Guide to Taxation and Legal Concern |Simplified Laws http://www.simplifiedlaws.com Simplified Laws is not just about tax Laws. but about ‘Laws of Life’. Sun, 19 Mar 2017 16:05:48 +0000 en-US hourly 1 Service Tax Exemption on services provided to Educational institutions is withdrawnhttp://www.simplifiedlaws.com/service-tax-exemption-on-services-provided-to-educational-institutions-is-withdrawn/ http://www.simplifiedlaws.com/service-tax-exemption-on-services-provided-to-educational-institutions-is-withdrawn/#comments Sun, 19 Mar 2017 16:05:48 +0000 http://www.simplifiedlaws.com/?p=7335   Services such as transportation, catering, security, cleaning or house-keeping, admission or conduct of examination, etc., provided to educational institutions are exempt from service tax till 31st March 2017 From 1st April, 2017 except services to pre-school education and education up to higher secondary school or equivalent will attract service tax. For example, if security ...

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Possible tax saving options for NRI selling property in Bangalorehttp://www.simplifiedlaws.com/possible-tax-saving-options-for-nri-selling-property-in-bangalore/ http://www.simplifiedlaws.com/possible-tax-saving-options-for-nri-selling-property-in-bangalore/#comments Sun, 19 Mar 2017 15:57:13 +0000 http://www.simplifiedlaws.com/?p=7333 Here is a live case! I just finished a call with Mr.Amar, an NRI staying in USA. I understood from him that he has a flat in Koramangala, which was bought in 2011 for Rs.80 Lakhs which he now intends to sell for 1.52 Crores. Our talk went as under – Q: If I sell ...

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Happy Women’s dayhttp://www.simplifiedlaws.com/happy-womens-day/ http://www.simplifiedlaws.com/happy-womens-day/#comments Wed, 08 Mar 2017 11:29:05 +0000 http://www.simplifiedlaws.com/?p=7327 Good afternoon friends What is this – women’s day? One more borrowed concept from the west? Is it not a weird concept in Indian context? Let it be; I am not interested in such ‘time pass’ elite debates. On this occasion of women’s day; I don’t want to write on ‘women empowerment’, I spare this ...

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Budget 2017: How it impact your tax liabilityhttp://www.simplifiedlaws.com/budget-2017-how-it-impact-your-tax-liability/ http://www.simplifiedlaws.com/budget-2017-how-it-impact-your-tax-liability/#comments Thu, 02 Feb 2017 00:43:50 +0000 http://www.simplifiedlaws.com/?p=7319 Point 1 – Is there any tax impact on my income of Rs.55 Lakhs per year? Yes! Till FY 2016-17, on your income, the approximate tax works out to Rs.14 lakhs. After this budget (means from 1st April 2017), the tax payable will go up by Rs.1.40 Lakhs (10% on the tax payable as surcharge, ...

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Budget 2017: Restriction on set off of loss from House property to Rs. 200000http://www.simplifiedlaws.com/budget-2017-restriction-on-set-off-of-loss-from-house-property-to-rs-200000/ http://www.simplifiedlaws.com/budget-2017-restriction-on-set-off-of-loss-from-house-property-to-rs-200000/#comments Wed, 01 Feb 2017 16:42:19 +0000 http://www.simplifiedlaws.com/?p=7317 Indirect restriction on claiming Housing Loan Interest on let out property: Section 71 of the Act relates to set-off of loss from one head against income from another. In line with the international best practices it is proposed to insert sub-section (3A) in the said section to provide that set-off of loss under the head ...

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Budget 2017: Rs.10000 penalty on professionals for issue of incorrect certificatehttp://www.simplifiedlaws.com/budget-2017-rs-10000-penalty-on-professional-for-issue-of-incorrect-certificate/ http://www.simplifiedlaws.com/budget-2017-rs-10000-penalty-on-professional-for-issue-of-incorrect-certificate/#comments Wed, 01 Feb 2017 16:30:30 +0000 http://www.simplifiedlaws.com/?p=7315 The thrust of the Government in recent past is on voluntary compliance. Certification of various reports and certificates by a qualified professional has been provided in the Act to ensure that the information furnished by an assessee under the provisions of the Act is correct. Various provisions exist under the Act to penalise the defaulting ...

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Budget 2017: Additional fee is applicable if you file return after due datehttp://www.simplifiedlaws.com/budget-2017-additional-fee-is-applicable-if-you-file-return-after-due-date/ http://www.simplifiedlaws.com/budget-2017-additional-fee-is-applicable-if-you-file-return-after-due-date/#comments Wed, 01 Feb 2017 16:24:13 +0000 http://www.simplifiedlaws.com/?p=7313 In view of the non-intrusive information-driven approach for improving tax compliance and effective utilization of information in tax administration, it is important that the returns are filed within the due dates specified in section 139(1). Further, the reduced time limits proposed for making of assessment are also based on pre-requisite that returns are filed on ...

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Budget 2017: Dis-allowance for non deduction of TDS extended to income from other sourceshttp://www.simplifiedlaws.com/budget-2017-dis-allowance-for-non-deduction-of-tds-extended-to-income-from-other-sources/ http://www.simplifiedlaws.com/budget-2017-dis-allowance-for-non-deduction-of-tds-extended-to-income-from-other-sources/#comments Wed, 01 Feb 2017 16:17:30 +0000 http://www.simplifiedlaws.com/?p=7310 Existing provisions of section 58 of the Act, specify the amounts which are not deductible in computing the income under the head “Income from other sources” which include certain disallowances made in computation of income under the head “Profits and gains of business or profession”. These disallowances include disallowances such as disallowance of cash expenditure, ...

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Budget 2017: Reducing time limit for filing revised return and completion of assessmenthttp://www.simplifiedlaws.com/budget-2017-reducing-time-limit-for-filing-revised-return-and-completion-of-assessment/ http://www.simplifiedlaws.com/budget-2017-reducing-time-limit-for-filing-revised-return-and-completion-of-assessment/#comments Wed, 01 Feb 2017 16:08:17 +0000 http://www.simplifiedlaws.com/?p=7308 The existing provisions of section 153 specify time limit for completion of assessment, reassessment and re-computation of cases mentioned therein. In the effort to minimise human interface and move towards technology, massive computerisation has been carried out in the Department, which has translated into overall enhanced efficiency in the functioning of the Department. In view ...

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Budget 2017: Enabling claim of foreign tax credit paid in cases of disputehttp://www.simplifiedlaws.com/budget-2017-enabling-claim-of-foreign-tax-credit-paid-in-cases-of-dispute/ http://www.simplifiedlaws.com/budget-2017-enabling-claim-of-foreign-tax-credit-paid-in-cases-of-dispute/#comments Wed, 01 Feb 2017 15:58:03 +0000 http://www.simplifiedlaws.com/?p=7305 The existing provisions of section 155 of the Act provide for procedure for amendment of assessment order in case of certain specified errors. In view of rule 128 of the Income-tax Rules, 1962, which provides a mechanism for claim of foreign tax credit, it is proposed to insert sub-section (14A) in section 155 to provide ...

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