Finance Act 2016 Amendments in Income Tax Laws applicable for Assessment year 2017-18 on wards. Major Amendments for Individuals, Companies and Changes in TDS and TCS Provisions etc
Reconciliation Statement and Certification under GST - Form GSTR 9CDVSResearchFoundatio
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various periodic compliance requirements and filings under GST. Under the Act, certain registered persons are required to carry out GST Audit and in such cases a reconciliation statement in Form GSTR 9C has to be filed. In this webinar, we shall analyse and understand the said form under the Act.
Reconciliation Statement and Certification under GST - Form GSTR 9CDVSResearchFoundatio
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various periodic compliance requirements and filings under GST. Under the Act, certain registered persons are required to carry out GST Audit and in such cases a reconciliation statement in Form GSTR 9C has to be filed. In this webinar, we shall analyse and understand the said form under the Act.
TAX AUDIT REPORT U/s 44AB of Income Tax Act, 1961Admin SBS
Tax audit is applicable to every person i.e. i.e. individual, HUF, Company, Partnership firm,
AOP/BOI, Local authority, Co-operative society/Trust, AJP based on the below mentioned
Overview of Returns in GST, steps to file returns in GST India, Number of returns in GST, Due date for filing returns in GST India, Late Filing Fee in GST, Procedure to File Returns in GST etc.
Article is about when to apply GST Refund when goods or services are exported out of India. Legal provisions for process of GST refund scheme. GST is a destination based consumption tax where in the levy of tax moves along with goods and /or services.where a goods exporter is not in position to utilize the GST paid in inputs such as raw material , inputs etc. which are used for export of goods shall apply for refund of GST paid by goods exporter. By taking GST Refund Exporter of Goods can increase its business working capital.
In this PPT, we discuss about the new Section 194Q proposed to be applicable from 01st July 2021 whereby TDS is to be deducted on Purchases made.
This presentation is aimed to explain the concept in lay man terms to the businessmen, without the use of flowcharts or figures, so that they can understand and internalise the concept in a common sense way.
We discuss how other TDS/ TCS provisions are affected, and what will apply when there is a clash between different sections.
We also discuss the new Section 206AB for higher rate of deduction of TDS in case the payee is non-filer of return.
Queries, Suggestions and topic ideas are welcome in the comments !
Key Takeaways:
- Rationale for Introducing Penalty Provisions
- Consequences of Fake Invoicing under Income Tax Act and GST
- Legal Proceedings and Compounding of Offences
- Judicial Precedents
In the day to day operations of the business, it is essential to have grip on Tax Deducted at Source (TDS) which acts as a means to collect tax at the inception of the income itself and Tax Collected at Source (TCS) where a seller collects a certain amount of tax from the buyer at the time of sale. In this webinar we will be learning the applicability, non-applicability, prevailing rate of tax and other related provisions of the Income-tax Act with respect to TDS and TCS
TAX AUDIT REPORT U/s 44AB of Income Tax Act, 1961Admin SBS
Tax audit is applicable to every person i.e. i.e. individual, HUF, Company, Partnership firm,
AOP/BOI, Local authority, Co-operative society/Trust, AJP based on the below mentioned
Overview of Returns in GST, steps to file returns in GST India, Number of returns in GST, Due date for filing returns in GST India, Late Filing Fee in GST, Procedure to File Returns in GST etc.
Article is about when to apply GST Refund when goods or services are exported out of India. Legal provisions for process of GST refund scheme. GST is a destination based consumption tax where in the levy of tax moves along with goods and /or services.where a goods exporter is not in position to utilize the GST paid in inputs such as raw material , inputs etc. which are used for export of goods shall apply for refund of GST paid by goods exporter. By taking GST Refund Exporter of Goods can increase its business working capital.
In this PPT, we discuss about the new Section 194Q proposed to be applicable from 01st July 2021 whereby TDS is to be deducted on Purchases made.
This presentation is aimed to explain the concept in lay man terms to the businessmen, without the use of flowcharts or figures, so that they can understand and internalise the concept in a common sense way.
We discuss how other TDS/ TCS provisions are affected, and what will apply when there is a clash between different sections.
We also discuss the new Section 206AB for higher rate of deduction of TDS in case the payee is non-filer of return.
Queries, Suggestions and topic ideas are welcome in the comments !
Key Takeaways:
- Rationale for Introducing Penalty Provisions
- Consequences of Fake Invoicing under Income Tax Act and GST
- Legal Proceedings and Compounding of Offences
- Judicial Precedents
In the day to day operations of the business, it is essential to have grip on Tax Deducted at Source (TDS) which acts as a means to collect tax at the inception of the income itself and Tax Collected at Source (TCS) where a seller collects a certain amount of tax from the buyer at the time of sale. In this webinar we will be learning the applicability, non-applicability, prevailing rate of tax and other related provisions of the Income-tax Act with respect to TDS and TCS
Missed out on the Union Budget 2017 Presentation?
Indian Finance Minister, Mr. Arun Jaitely has once again taken the nation by wave with his pro-poor, pro-growth, pro-middle class, pro-youth & paradigm shifting Budget. Read the highlights of the Budget here.
Union Budget 2020:Clause by Clause Analysis of Direct Tax ProvisionsDVSResearchFoundatio
OBJECTIVE
Union Budget 2020 has come up with various amendments relating to direct tax as well as indirect tax provisions. The webinar shall focus on clause by clause analysis of amendments of the direct tax provisions, including the backdrop under which these amendments are proposed and the insights on the impact it will have on the masses as a whole.
Compliance manual for the the financial year 2020-21 (A.Y. 201-22). This covers basic compliance of Income Tax , GST , Covid 19 relaxation , Companies and Limited liability partnership .
Our Tax team has summarised the important compliance related provisions of Income Tax Act 1961 and prepared the compliance hand book for easy reference.
0x01 - Newton's Third Law: Static vs. Dynamic AbusersOWASP Beja
f you offer a service on the web, odds are that someone will abuse it. Be it an API, a SaaS, a PaaS, or even a static website, someone somewhere will try to figure out a way to use it to their own needs. In this talk we'll compare measures that are effective against static attackers and how to battle a dynamic attacker who adapts to your counter-measures.
About the Speaker
===============
Diogo Sousa, Engineering Manager @ Canonical
An opinionated individual with an interest in cryptography and its intersection with secure software development.
Have you ever wondered how search works while visiting an e-commerce site, internal website, or searching through other types of online resources? Look no further than this informative session on the ways that taxonomies help end-users navigate the internet! Hear from taxonomists and other information professionals who have first-hand experience creating and working with taxonomies that aid in navigation, search, and discovery across a range of disciplines.
Acorn Recovery: Restore IT infra within minutesIP ServerOne
Introducing Acorn Recovery as a Service, a simple, fast, and secure managed disaster recovery (DRaaS) by IP ServerOne. A DR solution that helps restore your IT infra within minutes.
This presentation, created by Syed Faiz ul Hassan, explores the profound influence of media on public perception and behavior. It delves into the evolution of media from oral traditions to modern digital and social media platforms. Key topics include the role of media in information propagation, socialization, crisis awareness, globalization, and education. The presentation also examines media influence through agenda setting, propaganda, and manipulative techniques used by advertisers and marketers. Furthermore, it highlights the impact of surveillance enabled by media technologies on personal behavior and preferences. Through this comprehensive overview, the presentation aims to shed light on how media shapes collective consciousness and public opinion.
This presentation by Morris Kleiner (University of Minnesota), was made during the discussion “Competition and Regulation in Professions and Occupations” held at the Working Party No. 2 on Competition and Regulation on 10 June 2024. More papers and presentations on the topic can be found out at oe.cd/crps.
This presentation was uploaded with the author’s consent.
Sharpen existing tools or get a new toolbox? Contemporary cluster initiatives...Orkestra
UIIN Conference, Madrid, 27-29 May 2024
James Wilson, Orkestra and Deusto Business School
Emily Wise, Lund University
Madeline Smith, The Glasgow School of Art
2. Individuals
Rate of surcharge in case of individual, HUF, AOP or BOI,
increased from 12% to 15% if the total income exceeds Rs. 1
crores.
Increase in the rebate from tax u/s 87A from existing
Rs.2,000/- to Rs.5,000/- from the amount of income tax
payable by resident individual whose total income does
not exceed Rs. 5 lacs.
3. Other Assessees
Corporate tax rate in case of domestic company whose
turnover or gross receipts in the previous year 14-15 does
not exceed Rs.5 crores is reduced from 30% to 29%.
Increase in threshold limit for audit for persons having
income from profession:
Presently, every person carrying on a profession is
required to get its accounts audited if the gross receipts in
a previous year exceed Rs. 25 lacs. Now It is enhanced to
limit of Rs. 50 lacs.
4. Other AssesseesOther Assessees Contd..
115BA is inserted from A.Y. 17-18 to tax domestic
companies at 25%, at their option, if following conditions
are satisfied:-
company has been registered on or after 01.03.2016
engaged in the business of manufacture or production of article or
thing
it has not claimed any benefit u/s 10AA, benefit of accelerated /
additional depreciation, investment allowance, expenditure on
scientific research and any deduction in respect of certain income
under Part-C of Chapter-VI-A other than the provisions of section
80JJAA; and
option is furnished in the prescribed manner before the due date of
furnishing of return of income.
6. TDS ProvisionsTDS Provisions contd..
Revision in the rates of deduction of tax at source
Section Head Existing
rate
Revised
rate
194DA Payment of Life Insurance
Policy
2% 1%
194EE Payment in respect of NSS
Deposits
20% 10%
194D Insurance commission 10% 5%
194G Commission on sale of lottery
tickets
10% 5%
194H Commission or brokerage 10% 5%
7. TCS on sale of vehicles, goods or services
206C amended to provide that seller shall collect tax
@1% on
(a)sale of motor vehicle of the value exceeding Rs.10 lacs
(b)sale of any goods (other than bullion & jewellery) or
providing of any service in cash exceeding Rs. 2 lacs.
8. Presumptive taxation for professionals
New Section 44ADA
Assessee is not be required to maintain books of accounts u/s
44AA and gets the accounts audited u/s 44AB unless it claims
that the profit and gains from the profession is lower than the
deemed profit and gains
Conditions:
Total Gross receipts should not exceed Rs. 50 lacs.
Income shall be estimated @ 50% of the total gross receipts.
Deductions u/s 30 to 38 deemed to have been allowed (Including
interest and remuneration to partners in case of partnership firm).
9. Other Amendments
Presumptive taxation for persons having income from
business :
• Increase in the threshold limit from Rs.1 crores to Rs.2 crores
• expenditure in the nature of salary, remuneration, interest paid to
partners shall no longer be allowed
• where an eligible assessee declares profit for any previous year in
accordance with provisions of this section and he declares profit for
any of the 5 consecutive A.Y.s succeeding such P.Y. not in accordance
with provisions of this section, he shall not be eligible to claim the
benefit of provisions of this section for 5 A.Y.s subsequent to A.Y. in
which profit has not been declared in accordance with provisions of
this section.
10. Installment of advance tax and
due dates
Section 211(1) is amended to provide that advance tax will
be paid in four installments of 15%, 45%, 75% and 100% of
tax payable on the current income by 15th June, 15th
September, 15th December and 15th March, respectively in
case of all assesses.
Assessees covered u/s 44AD are to pay advance tax of the
whole amount in one installment on or before the 15th
March of the financial year consequent upon raising of the
turnover limit from Rs.1 crore to rs.2 crore.