A picture is worth a thousand words. But here’s a picture that can replace more than that. In my opinion, this picture perfectly summarises the budget! No point in saying more about it, have a look.
The Financial Year 2005-06 is on the verge of getting over. People have started worrying about their taxes. Last few days are left for the investment under section 80C of the Income Tax Act, 1961. Grab this opportunity to save some tax and also for your future. Here’s a small list of some of the… Continue reading The season of investments and tax planning!
ITEF, the Income Tax Employees Federation is opposing outsourcing of work (mainly refunds) even though it is well known fact that Income Tax refunds takes ages to come 👿 and higher authorities are continuously complaining about vacancies! ITEF claims that its members were not given an “opportunity” to do their work 😡 and some of… Continue reading How can ITEF oppose outsourcing?
The Government should come out with an amnesty scheme for all defaults in registration of partnership firms with Registrar of Firms. Why an amnesty? Under the Indian Partnership Act, 1932 (as is applicable in Maharashtra and consequently in Mumbai) registration of a partnership firm with Registrar of Firms (ROF) is compulsory. There are very drastic… Continue reading Amnesty scheme, Registrar of Firms
I today read in the newspaper that all the socieities collecting more than Rs. 400,000 from their members in a year will be liable to pay Service Tax at 10.2%! Thats simply outrageous! The babus making and implementing laws have gone insane! Wake up babus, get some common sense from somewhere. Think hundred times before… Continue reading Service Tax on co-op. societies! Simply outrageous!
Starting a new venture? Keep these basics in mind. There are a few popular alternatives for new enterpreneur/s. 1. Proprietory Business 2. Partnership Firm 3. Limited Company There is one common step involved in all new start-ups – deciding on a name and looking for a .com. Why a .com? Because that is the way… Continue reading Starting a new venture in India
On the first glance, a common man will feel that Income Tax (IT) which is 30% (highest income bracket) is very high and Service Tax (ST) which is at 10% is pretty ok. But go a level deeper and one will realise how high ST is! This is because ST is on Gross Receipts and… Continue reading Income Tax at 30% is far lower than Service Tax at 10%!
A new section 50C was introdcued in Income Tax Act a few years ago. It was introduced to reduce black money property transactions. Although the intent was right, the implementation is horribly wrong! 👿 This new section completely changed the Capital Gains Tax (CGT) scenario. Earlier, CGT was calculated from the real (or apprently real)… Continue reading Stamp Duty and Deemed Capital Gain – a fraud on general public by the State and Central government!
When VAT was about to come into effect all over India and there was opposition from all and sundry, the Indian Government stuck to one argument that many countries around the world have implemented VAT. Agreed, sir. But how many countries in the world have as many other taxes as we have in India? Here’s… Continue reading The tax scenario in India