Blogs

With an intention to ensure that lower rate of taxes are maintained on few specified goods which are of essential use of people, few goods have been considered to be of special importance under CST Act. Article 286(3)(a) of Constitution of India authorises Parliament to declare some goods as of ‘special importance’ and to impose restrictions and conditions in regard to power of States in regard to levy, rates and other incidence of tax on such goods.     

What are declared...

Encouragement to Service Exporters Needed.  

India is moving to makes it place among the developed nations by 2020. The government has also started policies to make what is spoken happen. The exporters of service have saved the country from destruction and place the Indian on the world map as a competent professional. Service exports contribute significantly 40+% of the total exports. In the past the falling rupee helped the local exporters. However this trend is expected to be...

Clauses in Tax Audit Report- AY- 14-15 and Connection to IDT  

The tax audit under Income Tax has undergone a change. There are already a number of compliances which professionals felt was asking for too much. In this amendment additional disclosures/ duties of judgment/ reporting have been additional thrust on the auditor. Assessees may not be too concerned as they are of the view that it is the auditor’s headache. In the view of the paper writers this would add a few days more...

India is booming and consumers buy more and choices have increased. Taxes are bound to increase in normal course. Now with the emphasis on building trust but at the same time plugging the leakages of tax, a balanced approach of supporting the tax compliant and stern action against the tax evaders is to be planned and implemented.  

The tax authorities either Central [Central Excise or Service Tax] or State {CST/ Local VAT} have had targets fixed by higher ups and tend to go those who...

Audit is a word derived from the Latin word – “auditus” which means hearing which in the past was analogous to listening. In ancient times in India, Egypt and Greece audit existed. The accounts would be heard by a competent, highly regarded confidant of the king. The auditor would listen for inconsistencies, aberrations, mathematical accuracy, past and present comparison and the credibility of the person offering the statement and pass the accounts or require further investigation....