In Tax collection reports,you may notice that amount of gross and net tax collection differs. The difference in gross and net collections is due to tax refunds. Income Tax Department will refund the excess tax paid on account of mistake/mis calculation by the tax payers.Continue reading
As Tax Authorities became smart and Tax Payers become responsible citizens, aggregate Tax collection rised!
Gross direct tax collection during April-November of the F.Y. 2013-14 is up by 13.18 percent at Rs.3,68,655 crore as against Rs.3,25,736 crore in the same period last year. While gross collection of Corporate taxes has shown an increase of 9.66 percent (Rs.2,25,124 crore as against Rs. 2,05,291 crore lastyear), gross collection of Personal income tax is up by 19.60 percent(Rs.1,39,763 crore as against Rs. 1,16,862 crore last year).Continue reading
According to section 194A of Income Tax Act, 1961 TDS is to be deducted if the interest paid by a bank on account of FD exceeds Rs 10,000.
If the income of assessee does not fall into tax limit, he can submit a Declaration Form 15G/15H to bank stating that he doesn’t have any taxable income.Continue reading
Directorate of Service Tax, by a circular (No.172/7/2013) clarified that all services relating to education are exempt from service tax. Such services include providing hostels, transportation, housekeeping, security services, canteen, etc to educational institutions. For example, if a school hires a bus from a transport operator in order to ferry students to and from school, the transport services provided by the transport operator to the school are exempt.Continue reading
How much interest is charged on delayed payment of Service Tax? Service tax should be paid within the prescribed time to get free from penalty and other compliance procedures. If a person fails to pay/deposit service tax to the account of the central government shall pay simple interest at such rate not below 10 % […]Continue reading
ST-3(Return under section 70 of the Finance Act, 1994) By an order (Order No: 04/2013) Central Board of Excise & Customs(CBEC) has extended due date for submission of ST-3 to 10th September, 2013 (which was 31st August, 2013) for the period from 1st October, 2012 to 31st March, 2013. The circumstances which gives rise to […]Continue reading
The following nine activities have been specified as declared service (which attracts service tax liability) (section 66E): renting of immovable property construction of a complex. temporary transfer or permitting the use or enjoyment of any intellectual property right development, design, programming, customization, adaptation, up gradation, enhancement, implementation of information technology software agreeing to the obligation […]Continue reading
TAARC functions to review the existing mechanism and recommend appropriate organizational structure for tax governance with special reference to deployment of workforce commensurate with functional requirements, capacity building,vigilance administration, responsibility and accountability of human resources, key performance indicators, assessment, grading and promotion systems,Continue reading
By an order (Order No: 03/2013) Central Board of Excise & Customs(CBEC) has extended due date for submission of ST-3 to 31st August, 2013(which was 25th April,2013) for the period from 1st October, 2012 to 31st March, 2013. The circumstances which gives rise to this extention of time is due to the non avialbility of ST-3 form in ACES..Continue reading
Individuals/partnership firms Due date- 5th of the month immediately following the respective quarter in which service is provided. If payment is made through internet banking, due date– 6th of the month immediately following the respective quarter in which service is provided. However, for the quarter ending 31st March, the due date of payment of service […]Continue reading