Blogs

The word salary includes dearness allowance if terms of employment so provide and commission based on fixed percentage of turnover but exclude all other allowances and perquisites.

Normally also, if you receive a cash gift or gifts by cheque or bank draft of more than Rs 50,000 from a non relative, you are required to pay tax on the excess amount exceeding Rs 50,000

It is the responsibility of the employer to deduct TDS on salary and deposit to government. In the case of salaries the liability to deduct tax arises only at the time of payment.

For the purpose of expansion of business you need to take your goods or services to the international market to import in or export out of India for that purpose Import Export License is mandatory.

An employer is liable to pay his contribution in respect of every employee and deduct employees contribution from wages bill and shall pay these contributions at the above specified rates to the Corporation within 21 days of the last day of the Calendar month in which the contributions fall due.

To facilitate business in Delhi and to prevent evasion of taxes, Delhi Government has decided to introduce a new online form – Delhi Sugam-2 (DS2) with effect from 15th September 2015.

Presently, services provided by Government or a local authority, excluding certain services specified under clause (a) of section 66D, are covered in the Negative List.

Where service tax has not been levied or paid, or has been short-levied or short-paid, or erroneously refunded, for any reason, other than the reason of fraud or collusion or wilful misstatement or suppression of facts or contravention of any of the provisions of this Chapter or of the rules made there under with the intent to evade payment of service tax,

Prime Minister Narendra Modi first announced the Start-up campaign on 15th August from the Red Fort. He launched the most awaited movement #Startup India which has brought lots of posibility among the entrepreneurs in India.

World economy over last few years has been very sluggish and more so Indian economy. The impact on Indian economy could be witnessed in the form of declining exports from India.

The Finance Bill 2013 has proposed that purchaser of an immovable property (other than rural agricultural land) worth Rs 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor

Vide Notification No 12/2014-ST dated 11.7.2014, rate of interest to be charged on delayed in payment of service tax has been enhanced w.e.f. 1.10.2014, based on period of delay.

Financial fraud is a phenomenon that haunts everyone alike. Not only does it mean loss of an asset for the one who has been at the receiving end of a fraud, it has the capability of shaking the roots of “confidence” and “trust” that anchor a society and/or an economy

e–Services offered by the Department have been welcomed by the dealers and their representatives. The Sales Tax Department has made available facility to make payment through GRAS (Government Receipt Accounting System) for Luxury Tax payers from 18/09/2014.