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New Arrivals

  • Taxation (Income Tax) Part I - Ed. 11th for May 2018 Exam
  • Taxation (Indirect Tax) Part I - Ed. 11th for May 2018 Exam
  • Comprehensive Guide to Advance Tax Laws & Practice - Ed. 10th for Dec. 2017 Exam
  • Comprehensive Guide to Tax Laws & Practice - 7th Ed. for Dec. 2017 Exams
  • Comprehensive Guide to Indirect Tax Laws A Quick Referencer cum Compiler - 10th Ed. for Nov. 2017 Exam
  • Begineer's Guide to GST Useful for Students, Professionals, Traders and Others
  • Comprehensive Guide to Direct Tax Laws A Quick Referencer cum Compiler - 10th Ed. for Nov. 2017 Exam
  • Indirect Tax Laws - Ed. 10th for Nov. 2017 Exam
  • Direct Tax Laws - Ed. 10th for Nov. 2017 Exam

The revenue department has asked taxpayers to file correct details of interest income for the assessment year 2014-15 on or before March 31, while filing their income tax returns (ITRs).

In a statement issued on Wednesday, the Central Board of Direct Taxes (CBDT) also asked the assessees to revise their ITRs for assessment years 2014-15 and 2015-16 if the returns filed did not include taxable interest income. 

AGRICULTURE INCOME NOW AN EASY WAY TO EVADE TAX 

The taxman following a recent directive by Patna High Court is now probing in to “verify” a select number of cases of declaring agriculture income over  1 Crore between assessment years 2011-12 to 2013-14.

Revenue from indirect taxes has become the most preferred source of generating revenue of the Finance  Ministry. Revenue from service tax has increased over 500 times over the past 2 decades, from mere ` 407 crore to over ` 209682 crore during 2014-15.

Rate of service tax is being increased from 12 percent plus education cess to 14 percent. The ‘Education Cess’ and ‘Secondary and Higher Education Cess’ shall be subsumed in the revised rate of Service Tax. Thus, the effective increase in Service Tax rate will be from the existing rate of 12.36% (inclusive of cesses) to 14%, subsuming the cesses.

Education in its general sense is a form of learning in which the knowledge, skills, values, beliefs and habits of a group of people are transferred from one generation to the next through storytelling, discussion, teaching, training, and or research. Government has covered the educational institutions under negative list due to this reason the institutes cannot take Cenvat credit of the tax paid by them for obtaining auxiliary services this will result in cascading effect of tax. On the other hand government claims to be promoting education.

For a developing nation such as India education is the key to the treasure of intelligent, efficient and dedicated work force. The government through its continuous efforts has partially achieved its goal of attaining 100% literacy but, we still have to cover a long way.

Black money topic of the day

The Honorable Finance Minister, Shri Arun Jaitley in his budget speech has signaled government's intention to curb generation of black money across the nation. Citizens now have to abide by the stringent tax rules of the world's largest democracy.

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