The wealthy are like sheep : You can fleece them many times but skin them only once

Ex Chief Economic Advisor, Arvind Subramanian in an Interview to The Economic Times published 16 April 2020 suggested the re-Introduction of Wealth Tax and I quote :”The government should consider a Solidarity Fund with a one-time annual contribution coming from the wealthy and the employees in the organised sector… The wealthy could contribute via a…More

Accounting Automation Product – Trial Version 0.1

We are an India based Accounting Automation startup. We have developed an Accounting Automation product which takes away some of the mundane accounting tasks and lets the system and a business’ external trade partners be the trigger for automated data entry and processing into an enterprise’s accounting records / ERP; all still within the your…More

TDS ON CASH WITHDRAWLS

The Finance Bill, 2019 has introduced Section 194N in the Income Tax Act 1961 to provide for TDS @2% on cash withdrawls exceeding 1 crore from one or more bank accounts. 1. According to section 4(2) of the Income Tax Act, 1961, the charging section for TDS, “income tax shall be deducted at source in…More

A suggestion : MRP Based GST Compensation Cess

I have a suggestion that can increase the GST Compensation Cess collected by Union Government as well as reduce the compliance burden of GST Compensation Cess on small and marginal traders. The place of supply rules under GST Law are important for determination and appropriation to respective states where actually consumption of goods and services…More

India – Bangladesh – China Trilateral Trade in Textiles & Garments

India enjoys a trade surplus of around 8 billion USD (India exports to Bangladesh of over 9 Billion ISD, India imports from Bangladesh less than 1 billion USD). To compensate Bangladesh for Trade Surplus, India has offered duty-free and quota free entry to Bangladesh goods under the (South Asian Free Trade Area) SAFTA agreement in…More