Cash deposits before demonetization also on government checklist If you thought cash deposits made prior to November 8 last year — when the government announced its demonetization exercise will escape the eagle eye of the tax department, you would be mistaken.
Provision Under Section 44ADA for computing profits and gains of Profession Provision Under Section 44ADA for computation of profit of Profession on Presumptive basis introduced in Finance Act,2016. Many people still unaware of this section and they are declaring their profit below the presumptive basis and their income exceeds the maximum amount not chargeable to […]
Direct Taxes Code can simplify taxation and reduce your tax The Finance Ministry is planning to revamp the direct tax structure. Previous attempts to overhaul direct taxes were not successful named Under Direct Taxes Code . In 2009, the Direct Taxes Code had suggested radical changes, including the removal of many exemptions and generous tax slabs. […]
Input tax credit with respect to Motor Vehicle Section 17 of the Central Goods and Service Tax (CGST) Act deals with Apportionment of credit and blocked credits, wherein Clause (5) of the said Section provides for restriction of credit of Input tax credit with respect to Motor Vehicle. It is pertinent to note that section 17(5) […]
GST council may keep tax load on cars below 50 per cent GST Council is likely to keep the overall tax incidence on motor vehicles below 50 per cent at its meeting in Hyderabad on Saturday, a move that could rein in price increases.