Government has found out Alibaba’s treasure in the form of Service Tax and it seems as if it is trying to bring each and every service under its purview. And the Govt is leaving no stone unturned to find a likely taxable service to increase its revenue kitty. Words are doing rounds that the railways [...]

As the D-day is comming closer, there is lot of speculation about what the so called ‘Finance Budget’ has in store for everyone. On one hand there have been requests from every sector to either cut the duties or taxes or to exempt them from certain levies or not to bring them under the purview [...]

A good news for the people who invest in mutual funds. Now the taxmen might be a little liberal on your hard earned money from mutual funds. The FM is is considering a proposal to exempt “fund of funds” (FoF) mutual funds from long-term capital gains in the forthcoming Budget. Funds of Funds are the [...]

There is a speculation amongst all the jewellers and goldsmiths that they might be included within the purview of Service tax. Rumours are doing rounds within the jewellers lobby that the service tax may be imposed on them in this budget fearing which their representatives appealed to the Government not to take any such step. [...]

THE tax on cash withdrawals from current accounts is up for review in the forthcoming Union budget. While no change in the tax rate is expected, the finance ministry is considering whether the tax can be extended to only those savings accounts which hide current account-type withdrawals.

ERP (Enterprise Resource Planning) is now not a new system in India. This is a management information system that automates several business processes. Many companies are now looking for implementing this system and also started providing training to there people. There are many software’s are available now. The most common (from well known vendors) are [...]

Friends, the ICAI recently submitted a pre-budget memorandum to the government. The Insitute recomends/ advices the Government on various tax related matters through its pre-budget memorandum. Few significant recomendations made by ICAI this time as as mentioned below :-

The Confederation of Indian Industries (CII) has sought the scrapping of fringe benefit tax in its pre-Budget memorandum. The chamber has suggested that alternately, firms that are already paying taxes should be given an option to pay additional 1% corporate tax and be exempt from the FBT. According to CII, this will cut down on [...]

1. Tax Deposit (a) TDS/ TCS i. Use challan type 281 for deposit of TDS/TCS. ii. Quote the correct Tax Deduction Account Number (TAN) and name & address of the deductor on each challan used for depositing tax. [TAN is a unique 10-digit alphanumeric number allotted by the Income Tax Department (ITD) to entities deducting [...]

India Inc has devised a plan to deal with the contentious Fringe Benefit Tax. Industry players are going to tell Finance Minister P Chidambaram to make this tax voluntary – as opposed to compulsory – for tax-paying companies.Instead of the FBT, the tax-paying companies were ready to pay 1 per cent more than their total [...]