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September 22, 2017

Rules and conditions of Form GST TRAN 1 and TRAN 2

Any business that has not availed Input Tax Credit (ITC) on services or a closing stock can claim credit of tax paid under the pre-GST regime, irrespective of whether they are registered or unregistered under this regime. Depending on the possession of the evidence of […]
September 22, 2017

Impact of GST on Automobile Industry

A considerable time has passed since GST came into effect on July 1, 2017. However, the question still remains, ‘Is GST beneficial for the common people, small traders and industry as a whole?’ The answer is difficult to find with the government hailing GST as […]
September 21, 2017

GST Registration is on for TDS and TCS Deductors

The Goods and Services Tax (GST) registration for entities authorised to collect and deduct tax at source has started from September 18, 2017. This followed after the GST Council, chaired by Union Finance Minister Arun Jaitley, at its 21st meeting in Hyderabad decided to open […]
September 19, 2017

Advantages and Disadvantages of GST

  GST is a destination based indirect tax which has replaced several other indirect taxes earlier levied in the country. The tax has created a coalition between central and state levels and reformed the taxation regimes. It has provided a basic single and cooperative linkup […]
September 13, 2017

Due date of July and August 2017 GST Returns – Post GST rollout

Let us have a bird’s eye view for the GST return preparation and due dates for the month of July 2017 and August 2017. There have been widespread concerns over the smooth rollout of GST and there were some glaring concerns from trade and industry. […]
September 12, 2017

Advantages and Disadvantages of Demonetisation

It has been almost a year since government demonetised 500 and 1,000 rupees notes. It was a major decision which had its impact on all sections of the society. Now, everyone wants to know if it was a masterstroke by the government or a setback […]
September 8, 2017

ITAT allows Multiple Year Exemption u/s 54F for an under Construction House

Taxes arising from capital gains often become a reason for conflict between taxpayers and income tax authorities. When it comes to the sale of any property other than a residential house, section 54F comes as a relief for taxpayers by offering exemption on resulting capital […]
September 7, 2017
Income Tax Scrutiny

How to Deal with Scrutiny Assessment Notice?

Ever received a random scrutiny notice from the Income Tax Department. Notice under section 143(2) commonly known as Scrutiny Assessment Notice can be sent to any taxpayer if the tax department has doubts about the income of individual. Any notice from IT-department can invoke panic […]
August 25, 2017

Things to do if you own a Property Overseas using the LRS Window

When US property market fell in 2008, many smart Indians invested in US properties market. Similarly, a lot of affluent Indians have acquired the properties outside India either out of their foreign earnings or taking the advantage of LRS – Liberalized Remittance Scheme, which allows […]
August 25, 2017

Quick Tips for Retirement Planning

Retirement planning is not a very popular activity with many Indians. In India, unlike the other developed countries, we do not have a surety to receive pension once we retire from active work. Hence, even the awareness on pension is very low in India. In […]