Khanolkar & Associates has been based in Pune for the past 20 years and primarily deals with Income Tax & Sales Tax matters, Appeals, Registrations, Central Excise, Service Tax, Company Incorporation, IPRs, FEMA etc. Located in the heart of the city, we have catered to the needs of various businesses across the length and breadth of Pune over the years. We believe that there is no one common solutions to all problems, and that every client has his own peculiar requirements and needs. Our working methodology is tailored to one that is best suited to the needs of the client and his business.
The moderate size of the firm allows every client the best of both worlds - quality of service of a big accounting firm and personal attention like that offered by a small concern.
The rates of MVAT have been changed with immediate effect from 17/09/2016 vide notification no. VAT. 1516 /CR 123/ Taxation -1 dated 16/09/16 from 5.5 % to 6% in schedule C specified entries and 12.5% in schedule E to 13.5%.
According to the Income tax act, all income arising through transfer of a capital asset situated in India, whether directly or indirectly, is deemed to accrue or arise in India, and therefore taxable in India. In the landmark Vodafone judgement, the Hon. Supreme Court held that an off-shore transfer of shares of a foreign company having underlying assets in India is not taxable in India as the situs of the company is outside India. Consequently, the government amended the Finance Act, 2012 retrospectively, stating that the situs of the shares of a foreign company will lie in India if the shares substantially derive their value from assets located within India. This only gave clarity for situs of shares of a foreign company. However, when it comes to intangible property, the Delhi High Court paved the way in the case of CUB Pty Ltd (Formerly known as Fosters Australia Ltd.) Vs. The Union of India. The issue before the court was whether the Fosters trademarks and brand owned by Fosters Australia but used in India could be said to have situs in India. The HC held that the situs of the property is where the owner of the property resides, which in this case is Australia, thus overturning the decision of the Authority for Advance Ruling (AAR)
EXEMPTION FROM CAPITAL GAIN ON SALE OF RESIDENTIAL HOUSE
Available only to Individual/HUF
House sold must be held for > 3 years
New house must be purchased 1 year before or 2 years after date of selling old house OR constructed within 3 years of selling the old house
Amount of exemption-
Amount of capital gain OR
Amount invested in purchase/construction of new house
(whichever is lower)
Service tax registration in Pune, Mumbai, Kolhapur, Nasik, Nagpur, or any other city can be obtained in 2 days, subject to submission of all required documents. Any person who provides any taxable service in excess of Rs. 9 lakh in a year, is liable to register for service tax. The actual liability to pay service tax starts after the turnover crosses 10 lakh. With the current provisions of the law, even renting of your property for commercial purposes will attract service tax. The penalties for non-compliance are severe and defaulters can also be prosecuted. List of documents required for service tax registration-
1. Copy of PAN
2. Identity proof any one of the following- Passport, Voter id, Aadhar, Driving license
3. Proof of ownership of premises such as agreement, index 2, electricity bill
4. Cancelled cheque
You can simply scan and email them to firstname.lastname@example.org. Your application will be filed on top priority.
-Registration -Post registration compliances & Returns -Scrutiny and Appeals