Blogs

We as professionals sometimes wonder why we are not reaching our goals in profession and life. This is inspite of putting in hard work and wanting to do all activities well. This is especially true in growing in career or in practice.  

We find that: long term goals are lost in day to day execution; our priortisation is blind/ misplaced, we are stagnating, some of us are getting burnt out with long hours and anxiety.  

One possible solution is that we may not be differentiating...

The Government is committed to pass the GST bill in the winter session of parliament this year  

(2105). However considering the many stages post the passing of the bill of: recommendation of GST council, passing of model law in States, IT infrastructure in few States, change management (awareness and training of tax administration, assessees and general public) the target date of April 2016 is not probable. GST implemented in the middle of the year maybe a major...

Clauses in Tax Audit Report- AY- 14-15 and Connection to IDT  

The tax audit under Income Tax has undergone a change. There are already a number of compliances which professionals felt was asking for too much. In this amendment additional disclosures/ duties of judgment/ reporting have been additional thrust on the auditor. Assessees may not be too concerned as they are of the view that it is the auditor’s headache. In the view of the paper writers this would add a few days more...

India is booming and consumers buy more and choices have increased. Taxes are bound to increase in normal course. Now with the emphasis on building trust but at the same time plugging the leakages of tax, a balanced approach of supporting the tax compliant and stern action against the tax evaders is to be planned and implemented.  

The tax authorities either Central [Central Excise or Service Tax] or State {CST/ Local VAT} have had targets fixed by higher ups and tend to go those who...

Audit is a word derived from the Latin word – “auditus” which means hearing which in the past was analogous to listening. In ancient times in India, Egypt and Greece audit existed. The accounts would be heard by a competent, highly regarded confidant of the king. The auditor would listen for inconsistencies, aberrations, mathematical accuracy, past and present comparison and the credibility of the person offering the statement and pass the accounts or require further investigation....

Union Budget 2014- Indirect Taxation- The Ugly Side- Tax terrorism to Continue unabated.  

In recent times, the law abiding assesses have to contend with large number of target based queries/notices, audits and summons generally high amount of tax terrorism. Infructuos demands [ 9095% bound to fail as per revenue officers themselves ] in VAT and Service Tax have been observed. These lead to demands and disputes which go on for years leading to killing the golden goose and...