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«Young Global Publications Sales & Marketing: D-22, Ganesh Nagar, Pandav Nagar Complex, Delhi 110 092. Phone: 011-22486290, 23324142, 23324153, ...»

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All India Taxes

Ready Referencer

Young Global Publications

Sales & Marketing:

D-22, Ganesh Nagar, Pandav

Nagar Complex, Delhi 110 092.

Phone: 011-22486290, 23324142, 23324153, 23319665

Email: info@youngglobals.in

Website: www.youngglobals.com

All India Taxes

Ready Referencer


CA Alok Kumar Agarwal

CA Shailendra Kumar Mishra

Young Global Publications

© All Rights Reserved

Printing and publishing rights with the publishers

Published: July 2013 ISBN: 978-81-923352-8-5 Price: `695 The law stated in this book has been amended by the Finance Bills of all states for the year 2013.

Published by:

Young Global Publications,

Sales & Marketing:

D-22, Ganesh Nagar, Pandav Nagar Complex, Delhi 110 092.

Phone: 011-22486290, 23324142, 23324153, 23319665 Email: info@youngglobals.in Website: www.youngglobals.com

Designed and Typesetted by:

Addon Digital Services www.addondigital.com Every effort has been made to avoid errors or omissions in this publication. In spite of this, errors may creep in. Any error or omission from this publication and results arising out of such errors or omissions shall not be the responsibility of the authors. It is notified that neither the publisher nor the author or seller will be responsible for the results of any action taken on the basis of the information in this publication.

No person should rely on the contents of this publication without first obtaining advice from a qualified professional.

No part of this book may be reproduced or copied in any form or by any means (graphic, electronic or mechanical, including photocopying, recording, taping or information retrieval systems) or reproduced on any disc, tape, perforated media or other information storage device, etc., without the written permission of the publishers. Breach of this condition is liable for legal action.

For binding mistake, misprints or for missing pages etc. the publisher’s liability is limited to replacement within one month of purchase by similar edition. All expenses in this connection are to be borne by the purchaser.

All disputes are subject to Delhi Jurisdiction only.

About the Authors CA Alok Kumar Agarwal (Chartered Accountant) CA Alok Kumar Agarwal is a talented professional with carrying the credit of Author of a Book namely “ALL INDIA VAT READY RECKONER”. He has graduated in Commerce from St.

Joseph’s College, Darjeeling and is a fellow member of the Institute of Chartered Accountants of India. He came into practice after finishing his CA and has successfully delivered good results for the clients with whom he shares a very good understanding and works as a partner.

CA Alok, founder member of ASC Group, is an eminent name in the field of Finance, Corporate Taxation and Business Advisory Services, having eighteen years of experience in the sphere.

Mr. Agarwal has diversified experience as a practicing CharteredAccountant in fields of finance such as VAT, Service Tax, Excise, customs, Direct Tax, Company Laws, Auditing, Corporate finance, RBI regulations for setting up business in India etc. A great believer of use of technologies in professional services and creation of multi-disciplinary mega firm to provide one stop solution for all corporate needs, he is recognized for his out-of-box thinking and innovative approach.

He is a prolific speaker and has delivered lectures and talks on various forums on many topics concerning complex issues on VAT and other tax related matters. He shares a healthy attitude and mentality towards corporate and legal problems, and uses his keen sense of logical thinking and problem solving skills to decipher the alleged tribulations in the on-going industry. Besides being proficient in his fields of practice, he is a thoughtful leader and a research oriented person which enabled him to develop team of 125+ members.

CA Shailendra Kumar Mishra (Chartered Accountant) CA Shailendra Kumar Mishra is an enthusiastic professional with an ability to get a core understanding of the client’s needs and providing the best solutions for it. He came into practice straight after qualifying his Chartered Accountancy exams and since then he has worked as one of the core team members of ASC Group.

CA Shailendra’s work exposure helps him to give the solutions to the client in all the areas involving Direct Taxes, Indirect Taxes and other matters relating of finance and setting up of business. While he handles all the issues of the clients at ease, but his core expertise and keen interest lies in handling issues related to Direct Taxes including International Taxation and Transfer Pricing. In a very short span of time, he has taken over the position of HOD in the area of Direct Taxes of the group. He has gained a rich experience dealing with the International Taxation and Transfer Pricing related issues of the clients. He delivers effective and best solutions for the complex issues relating to the business models of the clients. He mostly prefers consultancy and guidance work through review of documents from preliminary stage, final drafting of documents, guidance on preparation of documents, appeals and presentation.

About ASC Group 

Who we are 

ASC  Group,  a  Delhi‐NCR  based  firm,  started  its  journey  way  back  in  1995  with  the  formation  of  AlokSinhal& Co, a Chartered Accountant firm, registered with the Institute of Chartered Accountants of  India (ICAI).It has been a voyage of 18 years since we begun and now we stand diversified in service and  nature  but  united  in  innovation  &  improvement.ASC  group  is  a  team  of  Chartered  Accountants,  Company  Secretaries,  Advocates,  MBA's  and  other  professionals  who  are  involved  in  providing  consultancy  to  our  clients  in  various  financial,  business  and  other  Tailor‐made  issues.ASC  follows  the  policy  of  departmentalization  for  different  expertise  areas  by  creating  different  entities  and  separate  teams for the clients for their tailor made issues. ASC group has diversified its business into 4 different  entities for providing different specialized services to its clients. Each entity of the group is specialized in  providing services a different area of expertise. 


ASC  Group  is  established  with  a  Vision  of  Growth,  both  Vertically  &  Horizontally  and  a  Mission  of  providing  Comprehensive  range  of  Services  to  its  Clients  in  an  efficient  and  cost  effective  manner.We  have a stated policy of ensuring high quality services to each client ranging from small business unit to  giant  multinational  company  located  within  or  outside  India.  This  is  achieved  by  bringing  professional  and analytical skills to an assignment which we have developed through strong academic background,  regular  internal  training,  continuing  professional  education  and  engagement  experience  of  our  personnel. 


Since  1995,  ASC  Group  has  expanded  from  two  persons  in  to  a  team  of  more  than  125  people.  ASC  Group is a renowned group for its services in Delhi‐NCR and is continuously spreading its wings in other  cities and countries as well.ASC Group has continuously added new vertical every year by adding new  services  in  its  scope  of  providing  services  by  professional  education  and  hiring  new  and  experienced  staff  for  the  required  field.ASC  Grouphas  team  specializing  in  different  areas  who  are  involved  in  managing  the  work  of  particular  client.  Diverse  nature  of  quality  and  specialized  services  provided  makes it a single window shop for its clients. 

–  –  –

Value Added Tax (VAT), stamp duty, State Excise, land revenue and tax on professions are levied by the State Governments. Local bodies are empowered to levy tax on properties, octroi and for utilities like water supply, drainage etc.

In last 10-15 years, Indian taxation system has undergone tremendous reforms. The tax rates have been rationalized and tax laws have been simplified resulting in better compliance, ease of tax payment and better enforcement. The process of rationalization of tax administration is ongoing in India.

Various books has been written on the subjects concerning Income Tax, Excise, Service Tax, VAT, and other local and central taxes levied in India. But most of them cover only one of the above mentioned areas of taxation and are very technical in nature. Some writers have tried to cover these aspects in a single book but in a much summarized form. Thus, it was a long felt need for a comprehensive book in which all the taxes can be explained in an understandable manner for the readers.

The purpose of this book is to give an insight of overall knowledge of all types of taxes that are prevailing in India. This book is to educate those people who want to get a basic knowledge of how to start business in India and what all taxes should be kept in mind while commencing the business.

The readers of this book will be able to know the structure of each and every taxation department and the remedies available to them against these authorities.

This book is mainly meant for those people who are sitting at the position of Chief Operating Officers and financial controllers of multinational companies, individuals who wants to commence their own business in India and to individuals who wants to have a basic knowledge of each and every tax in India. This Book does not cater to the needs of the professionals who are looking for solutions for very technical problems as this book is limited to the basic concepts of all the taxes in India. The main essence of this book is that the topics covered are organized in such a manner so as to help a reader to clearly understand the procedures involved in the every taxation structure in India.

viii All India Taxes – A Ready Referencer Acknowledgements I would like to express my sincere thanks for the cooperation of my co-writer Mr. Shailendra Kumar Mishra and also present my gratitude to Advocate Deepak Kumar Dass, CA Nitin Agarwal, CA Kapil Agarwal, CS Mohit Nagar and Vikas Goyal for their continuous support in the process of writing this book.

In setting and bringing out such a project as this, the possibility of errors and omissions cannot be ruled out. Therefore, we expect a valuable feedback from the learned readers, bringing to our notice any mistake, omission or discrepancy that might have crept therein despite our sincere efforts to avoid them. The suggestions shall be most welcomed to boost our morale and to go ahead to improve overall quality of the book in the forthcoming editions.

Kindly revert us at info@ascgroup.in Wishing all the readers enjoyable reading!

–  –  –

India, officially the Republic of India is a country in South Asia. It is the seventh-largest country by area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world. Bounded by the Indian Ocean on the south, the Arabian Sea on the south-west, and the Bay of Bengal on the south-east, it shares land borders with Pakistan to the west; China, Nepal, and Bhutan to the north-east; and Burma and Bangladesh to the east. In the Indian Ocean, India is in the vicinity of Sri Lanka and the Maldives; in addition, India›s Andaman and Nicobar Islands share a maritime border with Thailand and Indonesia.

India is a country of ancient times having unlimited natural resources. Its ancient culture, the rivers, mountains and vegetation, not to forget its exotic spices, make the country a wonderful place to visit or to live or to business.

The Republic of India is the third largest Asian economy after China and Japan. Among the major emerging markets, India ranks second in terms of economic growth with the IMF forecasting a GDP growth rate of 6.9 percent for 2012. India is the second most populous country in the world;

approximately thirty percent of the country’s 1.2 billion inhabitants reside in urban areas. India’s industrialized economy encompasses diverse manufacturing sectors (steel production, oil and gas refining, auto, plastics, textiles) while also including traditional village farming, modern agriculture, and handicrafts. Services, especially information technology, are the major source of economic growth, accounting for more than half of India’s output with less than one third of its labour force, which is currently estimated to be 457 million workers In response to ongoing security concerns, Indian government policies have mitigated terrorist attacks and crime. The increased security presence in urban areas combined with conservative monetary and fiscal policies has allowed India to become one of the more stable economies in the region and thereby lessened the impact of the ongoing global economic downturn The private sector provides an estimated 90% of jobs in developing economies. Where government policies support a dynamic business environment with firms making investments, creating jobs and increasing productivity all people have greater opportunities. A growing body of evidence suggests that policy makers seeking to strengthen the private sector need to pay attention not only to macroeconomic factors but also to the quality of laws, regulations and institutional arrangements that shape daily economic life.

Political profile of India Government Type Democratic Republic with a Parliamentary system of Government.

–  –  –

Constitution The Constitution of India came into force on 26th January 1950. The Constitution of India is the source of the legal system in the country.

–  –  –

Executive Branch The President of India is the Head of State, while the Prime Minister is the Head of the Government and runs office with the support of the Council of Ministers which forms the Cabinet.

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