Lesson 70 – How to create taxable Debit / Credit Note (Reversal Journal)

How to maintain taxable Debit / Credit Note Debit note: When goods are returned by the customer to the supplier due to wrong quantity or quality of product, rate difference, discount, commission, etc is known as debit note. it is also known

Read More

Tax on unaccounted income now payable in cash as well

Those disclosing unaccounted wealth under the income declaration scheme (IDS) will have the option of paying the tax on such income in cash, the income-tax department has clarified through a fifth set of frequently asked questions (FAQs). Tax on unaccounted income now payable

Read More

Service Tax on Freight Forwarders on Transportation of Goods from India

The Board has received representations regarding service tax on freight forwarders on transportation of goods from India. It may be noted that in terms of rule 10 of the Place of Provision of Services Rules 2012, (herein after referred to as ‘POPS

Read More

Section 2(87) Subsidiary Company

SECTION 2 (87): SUBSIDIARY COMPANY   Unless the context requires otherwise, the term ‘subsidiary company’ or ‘subsidiary’ wherever appearing in the Companies Act, 2013 shall have the following meaning: “subsidiary company” or “subsidiary”, in relation to any other company (that is to

Read More

Constitution Amended GST Bill passed by Rajya Sabha

With main opposition Congress and most other parties on board, Rajya Sabha tonight passed a bill to amend the Constitution to facilitate rollout of the historic GST amid government’s assurance that the tax rates would be kept “as low as possible”. The

Read More

Things for filing return this year

8 things to keep in mind while filing tax returns this year Some diligence and caution goes a long way while filing your income tax returns. Keeping in mind a few important things can make your tax filing a breeze. Here is

Read More

When can service tax and VAT be levied on purchase of property

Service tax and VAT are applicable, only on properties that are booked at under-construction stages. So, both these taxes cannot be levied on properties that are purchased, after the builder has obtained its completion certificate. Similarly, there is no service tax or

Read More

Service Tax Implication Co-operative Society

Service Tax Implication Co-operative Society Service Tax Implication on Co-operative Society With the passing of days, a culture to form a Cooperative Society has been increased which helps in pooling of the fund for the own benefit of people. Since, the co-operative

Read More

SERVICE TAX EXEMPTION TO PACKAGED / CUSTOMIZED SOFTWARE

SERVICE TAX EXEMPTION TO PACKAGED / CUSTOMIZED SOFTWARE Presently, software in India is subject to levy of multiple taxes in the form of Central Excise, Customs duty, Service Tax and Value added tax (VAT) as follows- Pre-packaged software is goods and leviable

Read More

Krishi Kalyan Cess – Accounting Code & Rules

Krishi Kalyan Cess – Accounting Code & Rules CBEC has notified”Accounting code for payment of Krishi Kalyan Cess (KKC)” by the assessees. Also it has issued Notification on issues relating to Krishi Kalyan Cess, like CENVAT Credit etc. A. Accounting Code for

Read More