taxation

INTRODUCTION   There has been so much euphoria with regard to Indian E-commerce story and is on track to become the world’s fastest growing e-commerce market. This growth story is being driven by robust investment activity by VCs, Angels and the r..

Black money refers to funds earned on which income and other taxes have not been paid. This money is largely accumulated from:   1. Lower income declared by Businessman in Income tax returns.   p style="..

“Look Who’s here !! Mr. Desai, Good to see you.” said Mr. Suren Mehta, a retired banker. He was sitting with few other friends, Mr. Ajit Khanna and Mr. Rajat Ghosh, in a park as their daily routine in retirement days. He suddenly saw Mr. Srikant Desai, a retired professional coming towards them, when he said this. p style="text-align: just..

Goods & Service Tax (GST) is a regime of Uniform Tax. A regime in which  multiple indirect taxes will be the talk of past and indirect taxes will be subsumed in GST.   A. Taxes to be Subsumed in GST   p style="t..

Almost all tax statutes provide for first appeal against any tax demand or assessment order, to an officer of the same department, assigned the role of an appellate authority who is supposed to be a quasi-judicial authority, in the sense that despite his being an official of the tax collecting department, he is required to be impartial. In reality, it is r..

What is the benefit of filing income tax return? this is the first question when a client ram into the office of a CA or Tax lawyer. Generally professionals have pre-defined answers for this, as it benefits for Loan, CC limit, or being loyal with the govt etc etc . But do every one of us know what are the RARE benefits of filing Income tax returns regularly i.e. wi..

This is the story of 2 friends viz Amar and Rakesh. Both were from middle-income family backgrounds. Both joined same company at the same salary level of around Rs. 23,000 p.m.   We all have heard the sto..

After coming back from my weeklong travel for work, I resumed morning walk at our condominium’s park in Gurgaon. Fully grown magnolia trees with white waxy flowers, flat trimmed bushes, green grass that had recently undergone horticulture maintenance, bird chirping, cool morning breeze from the Aravallis, mild fog and pa..

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FOREWARD   The Union Budget for 2014-15 was presented by the Finance Minister of India in the Parliament on July 10, 2014 amidst enormous expectations from the taxpayers and investor community at large to usher in the non-adversarial‘ tax regime as promised..

LEVY OF ADDITIONAL TAX (SURCHARGE) ON LUMP SUMCONTRACTS– NOT A LAWFUL LEVY   Following an order passed by the Haryana Tax Tribunal in the..

Have you ever noticed that when you go to a restaurant and place order; you calculate the expected bill amount in your mind: But when the bills comes it is more than you expectation. I am sure it happens with all of us. Have you ever considered why? Why the bills always come about 20-30% extra? Sometime this put you in awkward s..

NOTE ON JUDGEMENT OF LARSEN & TOURBO LTD. VS. STATE OF KARNATAKA IN RELATION TO THE LAW LAID DOWN IN THE K. RAHEJA’S CASE ON THE ISSUE OF FLATS BY THE HON’BLE SUPREME COURT OF INDIA.   As per the judgment delivered by the Hon’ble Supreme Cou..

Dear Professional Colleague,   ..

Mr. Rajeev Kumar, a Chartered Accountant, working with a leading Automobile company was worried about his insurance policy. He had bought an insurance-cum-investment plan from a company (say “K”) 3 years back with an annual premium of Rs. 24,000 p.a. p class=..