What To Do After CA IPCC Results Are Out ?

IPCC Results 2016 will soon be out  and many students will come out with flying colours. After successfully clearing the IPCC examinations most of the candidates have multiple thoughts running in their minds  related to articleship . Some of the frequently asked queries are jotted below:  Which are the good CA firms for  articleship? Whether … Continue reading What To Do After CA IPCC Results Are Out ?

INCREASE IN MVAT RATES FROM 5% TO 5.5% WEF 1ST APRIL 2016

The Government of Maharashtra has issued a notification dated 31st March 2016 to public regarding increase in Maharashtra Value Added Tax 2002 (MVAT Act) and Maharashtra Tax Rules 2005 (MVAT Rules). The said amendment will be with effect from 1st April 2016. This notification clearly mentions amendment in MVAT rates of commodity where: It states … Continue reading INCREASE IN MVAT RATES FROM 5% TO 5.5% WEF 1ST APRIL 2016

Interest Rates slashed by Government on Small Savings Scheme

On 18th March 2016,The Government of India sharply reduced interest rates on Small Savings Schemes across the Board. The government has also announced the highest reduction of 130 basis points (1.30%)  on one- year time deposit,  as per  an office order issued by the Finance Ministry. The move has been made to align rates of … Continue reading Interest Rates slashed by Government on Small Savings Scheme

CLARIFICATIONS ON LEVY OF EXCISE DUTY IMPOSED ON JEWELLERY

JEWELLERY WAS NOT LIABLE FOR EXCISE DUTY TILL FEBRUARY 29, 2016. In #UnionBudget2016, a nominal excise duty of 1% [without input tax credit] and 12.5% [with input tax credit] has been imposed on articles of jewellery. Even for this nominal 1% excise duty, manufacturers are allowed to take credit of input services, which can be … Continue reading CLARIFICATIONS ON LEVY OF EXCISE DUTY IMPOSED ON JEWELLERY

Proposed Change in Tax deducted at source ( TDS ) rates From June 1, 2016

Under Income Tax Act,1961, every person responsible for paying specified amount to any person is required to deduct Tax Deducted at source and pay it to Central Government within specified time. It is applicable based on monitory limits and other person / payment specific payments. The Finance Minister Mr Arun Jaitley has proposed to modify … Continue reading Proposed Change in Tax deducted at source ( TDS ) rates From June 1, 2016

CATEGORIES OF SALES/PURCHASES

There are various categories of sales / purchase which are  as follows:- Interstate Sales or Interstate Purchase Sale or purchase of goods from one state to another state is called “Interstate Sales or Interstate Purchase”. Example:  A of Gujarat (Seller) sells Goods to B of Maharashtra (Buyer) or vice versa CST is levied in the … Continue reading CATEGORIES OF SALES/PURCHASES

Declaration Forms Under Sales Tax

What is Declaration Forms? A dealer has to issue certain declarations in prescribed forms to buyers/sellers (such as Form C,D,H,F,E-1,E-II,I).  Dealer has to issue declarations in the forms printed and supplied by the Sales Tax authorities only.  These forms are issued  in triplicate two. [Form D was to be issued by Government and can be … Continue reading Declaration Forms Under Sales Tax

TAX BENEFITS TO THE BUILDERS, DEVELOPING AFFORDABLE HOUSING

The much aggrieved real estate sector gets some relief with the #UnionBudget2016 proposed by The Finance Minister Arun Jaitely. Union Budget 2016 presented by the Finance Minister has tried to infuse confidence in the real estate market by unveiling a slew of measures to boost affordable housing. The industry that has been in doldrums for … Continue reading TAX BENEFITS TO THE BUILDERS, DEVELOPING AFFORDABLE HOUSING

Introduction of Presumptive taxation to professionals

Introduction of Presumptive taxation to professionals In current scenario, income tax provides for a simplified presumptive taxation scheme for certain eligible persons engaged in certain eligible business only and not for persons earning professional income. Now, the Finance Minister , Mr Arun Jaitley in his proposed Budget for 2016, has proposed to extend the scheme … Continue reading Introduction of Presumptive taxation to professionals

READYMADE GARMENTS INDUSTRY TO FACE 2% EXCISE LEVY

With the announcement of #UnionBudget2016 Finance Minister Arun Jaitley has proposed 2% excise duty on branded readymade garments and made-up articles of textiles of retail sale price of Rs 1,000 or more under the ambit of Central excise on immediate basis i.e with effect from 1st March,2016. The Revised Rate will be as follows: The amendments involving … Continue reading READYMADE GARMENTS INDUSTRY TO FACE 2% EXCISE LEVY