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Anyone wanting any kind of professional services regarding income tax, sales tax, vat, Certification, Consultancy, etc can approach me via e-mail. Guidance for students also available.  Services can be provided online wherever possible.

Notified Cost Inflation Index for Financial Year 2013-14 / Assessment Year 2014-15 : 939

Financial Year Cost Inflation Index Financial Year Cost Inflation Index

1981 – 82 : 100 1997 – 98 : 331
1982 – 83 : 109 1998 – 99 : 351
1983 – 84 : 116 1999 – 00 : 389
1984 – 85 : 125 2000 – 01 : 406
1985 – 86 : 133 2001 – 02 : 426
1986 – 87 : 140 2002 – 03 : 447
1987 – 88 : 150 2003 – 04 : 463
1988 – 89 : 161 2004 – 05 : 480
1989 – 90 : 172 2005 – 06 : 497
1990 – 91 : 182 2006 – 07 : 519
1991 – 92 : 199 2007 – 08 : 551
1992 – 93 : 223 2008 – 09 : 582
1993 – 94 : 244 2009 – 10 : 632
1994 – 95 : 259 2010 – 11 : 711
1995 – 96 : 281 2011 – 12 : 785
1996 – 97 : 305 2012 - 13 : 852

Guys u all can post some CA related stuffs here

Recent Update on GST :

On Goods and Service Tax (GST) front, there is now some news to cheer about. The Empowered Committee of State Finance Ministers which met for two days on 28-29 January, 2013 cleared the major hurdles in introduction of GST. However, we are not still sure as to whether it could come in 2014 or even later. Now the onus is on the Parliament to quickly clear the Constitutional Amendment Bill, 2011 which is now almost two years old.  The Centre and the states last week crossed one major hurdle in the way of Goods & Services Tax (GST) by agreeing to a compensation formula for the Central Sales Tax (CST).

A sub-committee of the Centre and states recommended 100 per cent compensation to states for a cut in CST from four per cent to two per cent for 2010-11, 75 per cent for 2011-12 and 50 per cent for 2012-13, respectively and as a result, Centre will now have pay Rs. 34,000 as CST arrears to states.

The Central Government has now agreed to make changes to the Constitution Amendment Bill for GST. In a deviation from its earlier stand, it gave consent to a phased roll-out of GST like the Value Added Tax (VAT). This means that only willing states could embrace the new indirect tax system from the beginning.

States will have the flexibility to opt out of GS. Instead of its earlier proposal for a uniform GST rates across the country, the Government has also agreed to have a floor rate of taxation with a narrow band. Thus, GST rates could be in a range or a band to provide flexibility to states. There is also a broad consensus on GST design. States which don’t want GST can opt out and a provision will be inserted in the Bill.

On the flip side, however, there are certain concerns expressed by some states. Given the Indian federal structure, while the top most concern is of fiscal autonomy of the states, it is also feared that states may not be able to generate required funds for various developmental works. Further, there should not be dual authority for the same tax. Also in some states, there are peculiar local taxes such as purchase tax, mandi tax, infrastructure development cess, coal cess, mining cess or royalty etc. There is a need to have a clarity and consensus on whether such taxes be subsumed in GST.  Ideally yes. Economically, states have an issue as every tax is going to be subsumed in GST and states may loose on account of such taxes. How centre and states are going to address this is still not certain. GST would become a dream tax only if it is a simple and comprehensive tax leaving no room for any confusion or bottleneck leading to any inconsistency.


GST : What Next

—  Time to wrap up loose ends

—  Not likely before 2014 LS elections

—  Constitutional Amendment Bill , 2011 – Report of Standing Committee in this Budget session, passage by winter session 2013

—  GST rate – band may be introduced

—  Consensus  at Empowered Committee on GST

—  Agreement on CST Compensation (Rs. 34000 crore)

—  Agreement on dropping Dispute Settlement Body

—  GST may be introduced in phases. States to decide / opt out

—  Petroleum products under GST

—  Alcohol products outside GST

—  Sates empowered to raise rates in case of distress

In meeting of Empowered Committee of State Finance Ministers in February 2013, Finance Minister has mandated the Committee to get the draft on new GST law ready. The issue of CST compensation is also being addressed with suitable budgetary provisions. Since there is no firm date on introduction of GST, states want to have clarity on CST for 2013-14 and its compensation. The Empowered Committee has broadly agreed to amendments in the Constitution.

Not only GST is expected to change the complexion of indirect taxation in India, it will also bring down the prices of goods and services across the board. The consensus among the states (>30) and between the Centre and states hold the key. Once consensus is reached, GST may see the light of the day in a year's time, even during any time of the year, it being a transaction based tax.

While there is no doubt that GST must see the light of the day, the sooner the better, it should also address the problems in present day taxation i.e., it should seek to achieve rationalization, boost transparency, offer flexibility to and states and broaden the much needed tax base. If GST comes into operation, it would achieve the status of integrated and most comprehensive set off tax structure in India leading to enhanced economic activities and tax buoyancy. GST would offer a complete set off and there will be no tax cascading effect as there will be no tax on tax, an ideal proposition for all. Even the Government won't mind as tax revenues would go up substantially (VAT is a live case).

It is felt that GST may seem to be a reality, if not in 2014, it may surely be in place after the next general elections. The key lies in broad consensus, on simple tax law and commitment of States to a comprehensive tax law which may be a watershed tax reform of the century which our generation will witness. The GST should be a win-win proposition for all- government, trade & industry and consumers.

A good story to start my Community with.

Imagine there is a bank that credits your account each morning with $86,400.

It carries over no balance from day to day. Every evening deletes whatever part of the balance you failed to use during the day.

What would you do?

Draw out every cent, of course!!!

Each of us has such a bank. Its name is TIME.

Every morning, it credits you with 86,400 seconds. Every night it writes off, as lost, whatever of this you have failed to invest to good purpose. It carries over no balance. It allows no overdraft. Each day it opens a new account for you. Each night it burns the remains of the day. If you fail to use the day’s deposits, the loss is yours.

There is no going back. There is no drawing against the “tomorrow”. You must live in the present on today’s deposits. Invest it so as to get from it the utmost in health, happiness, and success!

The clock is running. Make the most of today.

To realize the value of one year,
ask a student who has failed his final exam.

To realize the value of one month,
ask the parent of a premature baby.

To realize the value of one week,
ask the editor of a weekly newspaper.

To realize the value of one day,
ask a daily wage laborer who has a large family to feed.

To realize the value of one hour,
ask lovers who are waiting to meet.

To realize the value of one minute,
ask a person who has missed the train, the bus, or a plane.

To realize the value of one second,
ask a person who has survived an accident.

To realize the value of one millisecond,
ask the person who has won a silver medal at the Olympics.

Treasure every moment that you have! And treasure it more because you shared it with someone special, special enough to spend your time. And remember that time waits for no one.

Author Unknown

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Rajya Sabha is slated to take up Company's Bill for discussion tomorrow.

Rail Budget Today!!
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