Reversal of credit on exempted services before 30th June Mechanism of availing Reversal of credit credit in case of manufacturers or service providers having both taxable and non-taxable activities has been subject to litigation. Lot of developments have happened in Rule 6 of Cenvat credit Rules 2004 in specifying the mechanism for availing the credits.
TYPES OF ‘SUPPLY’ UNDER ‘GST’ REGIME Section 66B of the Finance Act, 1994 provides that there shall be levied a tax at the rate of fourteen per cent. on the value of all services, other than those services specified in the negative list, provided or agreed to be provided in the taxable territory by one […]
Nidhi Company – Provisions as per Companies Act 2013 Nidhi Company means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit, and which complies with such rules as […]
Save tax in FY 2017-18 with 6 investments with tax free income While investing in a tax saving instrument or for that matter any investment, it’s important to keep an eye on the taxability of its income. If the income earned is taxable, the scope to build wealth over long term gets constrained as taxes […]
How TDS on salary income works Typically, in the month of April, being the start of the new financial year 2017-18, salaried employees are asked by their employers to send ‘investment declaration statement’. The most popular and frequently used deductions are allowed under section 80C of the Income Tax Act, 1961. Few others sections for […]