Archive for April, 2009
RECENT CHANGES IN THE PROVISIONS REGARDING TDS & TCS
This article examines the impact of the amendments made by the Income-tax (Sixth Amendment) Rules, 2009, Income-tax (Seventh Amendment) Rules, 2009 and Income-tax (Eighth Amendment) Rules, 2009 in respect of the provisions relating to tax deducted at source and tax collected at source. INTRODUCTION 1. Various amendments have been made by Income-tax (Sixth Amendment) Rules, […]
Mandatory E-Payment of VAT in Gujarat
The Government of Gujarat has vide Public Circular No.Gujka-VAT-86/Ja.70/63 dtd.09/03/2009 introduced electronic payment system for payment of taxes under Gujarat Value Added Tax Act from April 2009 onwards. Accordingly – For dealers who have paid VAT of Rs.10 Lacs or more during the financial year 2007-08 or 2008-09 E-Payment of tax is made compulsory for […]
Service tax on commercial rentals to go
In a major respite for retailers and businesses, the Delhi high court has struck down levy of service tax on renting of immovable property as "unconstitutional". The Delhi HC decision came on April 18, 2009, in a combined order while deciding on 26 writ petitions filed by petitioners from across the country, including retail chains, […]
Where there is a Will there is a way to save tax
Where there is a will, there is tax saving. Many tax advantages are possible only through a will. For example, a separate income-tax file for a Hindu Undivided Family (HUF) can be established by transfer of property through a will. Similarly, bequests can be made to minor children and minor grand children through a will […]
Tax is considerably above the global average
Yes, corporate tax rate in India is considerably above the global average. The average tax rate globally stands at 25.9% in 2008 while that of India stands at 33.9%. This figure includes a 10% surcharge and a 3% education cess. In other words, corporate tax rate in India is almost eight percentage points higher than […]
