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loopholes

CA Abhash (Chartered Accountant) (324 Points)

21 February 2008

lets discuss out the loopholes present in our indirect taxation structure.

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10 Replies

CA. Amit Daga (Finance Controller CA. CS. CFA. CIFRS. M.COM. ) (9017 Points)
Replied 21 February 2008

yar its uncountable

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qarni (student) (1220 Points)
Replied 21 February 2008

is it helpful to ur exams

shyam (student) (544 Points)
Replied 21 February 2008

I dont think so

CA.Shaleen Srivastava (CA , CWA*, Bcom(H)) (2004 Points)
Replied 04 March 2008

oceans of loopholes present in it

Adv. S Sharma (Lawyer) (574 Points)
Replied 04 March 2008

hi plz tell some loopholes yarrrr

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pRaSoOn (Articled assistant) (500 Points)
Replied 04 March 2008

Ha ha....koi shuruat to karo....lots of loopholes lots of loopholes....discuss atleast 10 of them....i dun know any....

Adv. S Sharma (Lawyer) (574 Points)
Replied 05 March 2008

hi arre yar tell me atleast one, atleast start, Ok lets satrt with Mr. C A Amit Daga, Abahash, Qarni and specially Shallen (Oceans of loopholes)

pRaSoOn (Articled assistant) (500 Points)
Replied 05 March 2008

Ha ha...nice 1 sachin...i clearly say i dun know any but i would like to know 1...

(Guest)

The recent amendment in Budget, removing theGoods Transport Agency from Output Service is a loophole. Unless, a person is registered, he cannot make payment. For newly started company, if, it is using any freight services, being seven category person, as the tax has to be paid by him, he must go and register. When, such service is removed from the list of output services, and there is no special provision for registration under Registration of Special Category Person Rules, 2005 to provide for the registration. New companies can challenge and take the advantage of this koophole

(Guest)

In VKGUY scheme, the EOUs are eligible to claim the benefit if the said EOU is not claiming Direct Tax Benefit. This is to avoid dual benefit on a single transaction. The concept is fine. If the assessee claims Direct Tax benefit and claims VKGUY also, who knows......VKGUY is by DGFT and Direct Tax benefit is by Income Tax. I do not think, there is a link between this two depts.