The new penalty regime could create a fresh set of complications for tax payers.
The Centre and states are likely to settle for this threshold.
A survey done by Deloitte says, predictability of tax laws is poor in China, India and Indonesia.
Unlike Income Tax, service tax is not charged automatically.
With digital technology, the I-T department's ability to catch tax evaders has increased many times.
Goods like chocolates, chewing gum, shampoo, deodorant, shoe polish, detergents, nutrition drinks and marble will now attract 18% GST>
Ensure the employer has all relevant documents. Else, your pay will take a serious hit in the next two months.
Generally,profit of a partnership firm is divided among its partners in sync with their partnership deal.
Recent easing of restrictions does not address the pain in the sector.
When the Centre collects money through cess, it can retain the entire fund for the particular scheme.
As per Indian tax laws, bonus in kind paid to the employees could be considered as salary income in the hands of the employees.
However, worries on inadequate import and issues for the FTA pacts.
The amendment would help check round-tripping of funds and boost the domestic consumption, Jaitley added
There will be a review of employee compensation arrangement in the light of the new rules.
Directors that are shareholders will also face more problems.
The GST will alter the very face of fiscal federalism in India.
Calculate the tax already paid via TDS, and accordingly arrive at your tax liability for the year.
The time the companies have to get ready for GST is 6 to 12 months.
Oil and gas players' wish list includes incentivising E&P investments and reintroduction of income tax holiday for exploration and production activities, among others.
This taxation applies to all types of transfer of property.
The deduction will be higher and net take-home pay will fall.
These plans aren't likely to put substantial cash in your hands.
Although the markets could see a knee-jerk reaction, they rule out a sharp fall.
Constantly evolving rules and anomalies over tax treatment have constrained corporate programmes in the first year that the government's CSR mandate has been in force.
The government now ends its mandate with reaffirmation in the vote-on-account of the same goals, for which it claims to have a clear line of sight.
The government has provided a long-term vision.
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