Archive for the ‘Uncategorized’ Category

Mechanism and chargeability on Service tax

Most of the income sources to the Indian government come from the Service tax, and many service providers seek the legal advice to know whether they are applicable for the service tax.The service tax is the part of the Financial Act, and in the Union list they added this tax to assist the constitution to […]

Smartphones can provide Instant loans

The Reserve Bank of India allowed one hundred and forty five banks to give mobile banking service and they can provide instant loan as a provider of the mobile wallet.With an increase in the number of smartphone users and the growth of the mobile banking is encouraging the service providers to facilitate an added service. […]

State government is answerable to the online company

The Gujarat state government made an amendment in the state‚Äôs tax on March 31st, 2001 on the Entry of Specified goods in the local area.Flipkart is an ecommerce industry where the sellers and buyers can meet in one platform, the sellers can display their products and the customers can place their orders. The website is […]

Small diamond units closed because of tax levy

The Surat Municipal Corporation (SMC) started to campaign on collecting the professional tax from the diamond manufactures. The government has an annual target of seventy five crore from the diamond industry. Mahidharpura, Varachha and Kataragam are the diamond hubs in Surat. Navadiya said that and on hearing the campaign by the Surat Municipal Corporation, the […]

Economy move towards higher growth and lower inflation

India is a developing country and to sustain in growth rate the government has to focus on the business, and it involves tax policies and also the issues related to the lands.Morgan Stanley is an American multinational financial services corporation, with its affiliates and subsidiaries provide services and securities to customers like individuals, corporations, financial […]

Most of the Indians fail to pay their Income tax

The government of India made the public direct tax for the past fifteen years as a part of the financial transparency.The government published the data only for the assessment year 2012-13 which includes the taxes of the financial year. According to the data, only one percent of the overall population paid the income tax and […]

Blue star fined for not paying service tax

Blue star, refrigerator and air conditioner manufacturer was charged with INR 135.72 crore service taxes. Principal Commissioner of service tax-, Kolkata sent an order to the company regarding the short payment of service tax summing up to 67.86 crore and penalty over this amount. The taxation period is from financial year 2007 to 2012. The […]

Lack of tax compliance leads to tax evasion

The sad reality of Indian tax situation is the low number of tax payers in the country. The figures are as low as 3 to 5 percent leading to a staggering amount of fiscal deficit. The numbers shed light on the reality that recovering domestic tax money is more important than chasing black money. There […]

Income Tax Statistics revealed

All India Income tax statistics for the year 2012-13 was released in the month of April, 2016 by the finance ministry. The statistics is released after a gap 15 years. The last statistics was released in the year 2000 and latter only aggregate level data was made available such as total number of tax payers, […]