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TDS Saving Form 15G and Form 15H

Today we discuss on the Form 15G and Form 15H, It is a type of Lower deduction /Non deduction of TDS certificate benefits of issuing the form ,procedure of filing and submitting the form. Meaning of Form 15G and Form 15H Form 15G and Form 15H is a self-declaration form furnished  by the person to another person like banker, Loan & advance parties from which ... Read More »

Purchase made from hawala parties not treated as bogus

Today we are going to discuss an important & most popular matter in relation to purchase made from hawala parties not treated as bogus in income tax. The ACIT in its recent judgement announced that the purchase made from hawala parties can’t be treated merely as a bogus purchase. The Parties to case are Ramesh Kumar & Co vs. ACIT ... Read More »

RESIDENTIAL STATUS OF AN ASSESSEE IN INDIA

Today we discuss on the residential status of an assessee as defined in income tax act 1961. the residential status will be helpful in determining the taxable income in India. Residential status of an assessee is defined in SECTION 6 OF INCOME TAX ACT, 1961. The residential status of an assessee is classified into two parts: Resident Non- Resident Residential Status ... Read More »

Long Form Audit Report (LFAR) – Bank audit report format

Today we discuss on Long Form Audit Report (LFAR) , every auditor has to give his report in that format. we are describe here the meaning of LFAR , Format of LFAR for 2015-16, what are the contents of LFAR and how to draft the LFAR report. Meaning of Long Form Audit Report (LFAR) This report is issued by Bank auditor ... Read More »

Statutory Audit of Bank Advances and NPA

Today we  discuss  on the Statutory Audit of Bank Advances and NPA, The main function of bank is a.) Acceptance of deposit b.) Granting or providing of advances. Thus Auditor while conducting the bank audit has to give special consideration to these functions. Before commencing the audit of advances one has to know the types of advances which bank provides ... Read More »

Professional Tax in India

Today we discuss on the Professional Tax in India, its meaning and state of India in which professional tax is applicable. Meaning of Professional Tax in India Professional Tax means the tax levied by state government on trade or business or profession or employment in the particular state. Professional Tax is a state government matter therefore it’s rates or method of ... Read More »

Place of Provision of Service Rules 2014

Today we discuss on the Place of Provision of Service Rules 2014 It will determine at where and under which hands service will be taxable. It will decide service is taxable in the hands of service receiver or service provider, also place of provision of service tax rule will help to determine the particular service is an export of service or ... Read More »

Professional Tax Enrollment Certificate in Maharashtra

Today we discuss Professional Tax Enrollment Certificate in Maharashtra it is commonly known as PTEC in Maharashtra. in this blog we will discuss who will liable to apply for PTEC, how to apply for PTEC, Due date of PTEC payments and any  PTEC return to be filed or not. Who is liable to apply for Professional Tax Enrollment Certificate in Maharashtra? This certificate ... Read More »

PTRC Registration in Maharashtra

Today we discuss on the PTRC Registration in Maharashtra. It is commonly known as PTRC.  Meaning of PTRC, person liable to deduct PTRC,how to apply for PTRC, Penalty for failure to apply for PTRC, Slab rate of PTRC in Maharashtra. Who is liable to apply for PTRC Registration in Maharashtra ? This certificate is to be obtain by every person who ... Read More »

Impact of Maharashtra Budget on TAX

Today we discuss Impact of Maharashtra Budget on TAX, what are the  important amendment by the Maharashtra government on state tax like LBT, VAT,CST,professional tax Maharashtra budget on LBT Tax – LBT stand for Local buddy tax,  In previous year there are lots of problem occurred to the dealer due to the LBT also LBT is levied only in some ... Read More »