TAXATION

DIRECT TAX CONSULTANCY

The world is changing at a very fast rate and so are the rules & regulations in today’s complex financial & business world, everyone needs reliable, professional taxation help & consultancy for managing personal & business finances.

It is not only necessary to ensure that all transactions are accounted for in compliance with the various statutory requirements, it is also important to make the most of every opportunity to maximize the income of every assessee & properly plan the taxing regivess so as to maximize the tax liability by claiming the various exemptions & deductions. We offer our services in the following are as in Direct Taxation.

a) Corporate & personal tax compliance including Income-Tax Assessments, Appeals before the Commissioner (Appeals) and the appealing before Income Tax Appellate Tribunal.

b) Tax planning for corporate & individuals filing of Income Tax, Wealth tax return of residents & non-residents individuals, domestic & foreign companies & other entities.

c) Merger & Acquisition-Tax implications

d) Transfer pricing & International Taxation

e) Liasoning with senior Tax counsels for obtaining legal opinions, conducting tax litigations i.e. appeal court references & unit petitions etc.

INDIERCT TAXATION

We offer services in the following areas:-

  • Indirect Tax advisory- advisory companies, firms & individuals on sales planning
  • Indirect Tax advisory- advisory companies, firms & individuals on service planning
  • Indirect tax management- attending to registration, records, periodic compliances.
  • Appeals-Liaison with senior tax counsel for cases at tribunal & High Court opinions.

News

New Registration process to facilitate effective communication between the taxpayer and department is enabled. The existing e-Filing users are required to update their profile by logging into e-Filing account. Users who have registered already and not activated has to register again.

by 'Sudipta Bhattacharjee' on 23-09-2017

The powerful GST council headed by finance minister Arun Jaitley is likely to limit the tax rate on services under the new indirect tax regime that will come into force on 1 July to just two slabs—12% and 18%.

by 'Ganesh Pandey' on 21-04-2017

Road tax paid by automobile owners will not be subsumed under the GST (Goods and Services Tax), said Najib Shah, former Chairman, Central Board of Excise and Customs (CBEC), on Tuesday.

by 'Ganesh Pandey' on 20-04-2017

Income Tax Declaration To Your Employer: The Changes You Should Be Aware Of. 1) The tax rate on income between Rs. 2.5 lakh and Rs. 5 lakh has been halved to 5 per cent from 10 per cent. However, rebate under Section 87A gets reduced from Rs. 5,000 to Rs. 2,500. And no rebate will be applicable for taxpayers having income above Rs. 3.5 lakh. 2) A 10 per cent surcharge will be applicable for individuals having income ranging from Rs. 50 lakh to Rs. 1 crore (existing surcharge of 15 per cent will remain the same for individuals having income above Rs. 1 crore). However, those with taxable income of above Rs. 50 lakh get the benefit of marginal relief. The concept of marginal relief is designed to provide some relief in levy of surcharge to a taxpayer where the total taxable income marginally exceeds Rs. 50 lakh or Rs. 1 crore. 3) No deduction will be allowed for investment in Rajiv Gandhi Equity Saving Scheme, which has been scrapped this year. This tax-saving scheme was designed exclusively for the first-time individual investors in the securities market with gross total income below a certain limit. 4) The government has cut down tax benefits borrowers enjoyed on properties, other than self-occupied. For properties rented out, a borrower could deduct the entire interest paid on home loan after adjusting for the rental income. On the other hand, borrowers of self-occupied properties get a deduction of Rs. 2 lakh on interest repayment on home loan. But from this year, the borrower can only claim a deduction of up to Rs. 2 lakh per year after adjusting for the rental income. 5) And the amount above Rs. 2 lakh can be carried forward for eight assessment years. Since the interest component of home loan repaid in initial years is higher, experts say that the borrower may not be able to fully adjust the interest paid as deduction even in subsequent years. 6) Individuals are required to deduct a 5 per cent TDS (tax deducted at source) for house rent payments above Rs. 50,000 per month. Tax experts say that the move will ensure that persons who get a large rental income come into the tax net. It will be effective from June 1, 2017. 7) The holding period of a property for qualifying as long-term capital gains has been reduced to two years, from three years. This will help save tax if a property is sold after two years of buying. If a property is sold before two years, the profit from the transaction will be treated as short-term capital gains and will be taxed according to the slab rate applicable to him/her. 8) Along with the reduction in the holding period to two years, the base year for calculating indexation of cost has also been changed. The base year has been shifted from 1981 to 2001. 9) Income tax officials can reopen tax cases for up to 10 years if search operations reveal undisclosed income and assets of over Rs. 50 lakh. Currently, tax officers can go back up to six years to scrutinise the books of accounts of assessees. Taxpayers who do not file their returns on time will have to shell out a penalty of up to Rs. 10,000 from Assessment Year 2018-19. However, if the total income of the person does not exceed Rs. 5 lakh, the fee payable under this section shall not exceed Rs. 1,000. The government has also made it compulsory for people to quote their Aadhaar details in their tax returns. 10) Under the Pradhan Mantri Awas Yojana (Urban) for middle-income groups, home loan borrowers buying their first home are eligible for subsidy on interest repayments. Home loans sanctioned or applications are under consideration since January 1, 2017, are eligible for interest subsidy under the Credit Linked Subsidy Scheme for Middle Income Groups. The beneficiary earlier should not have own a house in his/her name.

by 'Ganesh Pandey' on 19-04-2017

5 smart things to know about income from property. 1. Rent and other income from any flat, building or land attached to it is generally taxed under the head income from house property. Open plot of land is not considered under this head. 2. The assessee must be the owner of such property and it should not be used by him for the purpose of any business or profession carried on by him. 3. Income chargeable is computed after standard deductions—30% of the net annual value and the amount of interest payable if borrowed capital is used to acquire, construct, repair, renew or rebuild. 4. Income is taxable on the basis of annual value—the amount for which the property might be reasonably be expected to be let out from year-toyear. The tax is charged on actual rent if it is higher than the standard amount. 5. One self-occupied property, which is used for own residential purposes throughout the year a ..

by 'Ganesh Pandey' on 17-04-2017

Services sector is likely to attract a higher tax rate of 18 per cent from the current 15 per cent under the Goods and Services Tax (GST) regime, thus making services "slightly" more expensive, Revenue Secretary Hasmukh Adhia has said.

by 'Ganesh Pandey' on 14-04-2017