November 2017 – Semantic Taxgen Pvt Ltd

Month: November 2017

EXEMPTED SERVICE UNDER GST

November 12, 2017

In the GST preview Government has provide all the exemptions under GST which was in the previous service tax regime, detail list of these are as follows:- 1. Services by Government or a local authority excluding the following services- (i) services by the Department of Posts by way of speed post, express parcel post, life […]

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TAN (TAX ACCOUNT NO. FOR TDS/TCS)

November 11, 2017

                                          TAX DEDUCTION/COLLECTION ACCOUNT NUMBER Meaning of TAN Tax Deduction Account Number or Tax Collection Account Number is a 10-digit alphanumeric number issued by the Income-tax Department (we will refer to it as TAN). TAN […]

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PRESUMPTIVE INCOME FOR BUSINESS AND PROFESSION

November 11, 2017

To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE. In this part you can gain knowledge about various provisions of the presumptive taxation scheme of […]

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TAX FREE INCOMES

November 11, 2017

Income tax act, 1961 provides us a various relief , in these one is exemption from the Tax on the in the business completely or partly , here we detailed out few:- Agricultural Income [Section 10(1)] As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax. Agricultural income is […]

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PAN (PERMANENT ACCOUNT NUMBER)

November 11, 2017

PAN is a ten-digit unique alphanumeric number issued by the Income Tax Department. PAN is issued in the form of a laminated plastic card as given below (commonly known as PAN card). Out of the first five characters, the first three characters represent the alphabetic series running from AAA to ZZZ. BLGS XXXX D The […]

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TDS ON SALARY

November 11, 2017

TDS on salary is nothing but calculation of Tax on the Taxable salary after making the adjustments of  allowances , perquisite (as per criteria of Salary Head) , Loss if any under chapter of House property and deduction under chapter VI-A , if the above calculation leads to the Taxable income more than 2,50,000 for […]

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BIFURCATING SALARY

November 11, 2017

Bifurcation of  Salary As we discussed in detail in our last article what is the meaning of salary and their component including the absolute and conditional exemption under salary http://semantictaxgen.in/salary-under-income-tax-and-tds , Now we can discuss to frame their ideal stucture for the various business. Normally salary could  be bifurcated as follows :-            […]

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Salary under Income tax and TDS

November 11, 2017

What includes salary:- Salary is a periodical payment for Services rendered by an employee to an employer. However under sec.17(1) of the Income Tax Act, following items are also included : 1.Wages 2.Any annuity or pension 3.Any Gratuity 4.Any Fees, commission, perquisites or profits in lieu of or in addition to any salary or wages. […]

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DEEMED EXPORT UNDER SECTION 147

November 08, 2017

Notification No. 48/2017-Central Tax In exercise of the powers conferred by section 147 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby notifies the supplies of goods listed in column (2) of the Table below as deemed exports, namely:- S.No.      […]

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DEEMED EXPORT BY DTA TO EOU/EHTP/STP/BTP

November 08, 2017

Circular No. 14/14/2017 Procedure regarding procurement of supplies of goods from DTA by Export Oriented Unit (EOU) / Electronic Hardware Technology Park (EHTP) Unit / Software Technology Park (STP) Unit / Bio-Technology Parks (BTP) Unit under deemed export benefits under section 147 of CGST Act, 2017 – reg.   In accordance with the decisions taken by the GST […]

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