A Game Changer- Goods & Service Tax ( GST)

GST aims to make India a single market with common tax rates and procedures and remove the economic barriers, between States, thus paving the way for an integrated economy at the national level. more>>

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A Game Changer- Goods & Service Tax ( GST)


GST aims to make India a single market with common tax rates and procedures and remove the economic barriers, between States, thus paving the way for an integrated economy at the national level. By subsuming most of the Central and State taxes into a single tax and by allowing a set-off of prior-stage taxes for the transactions across the entire value chain, it would mitigate the ill effects of cascading, improve competitiveness and improve liquidity of the businesses. GST is a destination based tax. It follows a multi-stage collection mechanism. In this, tax is collected at every stage and the credit of tax paid at the previous stage is available as a set off at the next stage of transaction.

Union Budget 2016


In the backdrop of negative global headwinds, the Finance Minister has come out with the Annual Union Budget addressing two primary areas – encouraging economic growth while retaining fiscal discipline. We have compiled the major changes that the Union Budget has proposed in the area of Direct and Indirect Taxes.

Companies Act 2013

After years of debate, the Indian Parliament passed its first major change of the country’s corporate law in more than 50 years, which includes several important provisions that modernize India’s corporate governance rules.

Union Budget 2013

Compiled by CA Annapoorna J. Kamath
The Honourable Finance Minister presented the Union Budget 2013 recently. All eyes were on the Budget Proposals which were released amidst arising concerns of a persistent high inflation economy. We have compiled a summary of the main tax proposals introduced in the Parliament.

KEY HIGHLIGHTS OF COMPANIES BILL 2012

Compiled by Annapoorna Kamath & Radhika Suresh

The Companies Bill, 2012, is organized as 29 chapters,

Indian Tax Department embraces Technology

M.George Korah,FCA & V.Ravindran,ACA

The Income Tax Appellate Tribunal( ITAT) will launch

UNION BUDGET 2012

M.George Korah,FCA & V.Ravindran,ACA

Some of the important tax proposals in the Budget

BALANCE SHEET RECIEVES NEW FACELIFT

Rahul Thomas K

The Balance Sheet of your Company is all set to look very different from this year

AN ANALYSIS OF THE REVISED SCHEDULE VI OF THE COMPANIES ACT, 1956

M.George Korah FCA, DISA

Ministry of Corporate Affairs [MCA], Government of India, had on 3 March 2011, hosted on its website, the revised Schedule VI to the Companies Act, 1956 which deals with the Form of Balance sheet, Profit & Loss Account and disclosures to be made therein.

MAT on SEZ : A Red Flag for Investors

M.George Korah FCA, DISA

The Minimum Alternate Tax (MAT) was introduced in 1987 to bring companies that paid no corporate taxes or very little tax, after taking advantage of the exemptions provided

UNION BUDGET 2011 HIGHLIGHTS

M.George Korah FCA, DISA
Annapoorna J Kamath , Ranjith Haridas - Articled Assistants

The Finance Minister has presented a Budget, which many industry analysts have felt is more “middle of the road” than being one which is a “game changer” for the Indian economy.

New Tax Document Identification Number

Year 2011
Taxpayers will now have to procure a 'new number' for filing returns and making any communication with the Income Tax department. The unique document identification number (DIN), on the lines of numbers like PAN and TAN, will be quoted on "every" income tax-related communication, including returns to be filed next year for the financial year 2010-11.

Perks to Burn Bigger Hole In Employee Pockets

Gaurav Kumar Agarwal & Karnan P. Paulson -Articled Assistants
Year 2010
The Government has introduced new rules of taxation, which in a way replaces the provisions of the already abolished Fringe Benefit Tax. According to the new rules notified by the Central Board of Direct Taxes, The Fringe Benefit Tax (FBT) which was being paid by employers for giving non-cash benefits to employees will be replaced with a regime that will tax the perquisites in the hands of the employees.

Service Tax in India

Annapoorna Kamath -Articled Assistant
Year 2010
Service Tax is a tax levied on service providers in India. All service providers who provide services notified by the Central Board of Excise & Customs ( CBEC) from time to time are required to pay a certain percentage of their receipts as service tax to the authorities. There are currently over 100 services that have been notified on which Service Tax is applicable.

Good Financial Management for SMEs

M.George Korah FCA, DISA
Year 2009
There is a saying that Money makes the World go around. This is also very true in the case of every Business. Good Money or Financial Management is the key factor, which determines whether a business will be successful over the long term.
I have found that many persons, who start & run a business, do not involve or want to involve themselves in the financial management of the organisation. This may be because:

TDS on Interest, Commission & Brokerage

M.George Korah FCA, DISA
Year 2009
In this paper, we will discuss the Tax deduction provisions on interest payments as well payments which are in the nature of commission or brokerage.
First let us look at interest payments. When you deposit money with a bank, then the bank pays you interest. This interest could be paid out monthly, quarterly, half–yearly or annually. In the case of cumulative deposits, the interest as you know, will be paid on the date of maturity of the deposit, along with the money that you had deposited.

Tax Deduction at Source – Salient Areas

M.George Korah FCA, DISA
Year 2009
Ram Mohan is not happy. From his monthly salary, a good amount is deducted towards tax and what he finally gets in hand seems inadequate for him & his family’s needs.
Malathi Nair’s sole source of income is a monthly rent of Rs. 15000 she gets from a flat that she has rented to a company. Inspite of her repeated requests, the company deducts nearly Rs 2300 each month from the rent it pays to Malathi. She is wondering how she can convince the company not to deduct tax at source.

TDS from Contract Payments

M.George Korah FCA, DISA
Year 2009
Ramesh Menon is a worried man. His partnership firm, M/s Menon Traders has received a notice from the Income Tax Department, enquiring whether the firm has deducted tax at source from contract payments & whether these taxes have been remitted on time.
Ramesh has a discussion with his Accountant, who tells him very casually, “ Sir, no problem, we have not made any payments to contractors”. However Ramesh is not convinced .He starts scrutinizing the payments made by the Firm over the last 12 months and finds the following payments: