Indirect Tax

Tax Implications on Vacant or Second House Property

Sanyam Jain | Income from House Property/ Income Tax/ Wealth Tax | November 28, 2014 | 4 Comments

Second House or Vacant House also comes under Income Tax as well as Wealth Tax Purview. Indian People tends to invest mostly in two assets, first is gold and second in house property. The rising prices of gold as well as property makes it more lucrative but one must consider the tax implications before buying or investing […]

Service Tax on Money Remittance to India

Sanyam Jain | News/ Service Tax | November 18, 2014 | Leave a Comment

Service Tax on Money Sent to India Central Government vice Circular No. 180/06/2014 – ST has expanded the scope of service tax has by taking service of “Inward remittances from Abroad to Beneficiaries in India” under the purview of service tax. Last year the total of inward remittance was USD 65 Billion which is expected […]

Interest on Late Payment of Service Tax Increased

Sanyam Jain | Service Tax | August 28, 2014 | Leave a Comment

Revised Rate of Interest on Delayed payment of Service Tax Central Government vide notification No 12/2014-ST dated 11.7.2014 has increased the rate of interest chargeable on the late payment of service tax dues w.e.f. 1st October, 2014. Earlier the rate of interest on the delayed payment of service tax was 18% p.a. irrespective of the […]

Limit of Gold Jewellery to Carry to India without Paying any Duty

Sanyam Jain | Custom Duty | August 11, 2014 | 1 Comment

How much Gold can I carry to India? Yesterday One of my friend who lives in Dubai asked me that how much duty-free gold jewellery can be carried to India hassle free. To answer her question I was about to refer her to CBEC Site for Baggage Rules but before that I gave a glance […]

Wealth Tax Rules Amended

Sanyam Jain | Wealth Tax | June 25, 2014 | Leave a Comment

CBDT notifies new Wealth Tax Return Form & Rules for Online Filing Central Board of Direct Taxes has amended Wealth Tax Rules via Notification No. 2/2014 [F.NO.143/1/2014-TPL]/SO 1576(E), DATED 23-6-2014. Following are the summary of what changes are brought by said notification: 1. Every Assessee with income above Rs 1 crore a year require to file their wealth […]

TDS on Service Tax Amount under New Rule

Sanyam Jain | Service Tax/ TDS | February 4, 2014 | Leave a Comment

TDS not to be Deducted on Service Tax Component shown Separately Whether to deduct TDS on Service Tax Amount? This question had always put deductor in difficulty. The question always comes that whether TDS is to be deducted on the entire amount of the invoice i.e. including service tax or only on the payment made […]

7 Important Decisions Taken On Indirect Tax Issues

Sanyam Jain | Central Excise/ CENVAT/ Indirect Tax/ Service Tax | December 17, 2013 | Leave a Comment

Important Decisions on Indirect Tax Related Issues or Indirect Tax Related Disputes In July 2013, the Union Finance Minister Shri P.Chidambaram constituted a Forum for exchange of views between industry groups and Government on tax related issues or tax related disputes. The Forum is chaired by Dr. Parthasarathi Shome, Adviser to the Finance Minister and […]