 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.  Reference is invited to Circular No.08/2012 dated 05.10.2012 whereby […]

Delhi VAT Amnesty Scheme-Highlights

DELHI VAT COMPLIANCE ACHIEVEMENT SCHEME, 2013 (DCS)  HIGHLIGHTS  Abbreviations used: (i)  DSC (or) Scheme: Delhi Tax Compliance Achievement Scheme, 2013 (ii) DVAT Act: Delhi Value Added Tax Act, 2004 (iii) CST Act: Central Sales Tax Act, 1956 (iv) DST Act: Delhi Sales Tax Act, 1975 (v) WCT Act: Delhi Sales Tax on Works Contract Act, 1999 (vi) RTU Act: Delhi Sales Tax on Right to Use Goods Act, […]

CA degree trust with your destiny

CA degree trust with your destiny “If the tax auditor certifies that these are the heads, the officer has no discretion. The Income tax Officer has to accept the tax audit certificate unless it turns out to be a patently false certificate. We will accept the certificate of the auditor.” Stated the Union Finance Minister, […]

Profit and Gain under presumptive basis vis-a-vis Section 115JB

Profit and Gain under presumptive basis vis-a-vis Section 115JB As the number of zero tax companies and companies paying marginal tax had grown, the Minimum Alternate Tax Provision has been inserted in the Income Tax Act. It was felt that various concession given under the tax laws, big corporate groups become zero tax companies, to […]

Provident fund under the Head of Business or Profession

Provident fund under the Head of Business or Profession In this particular article I wish to share some of my views about provident fund contribution by the Employer and Employee, its Taxability and deduction under the head of Business or Profession.  The main objective of the provident fund is to give retirement benefit in the […]