A Bird view on Fiscal Deficit of India

Fiscal deficit means the government’s total expenditure (excluding the money it’s borrowed) exceeds its revenue. Expenditure on money’s borrowed by government does not considered in fiscal deficit rather it forms part of budget deficit. Budget deficit is normally known as national debt. A country’s fiscal deficit is usually calculated as a percentage of its gross […]

A Discussion on Constitution and Taxation of India

Constitution and Taxation of India By replacing the Government of India Act (1935) The Constitution of India came into force on 26 January 1950. Constitution is the soul of every country. Indian Constitution is the Constitution of the people, by the people, for the people and hence every Indian feels proud to follow it and […]

Place of Removal in Notification No. 41/2012-ST

The divisions falling under Central Excise Commissioner ate; Ludhiana (Punjab) has started issuing show cause notices to the exporters who are claiming refund claim under Para 3 of Notification No. 41/2012 ST dated 29.06.2012 in respect of services utilized used in the export of excisable goods. The said notification provides refund of service tax paid […]

House Rent allowance claim from Salary Income

Salary earners has to inform in the beginning of the year to their employers about all saving, deductions, etc for Tax to be deducted from their salary receivable in the financial year 13-14. Accordingly Tax deduction can be made correctly and paid to the government after considering other incomes and deductions of the employee. At […]