#Taxation Services

[taxring]

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Empowering Innovation: How Intellectual Property Rights Services Drive Business Success

In today's competitive business landscape, innovation is key to driving growth and staying ahead of the curve. Intellectual property (IP) plays a crucial role in protecting and monetizing innovative ideas, products, and processes. Intellectual Property Rights (IPR) services are instrumental in safeguarding these assets and ensuring that businesses can reap the full benefits of their innovations. This article explores how IPR services empower innovation and drive business success.

What is Intellectual Property Rights

Intellectual Property Rights (IPR) refer to legal rights that protect creations of the mind, such as inventions, literary and artistic works, designs, symbols, names, and images used in commerce. These rights enable creators and innovators to control the use of their creations and reap financial rewards from their investment in innovation.

The Role of IPR Services in Business Success

1. Protection of Innovations

IPR services help businesses protect their innovations through patents, trademarks, copyrights, and trade secrets. By securing these rights, businesses can prevent competitors from copying or using their ideas without permission, thereby safeguarding their competitive advantage.

2. Monetization of Intellectual Property

IPR services assist businesses in monetizing their intellectual property by licensing or selling their rights to third parties. This can be a significant source of revenue for businesses, allowing them to capitalize on their innovations and expand their market reach.

3. Risk Management

IPR services help businesses manage the risks associated with intellectual property infringement. By conducting thorough IP audits and clearance searches, businesses can identify and mitigate potential risks before they escalate into costly legal disputes.

4. Enhancing Market Value

IPR services enhance the market value of businesses by establishing a strong intellectual property portfolio. A robust IP portfolio not only attracts investors and partners but also increases the valuation of the business in the eyes of potential buyers.

5. Fostering Innovation Culture

IPR services play a crucial role in fostering a culture of innovation within organizations. By rewarding employees for their innovative ideas and providing them with the necessary legal protection, businesses can encourage creativity and drive continuous improvement.

Case Studies: How IPR Services Drive Business Success

1. Pharmaceutical Industry

In the pharmaceutical industry, patents are essential for protecting new drugs and treatments. Pharmaceutical companies invest heavily in research and development (R&D) to bring new drugs to market. IPR services help these companies secure patents for their innovations, allowing them to recoup their R&D costs and generate profits.

2. Technology Sector

In the technology sector, patents are crucial for protecting new technologies and inventions. Companies like Apple, Google, and Microsoft rely on patents to protect their innovative products and services. IPR services help these companies navigate the complex patent landscape and defend their intellectual property against infringement.

3. Entertainment Industry

In the entertainment industry, copyrights are essential for protecting artistic works such as music, films, and books. Copyright infringement is a significant concern for artists and creators, and IPR services play a vital role in protecting their rights and ensuring fair compensation for their work.

Conclusion Intellectual Property Rights (IPR) services are instrumental in empowering innovation and driving business success. By protecting and monetizing intellectual property, IPR services enable businesses to leverage their innovations for competitive advantage and financial gain. As businesses continue to innovate and expand into new markets, the role of IPR services will only become more critical. Embracing IPR services as a strategic business tool is essential for businesses seeking to thrive in today's innovation-driven economy. Contact Us for more Information.

[lexntaxassociates1]

Boost Your Business Credibility with Proper GST Compliance

In today's fast-paced business world, maintaining GST compliance isn't just a legal obligation—it's a cornerstone of building trust and credibility with your stakeholders. For businesses of all sizes, adhering to the Goods and Services Tax (GST) regulations not only avoids penalties but also enhances your reputation among clients, suppliers, and regulators.

At Lexntax Associates, we specialize in providing expert GST compliance solutions tailored to meet your unique business needs. From accurate GST filings to ensuring timely submissions and resolving disputes, our team ensures your operations stay compliant and hassle-free.

Why GST Compliance Matters for Your Business

Improved Business Relationships: Proper compliance demonstrates professionalism and reliability to your partners and customers.

Avoid Legal Penalties: Non-compliance can lead to hefty fines and audits, which may harm your business reputation.

Seamless Operations: Timely GST filings ensure uninterrupted business operations and eligibility for input tax credits.

Enhanced Financial Management: Accurate GST records improve overall financial transparency and planning.

How Lexntax Associates Can Help

GST Registration and Filing: Get expert assistance in registering and filing GST returns on time.

Audit Support: We ensure your records are ready for audits, minimizing risks and discrepancies.

Advisory Services: Receive personalized advice to align your business processes with GST laws.

Compliance Monitoring: Stay updated on the latest GST amendments and ensure 100% compliance.

Take the stress out of managing GST and focus on growing your business! Partner with Lexntax Associates for reliable GST compliance solutions that build your business's credibility and success.

Contact us today to learn more!

This post is optimized to grab attention and position Lexntax Associates as a trusted partner for GST compliance services. Let me know if you'd like to customize it further!

For more information regarding this topic visit our websites

Website:- https://lexntax.com/

[acquisory]

Model GST Law – A Tax Law Transformation

The much awaited reform Goods and Service Tax Act 2016 will change the fundamental of Indian Taxation. The state wise VAT, the central excise, the service tax, all will be integrated into one legislation, known as Goods and Service Tax Act, 2016 (‘GST Act 2016’). The GST Act 2016 has been for the first time made public in June 2016 by the Indian Government. The government is planning to introduce the Act w.e.f. 1st April, 2017 and proposes to pass the 122nd Constitutional Amendment bill, 2014 in the upcoming monsoon session of the parliament. By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market.

The framework of GST is characterized by a marked shift from the present origin based taxation to that of consumption based. It is proposed to be levied on a wide base of goods and services and is likely to subsume a majority of existing taxes — excise duty, service tax, VAT, Central Sales Tax (CST), purchase tax, octroy, local body tax etc. Only few services of public importance are kept outside the purview of GST. The regime is expected to have an equally conducive regulatory effect on Foreign Direct Investment (FDI), allowing foreign manufacturing companies to also be able to reap benefits and thereby, steadily build confidence in investing in India. The transition to GST may change the way business is done in India and is widely expected to boost the country’s economy.

Background

The Constitution (122nd Amendment) bill, 2014 was introduced in Lok Sabha on December 19, 2014 and was passed in the House on May 6, 2015. Further, it was referred to a Select Committee of Rajya Sabha on May 14, 2015. The Bill amends the Constitution to enable Parliament and State legislatures to frame laws on the imposition of the Goods and Service Tax (GST). Consequently, the GST subsumes various central indirect taxes including the Central Excise Duty, Countervailing Duty, Service Tax, etc. It also subsumes state value added tax, octroi and entry tax, luxury tax etc.

The idea behind GST is to subsume all existing central and state indirect taxes under one value added tax, which will be levied on all goods and services. No good or service is exempt, and there is no differentiation between a good or service, whether as an input or as finished product. Under GST, tax paid on inputs is deducted from the tax payable on the output produced. This input credit set off operates through the manufacturing and distribution stage of production. The tax is collected only at the place of consumption. This design addresses cascading of taxes.

“Implementation of GST in India will integrate the existing line of taxes like Central Excise, Service Tax, Sales Tax, Value Added Tax etc. into one tax i.e. GST. Thus it will help to reduce or eliminate the multiple taxes currently being levied on products and services.”

Key Features

GST will create a single, unified Indian market to make the economy stronger. The basic aim of GST is to benefit the consumers as well as the Government, thus creating a win win situation for both. Some of the important features are-

The GST shall have two components: one levied by the Centre (Central Goods and Service Tax) and other levied by States (State Goods and Service Tax). Rates for Central GST and Sate GST would be prescribed appropriately, reflecting revenue considerations and acceptability. This dual GST model would be implemented through multiple statutes. However, the basis features of law such as chargeability, definition of taxable event and taxable person, measure of levy including valuation provisions, basis of classification etc. would be uniform across these statutes as far as practicable.

Ending of Multiple Layer of taxes — Implementation of GST in India will integrate the existing line of taxes like Central Excise, Service Tax, Sales Tax, Value Added Tax etc. into one tax i.e. GST. This will help in avoiding multiple taxes currently being levied on products and services.

Alleviation of Cascading taxation — Under the GST regime, the final tax would be paid by the consumer of the goods/services but there would be an input tax credit system in place to ensure that there is no cascading of taxes. GST would be levied only on the value added at every stage, unlike the present scenario wherein tax is also required to be paid on Tax in a few cases i.e. VAT is payable on Excise Duty.

Development of National Economy — With the introduction of a uniform taxation law across states and different sectors in respect to indirect taxes under GST, would make it easier to supply goods and services hassle-free across the country. This will not only help in removing economic distortions, promote exports and bring about development of a common national market but will also enhance tax — to — gross domestic product ratio and thus help in promoting economic efficiency and sustainable long term economic growth.

Increase in voluntary compliance — Under the GST regime, the process will be simple and articulate with a lessor scope for errors. As all the information will flow through the common GST network, it would make tax payment and compliances a regular norm with lessor scope for mistakes. It will only be upon the payment of tax, that the consumer will get credit for the taxes they pay on inputs. This will generate an automatic audit trail of value addition and income across the production chain, creating a unified base of tax…

Read More: https://www.acquisory.com/ArticleDetails/17/Model-GST-Law-%E2%80%93-A-Tax-Law-Transformation

[cryptolegal]

Top 5 Reasons to Hire a Tax Lawyer in India

India’s tax system is complex and changes from time to time. Whether you are an individual taxpayer or a large business owner, facing tax-related legal issues can be challenging. In such a situation, a tax lawyer can help you. In this blog, we will discuss five key reasons why you should consider hiring a tax lawyer in India.

Understanding Complex Tax Laws

Tax laws in India are quite detailed and complex. There are changes in them year after year, making it difficult for the common taxpayer to understand them. An experienced tax lawyer understands every aspect related to tax very well. He helps you settle tax issues related to your business or personal income and ensures that you do not get caught in any legal hassles.

Expertise in Tax Planning and Structuring

Effective tax planning can be helpful in achieving your financial goals. Tax lawyers prepare the right tax structure based on your income and business so that you can save taxes. They take full advantage of various tax laws and exemptions during tax planning so that you enjoy maximum financial benefits.

Resolving Tax Disputes

Many times, notices from the tax department or other tax-related disputes arise. In such a case, you need an expert who can help resolve these matters. A tax lawyer appears before the tax department on your behalf, handles all the legal documents, and looks for the best solution for you. If the matter goes to court, he fights the legal battle to protect your rights.

Resolving Complications Like GST and TDS

Compliance with GST and TDS is mandatory for all businesses in India. But complying with them is not always easy. Even the smallest mistake can have serious consequences. A tax lawyer not only helps you comply with all the rules related to GST and TDS but also keeps all the tax matters of your business organised. This keeps you away from legal complications and keeps your tax process running smoothly.

Advice in International Tax Matters

If your business is spread internationally, then international tax rules and complexities can trouble you. In such cases, an experienced tax lawyer can help you. He advises you according to international tax laws so that you avoid any kind of legal hassles.

Conclusion

Hiring a tax lawyer in India can be a wise investment, especially if you want to avoid legal issues related to tax and make the most of your financial resources. A tax lawyer not only helps you with tax planning and structuring but also provides you with legal protection and dispute resolution.

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[jefaccounting]

Maximizing Your SMSF: How an Expert Accountant Can Help You Thrive

1. Introduction to SMSF and Why It Matters

Self-managed superannuation funds (SMSFs) are a powerful financial vehicle for those looking to take control of their retirement planning. Unlike traditional super funds, SMSFs offer a level of control and customization that allows individuals to tailor their investments to their specific needs and goals. However, with this control comes a heightened level of complexity. To truly unlock the potential of your SMSF, working with a qualified SMSF accountant is not just advisable—it’s essential.

2. The Critical Role of an SMSF Accountant

An SMSF accountant doesn’t just handle paperwork; they play a strategic role in ensuring the compliance and efficiency of your fund. They are responsible for managing financial records, completing tax returns, and ensuring your fund complies with Australian tax laws. With frequent changes in regulations, having an expert guide can prevent costly mistakes and ensure you’re leveraging your fund to its full potential.

3. Why SMSF Compliance is Non-Negotiable

Compliance is at the heart of any successful SMSF strategy. The Australian Tax Office (ATO) has stringent rules governing SMSFs, and non-compliance can result in significant penalties. An SMSF accountant ensures that your fund is not only compliant but also positioned to maximize tax benefits and avoid unnecessary risks. Regular audits, timely tax returns, and adherence to legal guidelines are crucial to the long-term health of your SMSF.

4. How an Expert Accountant Maximizes Tax Efficiency

One of the most significant advantages of managing an SMSF is the opportunity for tax savings. An SMSF accountant can strategically manage your investments to minimize your tax liabilities. From structuring investment portfolios to take advantage of tax concessions to navigating complex regulations, a skilled accountant ensures that your fund operates in the most tax-efficient manner possible. If you’re looking for broader expertise, a tax accountant in Hornsby can further optimize your financial structure.

5. Strategic Investment Advice Tailored to Your Needs

SMSFs allow for greater control over your investment choices, but this freedom can also lead to missteps without proper guidance. A knowledgeable SMSF accountant can provide strategic advice, ensuring that your investments align with your long-term financial goals. They can also help you diversify your portfolio, reducing risk while maximizing returns. Their expertise in areas like property investment, shares, and even collectibles can be invaluable.

6. Navigating the Complexities of SMSF Auditing

Each SMSF must undergo an annual audit, which can be a daunting process without the right expertise. A professional SMSF accountant not only prepares your financial statements but also liaises with independent auditors to ensure a seamless audit experience. By staying on top of this process, they mitigate any potential compliance issues and ensure that your fund remains in good standing with regulatory bodies.

7. The Benefits of Corporate Bookkeeping in SMSF Management

Accurate bookkeeping is the cornerstone of a well-managed SMSF. Managing contributions, payouts, and investments requires precise record-keeping. Leveraging corporate bookkeeping services can streamline the administrative burden of your SMSF, leaving you more time to focus on growing your investments. An expert accountant ensures your fund’s finances are meticulously tracked, which is essential for compliance and long-term growth.

8. How Taxation Services Enhance Your SMSF Strategy

Tax planning for SMSFs requires a deep understanding of taxation laws and benefits. Engaging a specialized taxation advisor ensures that you are taking full advantage of available concessions. From tax returns to capital gains management, SMSF accountants provide insights that can significantly improve the tax efficiency of your investments. Their comprehensive understanding of taxation services ensures no opportunities for savings are missed.

9. Preparing for Retirement: The Long-Term View

One of the main reasons individuals opt for an SMSF is to have more control over their retirement funds. An experienced SMSF accountant works with you to create a long-term financial strategy that ensures your fund grows sustainably. From managing pension phase transitions to ensuring your investments are retirement-ready, their advice helps you achieve financial independence when it matters most.

10. Tax Accounting Services for Small Business Owners with SMSFs

Small business owners often use SMSFs as part of their retirement strategy. If you’re a business owner, it’s essential to find an accountant experienced in tax accounting for small business who also understands SMSFs. These dual expertise areas ensure that both your business and your retirement fund are optimized for tax efficiency and financial growth.

11. Avoiding Common SMSF Mistakes

Managing an SMSF independently can lead to common pitfalls, including misinterpreting compliance rules or failing to maximize investment opportunities. A seasoned SMSF accountant can help you avoid these errors by offering ongoing advice, keeping up with regulatory changes, and ensuring that your investment strategy remains on course. Their role is as much about preventing financial missteps as it is about maximizing growth.

12. Final Thoughts: Thriving with Expert Guidance

Maximizing the potential of your SMSF requires more than just financial savvy—it demands expert advice and strategic planning. By partnering with a skilled SMSF accountant, you ensure that your fund remains compliant, tax-efficient, and aligned with your long-term goals. The right accountant provides not just peace of mind but a pathway to financial success and security in your retirement years.

[ezbuzz]

Traditional Accounting vs. Modern Accounting: The Wake-Up Call into a Vibrant Financial Future

The shift from traditional accounting to modern accounting in this ever-changing business environment is huge. The main differences and advantages of both approaches should be known as every business is trying to survive the race against change and rapidly advancing technological change. Now, the blog will describe the major differences and advantages of traditional versus modern accounting, along with the benefits of technology in revolutionizing financial management.

Traditional accounting: A Tested approach

Traditional accounting, sometimes referred to as manual accounting, is primarily based on physical records and paper ledgers, with human effort required to record and process financial transactions. It has been the bedrock of financial management for more than 100 years, marked by meticulous record-keeping and hands-on analysis.

Characteristics of Traditional Accounting

Manual Processes:

Data entry, calculations, and reconciliations are manually done and involve a lot of time and labor. Physical Records:

Periodic Reporting:

Financial reports are prepared periodically, monthly, quarterly, or yearly, thus it causes delays in decision-making.

Access is Limited:

The accessibility to financial information is limited to the office's physical presence, it is very problematic to access remotely.

Prone to Errors:

Manual data entry creates a lot of possibility for human mistakes, which can compromise the accuracy and dependability of financial records. 

While traditional accounting is quite dependable, with processes established over time, it requires greater efficiency, scalability, and exposure to real-time data.

This is where modern accounting comes in, using technology in fast-tracking and bettering financial management.

Modern Accounting: Embracing Technological Advancements

Modern accounting, otherwise known as computerized or cloud-based accounting, incorporates sophisticated software and digital tools that make financial processes automatic. This ensures that information is delivered accurately, quickly, and in real-time. This revolutionizes the way businesses handle their finances and offers several advantages over traditional methods.

Features of Modern Accounting:

Automation:

Routine tasks such as data entry, invoicing, and reconciliation are automated to reduce workload and minimize human errors.

Digital Records:

This ensures that all financial data gets stored electronically for ease of retrieval, security of the data storage, and efficient management.

Real-Time Reporting:

New accounting software provides real-time financial reports and dashboards, ensuring that every decision is proactive and the insights are timely.

Cloud Accessibility:

Cloud Accounting empowers access to financial data from any part of the world, thereby ensuring collaboration, ease, and flexibility.

Enhanced Accuracy:

The next generation of technology algorithms and artificial intelligence (AI) technologies improve the accuracy of financial data and reduce the chance of errors.

Bridging the Gap: 

Integrating Traditional and Modern Methods of Accounting

Though modern accounting has several advantages, the shift from traditional methods is still intricate and time-consuming. Businesses can fill this gap by integrating traditional practices with modern technology to get the best of both worlds.

Integrating Traditional and Modern Accounting: Steps

Assess Current Processes:

Analyze the current accounting practices and spot which processes could be automated or digitized.

Choose the Right Software:

Choose accounting software that will serve the needs of your business by providing automation, cloud access, real-time reporting, and other relevant features.

Train Your Team:

Provide strong training to all those involved with accounts to make a seamless transition to the latest tools and techniques of accounting.

Maintain Data Security:

Establish a proper cyber-security framework to safeguard sensitive financial data now stored in digital formats.

Monitor and Adapt:

Keep monitoring the effectiveness of the integrated approach and make the proper adjustments to achieve optimum financial management.

Conclusion

The evolution from traditional to modern accounting is much more than a technological shift; rather, it represents a sea change in how a business handles the financial aspects of its operations, makes decisions, and plans for its future. It is this benefit of modern accounting, together with the foundational principles of traditional methods, that shall keep businesses in a harmonious balance toward efficiency, accuracy, and growth. In this regard, the union between traditional and modern accounting will hugely shape the financial future to be dynamic and prosperous in the modern world.

Welcome to EzBuzz. Bookkeeping and accounting provide CPA businesses with unique problems and complexities. Welcome to Ezbuzz, a CPA firm that can handle all of your accounting needs. EzBuzz, with its strong dedication to excellence and considerable industry experience, provides a wide range of services to both enterprises and individuals, including bookkeeping and accounting, payroll processing, MIS reporting, inventory management, and internal auditing.

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Financial Thinking

We are your trusted partner in taxation, payroll, accounting, and bookkeeping services Financial services hub in bangalore , dedicated to simplifying your financial life and helping you achieve your financial goals

[serviceplus123]

Serviceplus is a dynamic digital marketing agency offering a wide range of services including IT support, taxation solutions, and ERP software. Our team of experts is committed to helping businesses succeed in the digital world by providing customized marketing strategies, advanced tech support, and efficient resource planning systems. At Serviceplus, we blend innovation with expertise to boost your business and ensure smooth operations in all areas.

[mahosop]

Navigating Excellence: Essential Accounting and Taxation Services in the UAE

In the bustling economic hub of the United Arab Emirates (UAE), businesses thrive amidst a landscape of opportunity and innovation. Central to their success are reliable accounting and taxation services, which play a pivotal role in ensuring compliance, financial transparency, and strategic growth. In this blog post, we explore key services and providers that are integral to the business ecosystem in the UAE, particularly focusing on Abu Dhabi and Dubai.

1. Accounting Services in UAE

Accounting services in UAE form the cornerstone of financial management for businesses across all sectors in the UAE. From startups to multinational corporations, professional accounting services encompass a wide range of crucial functions. These include financial reporting, bookkeeping, payroll management, budgeting, and cash flow analysis. By outsourcing accounting tasks to specialized firms, businesses can streamline operations, maintain accuracy in financial records, and make informed decisions based on real-time data.

Choosing the right accounting service provider involves evaluating their industry expertise, technological capabilities, and commitment to compliance with UAE regulations. Whether your business operates in Dubai’s bustling commercial district or Abu Dhabi’s thriving corporate sector, reliable accounting services are essential for sustainable growth and operational efficiency.

2. Accounting Firms in UAE

The UAE hosts a diverse array of accounting firms in UAE, each offering unique strengths and tailored solutions to meet the specific needs of businesses. These firms range from boutique practices specializing in niche industries to multinational firms with extensive global networks. When selecting an accounting firm, consider factors such as their reputation, track record, range of services, and ability to provide personalized attention to clients.

Collaborating with a reputable accounting firm ensures adherence to international accounting standards and local regulatory requirements. Beyond compliance, these firms offer strategic insights, financial advisory services, and support in navigating complex financial landscapes. Whether you require assistance with audit preparations, financial planning, or mergers and acquisitions, partnering with the right accounting firm can empower your business to achieve its goals with confidence.

3. Accounting Firms in Abu Dhabi

As the capital of the UAE, Abu Dhabi boasts a thriving business environment characterized by rapid economic development and strategic initiatives. Accounting firms in Abu Dhabi cater to a diverse clientele, including government entities, multinational corporations, and SMEs. These firms provide comprehensive accounting services tailored to meet the unique regulatory and operational challenges of businesses in the region.

Selecting an accounting firm in Abu Dhabi involves assessing their local market knowledge, understanding of government regulations, and ability to deliver timely and accurate financial reporting. Whether your business is involved in sectors such as energy, construction, or finance, partnering with a reputable accounting firm in Abu Dhabi ensures compliance and enhances financial transparency.

4. Taxation Services

Navigating taxation regulations is critical for businesses operating in the UAE’s dynamic economic landscape. Taxation services encompass a wide range of expertise, including VAT advisory, corporate tax planning, compliance reviews, and tax optimization strategies. Professional tax consultants assist businesses in understanding their tax obligations, minimizing tax liabilities, and optimizing financial efficiency.

By leveraging taxation services, businesses can mitigate risks associated with non-compliance, capitalize on available tax incentives, and maintain sustainable growth. Whether you’re establishing a new venture or expanding your operations in Dubai or Abu Dhabi, proactive tax planning and advisory services are essential for achieving long-term financial success.

5. Best ICV Providers in Dubai

In line with the UAE’s commitment to economic diversification and sustainable development, the In-Country Value (ICV) program plays a crucial role in promoting local procurement and enhancing the competitiveness of businesses. Best ICV providers in Dubai are recognized for their contributions to the local economy through job creation, knowledge transfer, and value-added activities.

Identifying the best ICV providers involves evaluating their ICV certification levels, industry reputation, and compliance with government regulations. These providers offer a wide range of goods and services across various sectors, including manufacturing, construction, and technology. By partnering with certified ICV providers in Dubai, businesses can demonstrate their commitment to sustainability, contribute to local economic growth, and access preferential treatment in government procurement processes.

In conclusion, accounting and taxation services form the bedrock of financial stability and strategic growth for businesses in the UAE. Whether you’re seeking comprehensive accounting solutions, specialized tax advisory services, or partnerships with certified ICV providers in Dubai, investing in professional expertise is essential for navigating the complexities of the UAE business landscape. By choosing trusted service providers, businesses can unlock opportunities, achieve regulatory compliance, and propel their growth in one of the world’s most dynamic markets.

[akmglobalcanada]

[acquisory]

An Insight – Taxation (Second Amendment) Bill, 2016

Overview:

In order to bring more clarity and to capture the possible concealing black money, the Taxation Laws (Second Amendment) Bill, 2016 (“the Bill”) was introduced in Parliament to amend the provisions of the Income Tax Act, 1961 (Act) to ensure that defaulting assesses are subjected to tax at a higher rate and with stringent penalty provision. It is observed that evasion of taxes deprives the nation of critical resources which could enable the Government to undertake anti-poverty and development programmes. It also puts a disproportionate burden on the honest taxpayers who have to bear the brunt of higher taxes to make up for the revenue leakage. As a step forward to curb black money, bank notes of existing series of denomination of the value of Rs.500 and Rs.1000 [Specified Bank Notes(SBN)] have been recently withdrawn by Reserve Bank of India.

Further, in the wake of declaring specified bank notes “as not legal tender”, there have been suggestions from experts that instead of allowing people to find illegal ways of converting their black money into black again, the Government should give them an opportunity to pay taxes with heavy penalty and allow them to come clean so that not only the Government gets additional revenue for undertaking activities for the welfare of the poor but also the remaining part of the declared income legitimately comes into the formal economy.

Thus to make this transformation government decided to amend the existing tax laws and introduced The Taxation Laws (Second Amendment) Bill, 2016 in Lok Sabha on November 28, 2016. It seeks to amend the Income Tax Act, 1961 and Finance Act, 2016.

Proposed Amendments:

· The Bill proposes to introduce the Pradhan Mantri Garib Kalyan Yojna, 2016. Under the scheme, taxpayers may declare undisclosed income possessed in the form of cash or deposited in banks, post offices, or Reserve Bank of India before a notified date. The declarant under this regime shall be required to pay tax @ 30% of the undisclosed income, and penalty @10% of the undisclosed income. Further, a surcharge to be called ‘Pradhan Mantri Garib Kalyan Cess’ @33% of tax is also proposed to be levied.

· In addition to tax, surcharge and penalty (totaling to approximately 50%), the declarant shall have to deposit 25% of undisclosed income in a Deposit Scheme to be notified by the RBI under the ‘Pradhan Mantri Garib Kalyan Deposit Scheme, 2016’. This amount is proposed to be utilised for the schemes of irrigation, housing, toilets, infrastructure, primary education, primary health, livelihood, etc., so that there is justice and equality.

· The declarations of undisclosed income made under the Yojana will not be used as evidence under provisions of any other law, except certain laws including: (i) the Prohibition of Benami Property Transactions Act, 1988, (ii) the Prevention of Money Laundering Act, 2002, (iii) the Unlawful Activities (Prevention) Act, 1967, (iv) the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, (v) the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992.

· Disclosure of unexplainable income: Currently, a tax is levied when the taxpayer is not able to explain any of his income. The Bill proposes to: (i) increase the tax rate and surcharges levied on such income, and (ii) levy of a penalty. The proposed changes are:

Change in taxes on unexplained income

· Income found during search of taxpayer’s assets: Currently, the income tax assessment authorities may initiate an investigation and search of assets of a taxpayer on the suspicion of possessing undisclosed income. In the case of such a search, in addition to the tax payable, an additional penalty will be levied. The penalty will be levied at a higher rate if the taxpayer does not admit to possession of undisclosed income found in the search. The Bill proposes to increase the penalties as prescribed:

Penalties on undisclosed income found during a search

Miscellaneous Provisions:

· No deduction in respect of any expenditure or allowance or set off of any loss shall be allowed against the income in respect of which a declaration is made.

· A declaration under sub-section (1) of section 199C shall be made by person competent to verify the return of income under section 140 of the Income Tax Act, to the Principal commissioner or the Commissioner notified in the official Gazette for this purpose and shall be in such form and verified in such manner, as may be prescribed.

· The tax and surcharge payable under section 199D and penalty payable under Section 199E in respect of undisclosed income, shall be paid before filing of…

Read more: https://www.acquisory.com/ArticleDetails/24/An-Insight-%E2%80%93-Taxation-(Second-Amendment)-Bill_-2016