Professional tax is charged on salaried individuals and is paid to the Gujarat state government. Professional tax is deducted by the employer and the amount varies based on the employees’ income.A tax that is levied on employees and on those people carrying out a professional trade in India is called a Professional tax. The maximum amount that […]
A hire purchase agreement is a contract decided to enter into when choosing to buy expensive goods. The consumer makes a mortgage payment at the time of purchase, and the remaining balance is paid in instalments with interest. Though hire purchase is not widely used in India, a similar concept known as a mortgage exists.
The GST Council determines the GST rate slabs. The GST Council reviews the rate slabs for goods and services on a regular basis. GST rates are typically high for luxury items and low for necessities. GST rates in India for various goods and services are divided into four slabs: 5% GST, 12% GST, 18% GST,
The original Notification number S.O. 2119 (E), dated June 26, 2020, has been amended by the Ministry of Micro, Small and Medium Enterprises (MSME), via Gazette Notification number S.O. 2134(E), dated May 6, 2022. The Ministry has issued a change to Paragraph 7, which addresses registering current businesses, through this Notification. According to a statement
Power to remove difficulties (1) If any difficulty arises in giving effect to the provisions of this Act as amended by the Direct Tax Laws (Amendment) Act, 1987, the Central Government may, by order, do anything not inconsistent with such provisions for the purpose of removing the difficulty: Provided that no such order shall be made
Power to make exemption, etc., in relation to certain Union territories. If the Central Government considers it necessary or expedient so to do for avoiding any hardship or anomaly or removing any difficulty that may arise as a result of the application of this Act to the Union territories of Dadra and Nagar Haveli, Goa,
Power to make rules (1) The Board may, by notification in the Official Gazette, make rules for carrying out the purposes of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, rules made under this section may provide for— (a) the manner in which the market value of
Act not to apply in certain cases No tax shall be levied under this Act in respect of the net wealth of—] (a) to (e) 28[Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.] (f) any company registered under section 2529 of the Companies Act, 1956 (1 of 1956); 30[(g) any co-operative society;] 31[(h)
Rounding off of tax, etc The amount of wealth-tax, interest, penalty, fine or any other sum payable, and the amount of refund due, under the provisions of this Act, shall be rounded off to the nearest rupee and, for this purpose, where such amount contains a part of a rupee consisting of paise, then, if
Rounding off of net wealth The amount of net wealth computed in accordance with the foregoing provisions of this Act shall be rounded off to the nearest multiple of one hundred rupees and, for this purpose, any part of a rupee consisting of paise shall be ignored and thereafter, if such amount contains a part
CA Bhuvnesh Kumar Goyal
Chartered Accountants
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