TaxIndiaUpdates.In : GST, Service Tax, Income Tax, VAT, Tax Planning

Advance Tax Liability for the A.Y. 2021-22

June 6, 2021November 29, 2021 TaxIndiaUpdates In11 comments46058 views

Advance Tax Liability for the A.Y. 2022-23 (FY 2021-22) As per section 208, every person whose estimated tax liability for the year is Rs.10,000 or more, shall pay his tax in advance, in the form of “advance tax”. In this part you can gain knowledge … Continue Reading →

Income Tax

Income Tax depreciation Chart

June 1, 2021November 29, 2021 TaxIndiaUpdates In0 comments10844 views

Income Tax depreciation Chart Rates of depreciation as per Income Tax Act, 1961 Block of assets Depreciation Rate (in %) PART A Up to AY 2017-18 AY 2018-19 onward TANGIBLE ASSETS I. BUILDING (1) Buildings which are used mainly for residential purposes except hotels … Continue Reading →

Income Tax

Depreciation Companies Act

June 1, 2021January 16, 2022 TaxIndiaUpdates In0 comments8542 views

Schedule II of the Companies Act 2013 has provides useful life of assets tangible in nature. On the basis of useful life of asset, we calculate Depreciation Chart as per Companies Act: Nature of Assets Useful Life Rate Rate (I) Buildings (a) … Continue Reading →

Income Tax

Restrictions on Cash Transaction under Income Tax Law

April 29, 2021December 29, 2021 TaxIndiaUpdates In0 comments3098 views

There are certain provisions in the income tax law which discourages or restrict the usage of cash, some sections create the disallowance the of expense and other penalise the person doing the cash transaction, some of which are given as follows: (1.) Taking or … Continue Reading →

Income Tax

Tax Planning Tools In India for AY 2021-22

January 29, 2021December 24, 2021 TaxIndiaUpdates In0 comments15322 views

Tax Planning Tools In India for AY 2021-22 There are various scheme introduced by Government in their budget. Followings are most popular Tax Planning Tools In India for AY 2021-22 which is useful for salaried Individual assessee: Life Insurance Life Insurance Policy is widely … Continue Reading →

Goods and Service Tax

Assessment and Audit in GST Law

July 24, 2017July 24, 2017 TaxIndiaUpdates In0 comments7087 views

Assessment and Audit in GST Law: In the Central Goods and Services Tax Act, 2017 Chapter XII (Sec. 59 to Sec. 64) and Chapter XIII (Sec. 65 and Sec. 66) deals with assessment and audit respectively. The topic wise discussion on assessment and audit is as … Continue Reading →

customs

CBEC Customs Exchange Rates w.e.f. 21-07-2017

July 21, 2017August 1, 2017 TaxIndiaUpdates In1 comments18046 views

CBEC Customs Exchange Rates Effective from 21-07-2017 New CBEC Customs Exchange Rates of Conversion of Foreign Currency as per Exchange Rate Notifications (as amended by Notification No. 72/2017 – Customs (N.T.) dated 20-07-2017) issued by CBEC w.e.f. 21-07-2017 is as under: Schedule-I Sl. No. Foreign Currency … Continue Reading →

Goods and Service Tax

Levy of GST on Goods and Services

July 5, 2017 TaxIndiaUpdates In0 comments8272 views

Taxable Event under GST (Levy of GST): The charging event or levy is the event which determines whether an activity attracts the charge. However tax may be collected before or after the event for the sake of administrative certainty or convenience. Taxable event under GST Law is … Continue Reading →

Goods and Service Tax

Refunds Procedure in GST

July 1, 2017July 25, 2017 TaxIndiaUpdates In0 comments5592 views

Chapter XI of the Central Goods and Service Tax Act 2017 (Sec. 54 to Sec. 58) deals with Refunds Procedure in GST Law: REFUNDS Refund of tax. (1) Any person claiming refund of any tax and interest, if any, paid on such tax or any … Continue Reading →

Goods and Service Tax

Inspection, Search, Seizure and Arrest in GST Regime

July 1, 2017July 25, 2017 TaxIndiaUpdates In0 comments5410 views

Chapter XIV of the Central Goods and Services Tax Act 2017 (Sec. 67 to Sec.72) deals with Inspection, Search, Seizure and Arrest in GST Regime: Power of Inspection, Search and Seizure (Section 67) (1) Where the proper officer, not below the rank of Joint Commissioner, … Continue Reading →