General electric company is fully charged up to beat any competition including one that does not even exist. Here, we are talking about filling the largest tax return. GE filed a 24, 000-page tax return to the internal revenue service this month & this was done electronically that eventually consumed 237 megabytes. This has made [...]

The Ministry of Finance is working to phasing out the direct tax exemptions like housing loans, tax concession on PPF and LIC and scholarships for education, backward area concessions for industry, long term capital gains and concessions for agricultural income. These exemptions have been put on notice by the government, for eventual phase out. Further, [...]

Now, here is the news for someone who thinks that India has a very high tax structure. The German cabinet passed a proposal that will increase the income tax rates to 45 % and also drawback the tax benefits. According to the Government, the plan is part of the effort by Chancellor Angela Merkel”s left-right [...]

Finaly there is some good news for the hi-fliers (people who fly often). The cost of flying is likely to get cheaper provided the airlines operator pass the benefit to the consumers. The civil aviation ministry has moved a Cabinet note on civil aviation policy in which it proposed, among other things, shifting aviation turbine [...]

Hello Members, One of my clients is an architect & interior designer. He also comes under the category of “Construction Services”. But while registering him with Service Tax Department we forgot to add the service of “Construction Service” and hence Certificate mentions only Architect & Interior Designer. Since this was not noticed either by us [...]

The Finance Act, 2006 recieved its assent from the President of India on 18th April. And from 1st May, all the new services brought into the ambit of service tax shall be chargeable to tax. One such service “support services of business or commerce” will also be chargeable to service-tax. Support services of busines or [...]

The Finance Act, 2006 (No.21 of 2006) has received the assent of the President of India on the 18th April, 2006. The effect of the various provisions of the Finance Act relating to levy of service tax are explained hereinafter. Service tax leviable on taxable services under section 66 of the Finance Act, 1994 has [...]

[This is an article by Rita Preece whose bio can be viewed at bottom of this article. This is a good read] Tax evasion is illegally avoiding paying taxes, failing to report, or reporting inaccurately. The most common one is failing to report cash income. The government imposes strict and serious penalties for tax evasion. [...]

INDIAN ACCOUNTING STANDARDS COMPLIANCE CHECKLIST Objective of the checklist The checklist is designed to verify compliance with Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) and can be used by accountants, auditors, audit committee members, etc. When a more thorough understanding of a Standard is needed, reference should be made to [...]

Prior to budget, it pained to see that the credit of MAT (Minimum Alternate Tax) could not be taken. But the situation has imporved post budget as our FM Mr P. Chidambaram has been little kind to the corporates in this regard. The MAT credit shall be available in respect of MAT paid under Section [...]