Key Highlights Of The Model GST Law

As the Empowered Committee of Finance Ministers granted in-principle nod to the draft of Model GST Law, it was placed in the public domain on 14 th June, 2016, with the government seeking feedback and comments from trade and industry. It is a laudable way forward with optimism to see it implemented in full swing by April 2017. Continue reading

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Tax Exemptions for Start Ups in India

Indian start-ups may issue shares at consideration exceeding the fair market value without attracting tax as deemed income in company’s hands

Section 56(2)(viib) of the Income Tax Act, 1961 (the Act) provides for taxing in the hands of a company, the amount of consideration received from a resident person, for issue of shares exceeding the face value, to the extent of the consideration that exceeds fair market value of shares. Continue reading

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Recent Amendments in Service Tax

1. Exemption from service tax is being provided on services by acquiring bank on payment upto INR 2000 in a single transaction through credit card, debit card, charge card or other payment card service vide Notification No. 52/2016-Service Tax dated 8th Dec 2016. Continue reading

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Budget & Its Effect on International Tax

On 1st February 2017, the Finance Minister Arun Jaitley presented the Budget 2017. On a personal level, most taxpayers expected a big cut in the taxes but they were happy with the rebate that the taxpayers got. Coming to the business front, many companies have spread across tax jurisdictions and the main concern was taxing revenues from them based on the existing tax rules. Budget 2017 brought a lot of changes to address the challenges and bring clarity to the international taxation. Continue reading

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Tips to a successful tax return

As the time to pay the tax comes closer, we all get stressed, as it is a confusing task. Nonetheless, we all still agree on one thing, that it is important to pay our dues and they serve their purpose.

The majority of the citizens are unaware as to how to pay the tax and this is why they end up either not paying or paying the incorrect amount. But, don’t worry; we are right here to rescue you from such situations. Here are a few suggestions that can help you reduce the stress that you have: Continue reading

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