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The taxes are of two type. Direct taxes  Indirect Taxes. What you are paying are direct taxes. the government can not solely rely on direct taxes to collect the resources. Moreover higher taxes of a singular type will cause widespread tax evasion. So the government has to levy indirect taxes like Service tax, excise, VAT etc. So the collection of various taxes ensures that the burden of a particular tax does not fall on selected types of people and is broad-based like excise/service tax which all of us bear in as the component of the cost of goods which we buy or consume. Taxes in India are based on aspect theory. Consider this example. You booked a flat in a project wherein the construction is in progress. The taxes applicable in this case are 1)  VAT –  For goods being sold to you ie steel, cement, sand etc forming part of construction material 2)  SERVICE TAX  – For service being rendered to you ie labor involved in the construction 3)...

Govt deactivates ID numbers of 2.1 million directors The government began the process of deactivating the identification numbers of almost 2.1 million directors of companies that did not comply with KYC standards, according to a senior official. The director’s identification numbers (DIN), a unique number assigned to people who are eligible to be directors at meetings of registered companies, are being deactivated. They will be reactivated after paying a fee of 5,000 rupees along with the required form and the affected people could also face a lawsuit. The latest movement of the  Ministry of Corporate Affairs  also comes at a time when the government has intensified the crackdown on the front companies, which are suspected conduits for illicit cash flows. In June, the ministry decided to carry out the KYC process (Know Your Client) for all directors, including those who have been disqualified. The last date to comply with the new rules by sending the form ‘ DIR-3 KY...

September: Last Month for ITC Claims and Rectification of Errors for FY 2017-18 A very significant month has arrived for all taxpayers under  GST updates  namely September because it will be the last month for taxpayers to claim any pending credit for invoices issued between the 2017-18 period and to correct errors in the return form of the year. Many taxpayers have made some mistakes in filing tax returns including negligence of transactions in certain places while errors in credit claims are increased or incorrect even under credit claim reporting. In accordance with  GST rules and regulations , if there is a taxpayer who is left behind in claiming a tax credit for invoicing for the 2017-18 FY year, he can now claim the same in September. Also if the  tax payer  has forgotten one of the debits or credit notes issued in the 2017-18 TA monthly GST return form, can correct the error in the month of  September . It must be noted that in the c...

What is Income Tax? The income tax department has released notices about the extension of the latest income tax return filing  date from  July 31 to August 31  for individual taxpayers. There are two types of levy taxes, namely the second direct tax is indirect tax. Income tax is a direct tax that can be directly attributed to income from the assessed party. Income generated from various income heads is. Balance, Home property, Business, Capital and Income Profits from other sources. The Valuer must pay income tax if the total income is after allowing Chapter VI-A to deduct more than the limit of taxable income. Archive Income Tax Income Tax Notification for 2017-18 TA (AY 2018-19) There are different categories of taxpayers, namely. Individuals, HUF, Companies, LLP,  Companies , Trusts and AOP/BOI. The Due Date differs according to the audit or non-audit case of the category as defined in article 139 (1) Last Date of Income Tax Returns for AY 2018-19 (Non-...

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