Tax

Cost Inflation Index for 2011 and last 30 years

Cost Inflation Index for 2011 and last 30 years

Cost Inflation Index (CII) is an Index which finds its utility in the Income Tax Act at the time of Computation of Long Term Capital Gains. The CII is issued by the Govt. of India and the figures that have been issued by the Govt. till date have been disclosed herewith for your Ready Reference The Cost Inflation Index for ...

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TDS on Rent @ 10%

TDS on Rent @ 10%

TDS on Rent is liable to be deducted by the person making the Payment if the Total Amount to be paid during the year exceeds Rs. 1,80,000 p.a. Different Rates of deducting tax at source have been prescribed for different types of Assets under Section 194I of the Income Tax Act which have been disclosed herewith Exception to the above ...

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Service Tax Refund

Service Tax Refund

In case a service provider has made excess Payment of Service Tax to the Central Govt. than what was required to be paid, there are 2 options available to the assessee:- Self-Adjustment of Excess Service Tax Paid against his future tax liability Claim Service Tax Refund in Cash (applicable only where Self Adjustment is not possible) Self-Adjustment of Excess Payment ...

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Due Date for Payment of Service Tax & Late Payment Penalty

Due Date for Payment of Service Tax & Late Payment Penalty

As per the Service Tax Rules framed by the Govt. of India, Payment of Service Tax should be made at regular intervals. The Service Tax collected by the Service Provider shall be paid to the credit of the Central Govt. on a regular basis before the Due date for Payment of Service Tax and in case of Late Payment of ...

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Service Tax Registration

Service Tax Registration

As per the Rules framed by the Indian Govt., every Service Provider has to mandatorily apply for Service Tax Registration if the Value of Services expected to be rendered by him in a financial year is more than Rs. 9 Lakhs. However, if the Value of Services rendered in a financial year is less than Rs. 9 Lakh p.a. – ...

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Payment of Service Tax in 3 Steps – Explained with Screenshots

Payment of Service Tax in 3 Steps – Explained with Screenshots

The most concerning part about Service Tax is the Procedure for Payment of Service Tax. When it comes to Service tax, we have two options of payment of Service Tax i.e. we can either pay Service Tax manually in the specified banks or opt for online payment of service tax. In today’s hectic schedule where we think 24 hours are ...

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Practical Aspects in Works Contract – A Service Tax Perspective

Practical Aspects in Works Contract – A Service Tax Perspective

Works Contract Avenue has always been one aspect full of dilemmas for both the professionals and the department. The Complex jargon of Interpretations, Judicial Case Laws and deciphering statutes along with multiplicity of angles makes the work that much more daunting. This Article takes up one angle of Works Contract being Service tax on Works Contract. Though Works Contract is ...

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What is Service Tax and Current Rates of Service Tax in India

What is Service Tax and Current Rates of Service Tax in India

When we use any service be it a phone bill payment or Hire a room in a hotel we have to pay out little more than the actual rates charged. Ever wondered why? The reason is very meek, we are made to pay service tax over and above the usual charge but the bigger question is What is Service Tax, ...

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Concept and Relevance of TRANSFER PRICING

Concept and Relevance of TRANSFER PRICING

New Emerging Trends like Globalisation and the Increasing Participation of Multi-National Groups in the Economic Activities in the Country have given rise to new and complex issues emerging from International Transactions entered into between two or more enterprises belonging to the same multi-national group. The Profits derived by such enterprises carrying on business in any country can be controlled by ...

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Transfer Pricing: Methods of Computation of Arm’s Length Price

Transfer Pricing: Methods of Computation of Arm’s Length Price

The Provisions of Transfer Pricing have been introduced to ensure that income arising from an International Transaction between Associated Enterprises shall be computed having regard to the Arm’s Length Price. Any cost or expense allocated or apportioned between two or more associated enterprises under a mutual agreement or arrangement shall also be at an Arm’s Length Price. Refer Article – ...

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