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Jun 3, 2013

TDS on transfer of immovable properties wef 01.06.2013 & How to pay

TDS on transfer of immovable properties wef 01.06.2013 & How to pay

Posted: 02 Jun 2013 08:14 PM PDT

Tax Deduction at Source (TDS) on transfer of certain immovable properties (other than agricultural land) for value  Exceeding Rs.50 Lakh The Finance Act 2013 had provided that purchaser of an immovable property (other than agricultural land) worth over Rs 50 lakh is required to pay withholding tax...

Brief Note on Service Tax on Work Contract Service

Posted: 02 Jun 2013 07:28 PM PDT

fter the Finance Act 2012 enacted, Clause 54 of the newly introduced section 65B provides definition to works contract, which means, "a contract wherein transfer of property in goods involved in the execution of such contract is leviable to tax as sale of goods and such contract is for the purpose...

Brief on Calculation of revenue in case of real estate developers

Posted: 02 Jun 2013 07:00 PM PDT

Mandatory application of the Percentage of Completion Method (POC, as per AS 7): Once the above mentioned criteria fulfilled revenue shall be recognised by using POC method. The revised GN stipulates certain general conditions to be satisfied for application of POC method, such as:

Mandatory E filling of Tax Audit Report u/s 44AB

Posted: 02 Jun 2013 06:32 PM PDT

Shrawani Trivedi An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year, Person carrying on business and his total sales/ turnover exceeds Rs.1 crore. Person carrying on profession and his Gross Receipts exceed Rs.25 lakhs. Person covered...

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