Finally the much awaited Notification is out! The service tax rate is increased to 14% with effect from 1st June 2015. This is the way it has to be done, sufficient time is given to the taxpayers to adopt new rates.   Education cess  and Secondary Education Cess: The above …

Want to set up a business? Worried about funds? Don’t worry, Credit Guarantee Scheme (CGS) may come to your help.   In my practice, I have come across many entrepreneurs who have rock solid ideas but fail to execute due to lack of funds. In order to support such entrepreneurs, …

‘What a speech!’ was my friend’s reaction after our PM’s speech during PSLV launch last year. My uncle was telling ‘Our PM speaks so well in English’. My colleague was of the opinion that ‘He knows good English, but chooses to speak in Hindi, so that he can connect with …

The rate of Service Tax is being increased from 12.36% to 14%. The new Service Tax rate shall come into effect from a date to be notified by the Central Government after the enactment of the Finance Bill, 2015. On 14th May 2015, the Finance Bill got the assent of …

What happened to the program launched by them? Who is monitoring the progress? No government programs last in the long term as the implementation suffers. These are the general comments we the Indians pass about government initiatives.   Even our PM is aware of such comments! While launching ‘Pro-Active Governance …

As part of the salary, many companies give meal vouchers (famous one is Sodexo coupons) to the employees. Are such vouchers free from taxes? Here are some points about it   Tea or snacks provided by the employer during office hours is exempt from tax   Meal or lunch allowance …

“With funds drying up, Greenpeace India stares at shutdown; asks ‘who’s next on chopping block?’ was in the headlines of a leading English daily. Are you following up this case? If not, let me run you through the issue and FCRA regulations in brief. About Greenpeace:  Greenpeace is a global …

Husband and wife are expected to live in the same house and if one is paying rent to the other; it may sound odd, isn’t it? What would be the reason for such payment? Maybe tax planning, reduce the tax outputs! Will such exemptions, if claimed by the taxpayer, be …

  House Rent Allowance (HRA) is an allowance (part of the salary) given by an employer to an employee to meet the cost of renting a home. HRA is a taxable receipt in the hands of the employee. However, section 10(13A) of the Income Tax Act grants exemption in respect …

Stamp duty and registration fee is one of the revenue generating machines of state governments! One has to pay fee for registering any document, be it marriage, company, property or birth or death! Most of us are not aware about the quantum of money to be paid towards registration. This …