• Updated schedule of CGST rates on goods, as on 15.11.2017

    November 17, 2017 0
    • The CGST rates on certain goods have undergone changes since the introduction of GST. The rate changes are given effect through amending notifications issued from time to time. A need has been felt to publish a consolidated rate schedule in…...

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  • PROCESS TO FILE GSTR 2

    October 22, 2017 0
    • *STEPS TO FILE GSTR 2* 1. Log in to the GST portal with valid credentials (User Id, Password). 2. Navigate to the GSTR 2 home page through >Return Dashboard> Select Financial Year(2017-18) and Return Filing Period and click on Search…...

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  • GST-Letter of Undertaking in place of a Bond

    October 5, 2017 0
    • G.S.R….(E).- In exercise of the powers conferred by section 54 of the Central Goods and Services Tax Act, 2017, and section 20 of the Integrated Goods and Services Tax Act, 2017, sub-rule (5) of rule 96A of the Central Goods…...

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  • Edit, submit & file GSTR 3B for July 2017

    September 23, 2017 0
    • Now you can edit, submit & file GSTR 3B for July 2017 Taxpayers who have not set off their tax liability for GSTR 3B for July 2017 and have only done *‘Submit’* of their GSTR 3B, have now been given…...

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  • New e-WAY BILL SYSTEM INTRODUCED

    September 11, 2017 0
    • New e-WAY BILL SYSTEM, A system for hassle free movement of goods throughout the Country with one e-Way Bill Tax Payers may note that e-SUGAM is being withdrawn from today. Please start using e-Way Bill system ONE TIME REGISTRATION: The…...

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  • GSTR 3B-JULY 2017 LATE FEE WAIVED

    September 1, 2017 0
    • G.S.R. ( )E.:- In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby waives the late fee payable under…...

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  • GST MAY IMPACT ON DIRECT TAX COLLECTION

    September 1, 2017 0
    • Finance Minister Arun Jaitley on Wednesday said that the Goods and Services Tax (GST) is bound to impact the direct tax collection as well due to the increased detection technology and greater compliance. "To claim input tax credit under GST,…...

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  • TDS not to be deducted on GST amount

    July 19, 2017 0
    • 1. The Central Board of Direct Taxes (the Board) had earlier issued Circular No. 112014 dated 13.01.2014 clarifying that wherever in terms of the agreement or contract between the payer and the payee, the Service Tax component comprised in the…...

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  • GST NOTIFICATION ON HSN

    June 28, 2017 0
    • 8 digit coding system for HSN is not required in any case. Only 4 digit for more than 5 crore turnover. 2 digit from 1.5 to 5 cr. Below 1.5 cr no HSN...

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  • GST Fresh Registration from 25th June 2017

    June 24, 2017 0
    • The fresh registration window for GST no is going to start from 25th June 2017 for all those who do not have existing Service tax no, vat no or excise no can now directly apply for fresh GST no from 25th onwards.…...

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  • GST – ABOUT TO LAUNCH

    June 18, 2017 0
    • 1. The official launch of the GST will take place on the midnight of 30th and 1st at a function in Delhi 2. Relaxation in Return filing time-line for first 2 months: A summary return form in GSTR-3B will required…...

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  • Few clarifications issued by government on twitter

    June 4, 2017 0
    • Few clarifications issued by government on twitter: 1. There is no change in format of GSTIN and therefore provisional and final GSTIN would be same. 2. Input credit of Swachh Bharat Cess cannot be carried forward. 3. Input credit of…...

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  • Highlights of GST Council Meeting on 03/06/2017

    June 3, 2017 0
    • Finance Minister Arun Jaitley explained on the GST rates. Here are the highlights: 1. Packaged food items sold under registered trademarks to be taxed at 5 per cent. 2. GST on Agri machinery fixed at 5 per cent 3. GST…...

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  • Cases Where Input Tax Credits Not allowed

    June 3, 2017 0
    • Input Tax Credits Not allowed in Following Eleven Circumstances as per Section 17(5)- 1. Motor Vehicles and other Conveyances except when such Vehicle used for – (a) Sale of Such Vehicles or conveyance; (Like Car Dealers) (b) Transportation of passengers;…...

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  • Clarification on furnishing Statement of Financial Transaction (SFT)

    May 26, 2017 0
    • *Central Board of Direct Taxes (CBDT) Issues Clarification on furnishing Statement of Financial Transaction (SFT) & SFT Preliminary Response* Section 285BA of the Income-tax Act, 1961 requires furnishing of a Statement of Financial Transaction (SFT) for transactions prescribed under Rule…...

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  • Rules on E-way Bills

    May 26, 2017 0
    • E-Way Bills as Per New GST Rules 1) E-Way Bill will be required for movement of all goods, whether *within the state or across states*. E-way bills is even required for transport of *goods outside the GST ambit*, for example…...

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  • LOOK AT NEW FILING STATEMENT OF FINANCIAL TRANSACTIONS

    May 23, 2017 0
    • *STATEMENT OF FINANCIAL TRANSACTIONS(SFTs), replaced AIR. It's applicable on Professionals & all assesses liable to Tax Audit also* 1) Earlier the requirement of filing Annual Information Return(AIR) has now been completely replaced by Statement of Financial Transactions (SFT). 2) The…...

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  • GST Rates for Pharmaceutical Products

    May 19, 2017 0
    • GST Rates for Pharmaceutical Products : 1. NIL for Human Blood and its components 2. NiL for All types of contraceptives 3. 5% for Animal or Human Blood Vaccines 4. 5% for Diagnostic kits for detection of all types of…...

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  • GST RATES ON SOME IMPORTANT GOODS AND SERVICES

    May 19, 2017 0
    • The GST (Goods and Services Tax) Council on Friday finalised tax rates for services. Education and healthcare have been exempted from the GST regime India has finalised four tax rates that will apply to services including telecoms, insurance, hotels and…...

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  • FIRST OUTCOME OVER GST RATES

    May 18, 2017 0
    • GST RATES Clearing air over the GST rate slabs, Revenue Secratery Hasmukh Adhia said: "Nearly 81 per cent of the items will fall under below-18 per cent GST rate slabs and only 19 per cent of the goods will be…...

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  • GST Impact On Home Buyers

    May 10, 2017 0
    • 1) *Present Taxation Law*- - For Property less than 1 Crore- 75% abatement, therefore effective service tax rate is 3.75% - For Property more than 1 Crore- 70% abatement, therefore effective service tax rate is 4.50% - VAT is also…...

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  • Key changes in proposed GST bill in Lok sabha

    March 29, 2017 0
    • Major changes in proposed GST bill in Lok sabha 1.    Non-Applicability of GST Law in the State of Jammu and Kashmir: Earlier the GST Law was proposed to be applicable to J&K as well.However, in the Bill, the applicability of GST…...

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  • Road set to implement GST from 1st July 2017

    March 5, 2017 0
    • The Goods and Services Tax GST) Council, in its meeting held today in Vigyan Bhawan in New Delhi under the Chairmanship of the  Union Minister for Finance & Corporate Affairs, Shri Arun Jaitley has approved the draft CGST Bill and the…...

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  • Failure of Modi Govt. to implement GST from April 2017

    January 18, 2017 0
    • Finance Minister Arun Jaitley addressed the media on GST after today's Council meeting:- 1. The entire taxation base will be shared between the assessment and machinery of the Centre and the states. 2. Those above turnover 1.5 crores would be…...

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  • RBI EXTENDED WITHDRAWAL LIMIT

    January 16, 2017 0
    • ks / State Co-operative Banks/District Central Co-operative Banks Dear Sir, Enhancement of withdrawal limits from ATMs and Current Accounts Please refer to our circulars DCM (Plg) No. 1274, 1317, 1437 and 2142/10.27.00/2016-17 dated November 14, 21 and 28 and December…...

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  • LEGAL ASPECT OF GST MIGRATION

    January 14, 2017 0
    • LEGAL PROVISIONS RELATING TO MIGRATION OF EXISTING TAX PAAYERS Model GST Law : Sec 166. Migration of existing taxpayers to GST (1) On the appointed day, every person registered under any of the earlier laws and having a valid PAN…...

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  • Department clarified TDS on Salary

    January 8, 2017 0
    • CBDT issues circular for TDS on salary for FY 2016-17 Vide Circular No 01/2017 dated 02.01.2017; Circular contains rates of deduction of income-tax on income chargeable under the head "Salaries" and (more…)...

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  • Returns in GST – check which applicable on you

    January 7, 2017 0
    • With introduction of Goods and Services Tax in India, compliance for tax payers is set to go up. Service sector will get most effected since under current law, almost every service provider operated under centralised registration scheme wherein 2 returns…...

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  • GST REQUIRES MANAGEMENT TO REVIEW PROCESSES

    December 16, 2016 1
    • gst-update Is management aware what to do on GST? The Government of India’s has a stand to implement GST w.e.f. April 1, 2017. GST –being a composition of various taxes intended to simplify the taxation structure, will require deep understanding…...

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  • DRASTIC CHANGE IN REVISED RETURN MAY CAUSE SCRUTINY

    December 14, 2016 0
    • income-tax-press-releaseGovernment of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 14 December, 2016. PRESS RELEASE Sub: Filing of Revised Income Tax Returns by the Tax Payers Post De-Monetisation of Currency Under the existing provisions…...

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  • ICAI asked members to comply with KYC norms

    December 12, 2016 0
    • All the members of Institute of Chartered Accountants of India (ICAI), who are in practice, are hereby informed that the Council has formulated the Know Your Client (KYC) norms at it’s 356th Meeting held on 29th, 30th June and 1st…...

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  • Directions under section 119 of the Income-tax Act, 1961

    December 10, 2016 0
    • Circular No. 40/2016 Government of India Ministry of Finance Department of Revenue (CBDT) Dated – 09-12-2016 Subject: - Directions under section 119 of the Income-tax Act, 1961-regd. Recent initiatives of the Government to curb the black economy in the country…...

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  • RBI MONETARY POLICY 2016: SHOCK OR SURPRISE

    December 7, 2016 0
    • RBI Governor Urjit Patel kept the repo rate unchanged. The decision of RBI came as a shock rather surprise against market sentiments and expectations by a majority of analysts, who predicted for cut in the repo rate. • Repo rate…...

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  • Tax amount under PMGKY 2016

    December 4, 2016 0
    • Calculator for tax, penalty and amount available for use on disclosure of unaccounted money  under scheme Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) Particulars INR amount Income to be disclosed under PMGKY Scheme        500,000.00 Tax @30%        150,000.00 Surcharge…...

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  • ITO authorsied to issue notice u/s 143(2) for scrutiny

    November 18, 2016 0
    • New Rule 12E-ITO authorsied to issue notice u/s 143(2) for scrutiny . Move to create enough manpower to scrutinise income tax returns post 30-12-2016 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 105 /2016 New…...

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  • Limit of Managerial Remuneration u/s 197

    November 16, 2016 0
    • Limit of Managerial Remuneration u/s 197 If Company having no Profit or inadequate profits, it may without central government approval not exceeding higher of following limits:   Where the effective capital is Limit of yearly remuneration payable shall not exceed…...

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  • Supreme Court refuses to stay ban on Rs 500, Rs 1000 notes

    November 16, 2016 0
    • The Supreme Court on Tuesday refused to stay the Modi government's notification demonetizing Rs 500 and Rs 1,000 currency notes+ but asked the Centre to file an affidavit giving details of steps taken to ease inconvenience faced by citizens+ due…...

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  • GST Registration shall start on 8.11.2016

    November 7, 2016 0
    • GST Registration shall start on 8.11.2016 at www.gst.gov.in. Assessees with verified PAN shall be allowed to fill details & submit proofs. All the taxpayers registered under any of the Acts as specified viz. taxes which are subsumed , are expected…...

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  • GST COUNCIL FIXES GST RATES TO 5%, 12%, 18% & 28%

    November 3, 2016 0
    • GST Council fixes tax rates to 5%, 12%, 18% and 28%. The Goods & Services Tax (GST) Council has finalized a 4-rate tax structure - 5%, 12%, 18% and 28%, Finance Minister Arun Jaitley today announced at a press conference.…...

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  • Minimize Your Tax Liability Know How

    November 2, 2016 0
    • You can plan to maximize your tax savings and reduce income tax liability by availing the benefit of provisions relating to deductions/exemptions from taxable income under various sections of Income Tax Act. Pay No Tax on aggregate Income of Rs.…...

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  • Withdrawal of form INC-29

    November 1, 2016 0
    • Stakeholders may kindly note that e-Form INC-29 (Integrated Incorporation Form) has been withdrawn. Accordingly, INC-29 e-Form will no longer be available on the MCA21 portal and stakeholders will not be able to file any previously downloaded versions from this date. Stakeholders…...

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  • INCOME TAX RATES FY 2016-17 & 2015-16

    October 27, 2016 0
    • Assessment year : 2017 - 18 Previous year     : 2016 - 17 Assessment year : 2016 - 17 Previous year     : 2015 - 16 1. For resident Senior Citizens. (Age above 60 Years) 1. For resident Senior Citizens. (Age above…...

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  • ROC Fee

    October 26, 2016 0
    • ROC - FEES STRUCTURE Fees For Filing Various Documents or For Registering any Fact Under Companies Act, 2013 (Except for Form No SH. 7) Nominal Share Capital Fees per document 1 Less than Rs. 100000 Rs. 200 2 Rs. 100000…...

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  • TDS rates for FY 2016-17

    October 26, 2016 0
    •  Section  Nature of Payment  Threshold Limit of Payment 01-04-2016 to 31-05-2016 01-06-2016 onwards 192 Income from Salary Senior Citizen (60 Years)  Rs. 3,00,000 Average rate of Tax +Education Cess (Surcharge if Salary > 1 Cr) Super Senior Citizen (80 Years)…...

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  • CREATION OF CHARGE UNDER COMPANIES ACT 2013

    October 7, 2016 1
    • 77. (1) It shall be the duty of every company creating a charge within or outside India, on its property or assets or any of its undertakings, whether tangible or otherwise, and situated in or outside India, to register the…...

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  • Lok Adalat Commences in Company Law Board

    September 28, 2016 0
    • o mitigate the hardship of small investors and to expedite disposal of cases pending before the Company Law Board the first ever “Lok Adalat” was successfully held at the Company Law Board, Mumbai Bench at Mumbai on 07-12-2013. The initiative…...

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  • Govt. proposes merger of NSEL with FTIL

    September 28, 2016 0
    • GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS Draft Order of Amalgamation Of National Spot Exchange Limited (Dissolved Company) With Financial Technologies India Limited (Transferee Company) Under Section 396 of the Companies Act, 1956 The Central Government proposes to issue the…...

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  • Recent case laws applicable to NGOs / Charitable Trusts

    September 28, 2016 0
    • Income Tax - [2015] 55 taxmann.com 255 (SC) SUPREME COURT OF INDIA Queen’s Educational Society v. Commissioner of Income-tax *In favour of assessee Where a surplus was made by educational institution which was ploughed back for educational purposes, said institution…...

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  • Recent case laws applicable to NGOs / Charitable Trusts

    September 28, 2016 0
    • Income Tax - [2015] 55 taxmann.com 255 (SC) SUPREME COURT OF INDIA Queen’s Educational Society v. Commissioner of Income-tax *In favour of assessee Where a surplus was made by educational institution which was ploughed back for educational purposes, said institution…...

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  • Sale in course of import for Leasing Transactions: CST

    September 28, 2016 0
    • Income Tax - In a recently pronounced judgment in the case of Hewlett Packard Financial Services vs The State of Karnataka, The Deputy Commissioner of Commercial Taxes (Audit) (‘Revenue’), the Karnataka High Court dealt with the issue relating to entitlement…...

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  • Compilation of recent important Income-tax Rulings 2016

    September 28, 2016 0
    • Service Tax - Sec 194J TDS inapplicable on payments in kind, allows relief to SRK company [Red Chillies Entertainment Pvt. Ltd - ITA No.5271/Mum/2013 (Mum)]: Mumbai ITAT deletes expense disallowance u/s 40(a)(ia) in case of Red Chillies Entertainment Pvt. Ltd.…...

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  • Recent case laws applicable to NGOs / Charitable Trusts

    September 28, 2016 0
    • Service Tax - [2015] 55 taxmann.com 255 (SC) SUPREME COURT OF INDIA Queen’s Educational Society v. Commissioner of Income-tax *In favour of assessee Where a surplus was made by educational institution which was ploughed back for educational purposes, said institution…...

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  • Last Minute Tips for CA Students

    September 28, 2016 0
    • CA CS ICWA - Almost a month left for your exams and vagabond thoughts already filing up your minds and occluding your senses. This is the time when you start struggling with your beloved books, your family and of course…...

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  • Transparency required in allotment of PSU & Bank Audit

    September 28, 2016 0
    • Company Law - Arbitrary criteria exist for the allotment of audit of public sector units. Every department made their own different rules and conditions for appointment though there is existence of ICAI Multipurpose empanelment form (MEF). There is something which…...

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  • ICAI represents on Co-operative Societies auditors appointment

    September 28, 2016 0
    • Representations Reg. Manner of audit appointments and other audit related issues- Co-operative housing and Other Societies Please find enclosed herewith the copy of the Representation as submitted to Commissioner for Cooperation and Registrar of Cooperative Societies, State of Maharashtra, regarding…...

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  • Income Tax Rates for Financial Year 2016-17

    September 27, 2016 0
    • In this Article we updates about the normal tax rates applicable to different types of taxpayers. The tax rates discussed in this part are applicable for assessment year 2017-18 i.e. financial year 2016-17. Normal tax rates applicable to an individual…...

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  • Countrywise Withholding tax rates / Chart as per DTAA

    September 27, 2016 0
    • A person responsible for making payment to non-resident or foreign company is required to withhold tax. Tax is deductible at the rates prescribed under the Act or under the relevant DTAA, whichever is more beneficial for non-resident. This write up…...

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  • Can you trust the online financial calculators?

    September 27, 2016 0
    • Yes, it is true that financial / retirement calculators are simple to use. Based on a few assumptions that you input on your computer about the future, it instantly provides you with a number that indicates how much one needs…...

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  • Depreciation cum Asset Management Utility/Calculator

    September 27, 2016 0
    • Some Key Features of Depreciation cum Asset Management Utility in Excel Format are as follows:- Line wise SLM and WDV Depreciation, as per Companies Act 2013, Calculation of Depreciation under the Income Tax Act, Ready made Schedules for Balance Sheet and P&L, Calculates Depreciation for any number of Years in the future. Conversion from Old Companies Act 1956 and charge to…...

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  • Amendment to Schedule V of Companies Act, 2013

    September 24, 2016 0
    • Government of India MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, 12th September, 2016. S.O. 2922(E).– In exercise of the powers conferred by 911h-sections (1) and (2) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government…...

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  • Summary of Ministry of Corporate Affairs for August, 2016

    September 24, 2016 0
    • Monthly Summary of the Ministry of Corporate Affairs for the month of August, 2016 No.I.27011/2/2016-Coord. Government of India Ministry of Corporate Affairs New Delhi-110001 Dated: 09 September, 2016 A copy of the Monthly Summary of the Ministry of Corporate Affairs…...

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  • Empanelment as Mediators or Conciliators

    September 24, 2016 0
    • Government of India Ministry of Corporate Affairs Office of the Regional Director, North Western Region, ‘ROC BHAVAN’, Opp. Rupal Park, Nr. Ankur Bus Stand, Ahmedabad, Gujarat- 380 013 e-mail: rd.northwest@mca.gov.in Tele No. 079-27473867 Fax No. 079-27438371 NOTICE FOR INVITING APPLICATIONS…...

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  • Govt notifies effective date of DVAT (Amendment ) Act 2016

    September 24, 2016 0
    • Notification regarding appointing 26th July 2016 as the effective date of DVAT (Amendment )Act 2016 (Delhi Act 03 of 2016) GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI FINANCE (REVENUE-1) DEPARTMENT DELHI SACHIVALAYA, I.P. ESTATE, NEW DELHI-110002 No. F.3 (4)/Fin.(Rev.-1)/2016-17/DS-VI/238 Dated…...

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  • Delhi VAT- Advisory for Casual Dealers

    September 24, 2016 0
    • DEPARTMENT OF TRADE & TAXES, VYAPAR BHAWAN, NEW DLEHI ADVISORY FOR CASUAL DEALERS 1. The India International Trade Fair (IITF) shall be held from 14-11-2015 to 27-11­2015 at Pragati Maidan, New Delhi. Registered dealers of VAT department shall continue to…...

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  • Delhi VAT: Brief on Market Association Reward Scheme

    September 24, 2016 0
    • The Department welcomes all Market/Industrial Associations to join hands for faster development of city and for better amenities in their area. In its effort to collect the due tax, the Government intends to involve market associations. With this objective in…...

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  • DVAT (IST) Amendment Bill, 2016 passed by Delhi Assembly

    September 24, 2016 0
    • DVAT (IST) Amendment Bill, 2016 passed by Delhi Assembly on 13-06-2016 Insertion of section 3(11): This new section has been inserted to collect advance tax from importers at the time of import. The liability to pay tax has been fastened…...

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  • CAG criticises Service Tax VCES, 2013

    September 24, 2016 0
    • CAG in is latest report No. 22 of 2016 to Parliament on the Service Tax Voluntary Compliance Encouragement Scheme, 2013 (VCES), criticised the Scheme and reported fault in its launch as well as in its executions. The Performance Audit on…...

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  • Indirect Tax collections upto August 2016 shows 27.5% increase

    September 24, 2016 0
    • Press Information Bureau Government of India Ministry of Finance 12-September-2016 12:03 IST Indirect Tax Collections upto August, 2016 show an increase of 27.5% over the net collections for the corresponding period last year. The figures for indirect tax collections (Central…...

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  • Is audit by department justified?

    September 24, 2016 0
    • Introduction “Audit” – One of the most dreaded consequence of getting registered with the service tax department. Nobody wants to get strangled in the vicious circles of departmental audit and yet, sooner or later, you have to face the dungeon…...

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  • MVAT- Regarding Grant of Administrative Relief

    September 24, 2016 0
    • Commissioner of Sales Tax, 8th floor, Vikrikar Bhavan, Mazgaon, Mumbai- 400 010. CORRIGENDUM To No. DC (A&R)/VAT/MMB-2015/62/ADM-8 Mumbai, dated: :23.09.2016 Trade Circular No. 28T of 2016 Sub:- Grant of Administrative Relief. Ref:- Trade Circular No. 13T of 2016 dated 5th…...

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  • Prime Minister reviews preparedness for rollout of GST

    September 24, 2016 0
    • Press Information Bureau Government of India Prime Minister’s Office 15-September-2016 15:31 IST Meeting taken by Prime Minister to review the preparedness for rollout of Goods and Services tax(GST) The Prime Minister held a meeting to review the preparedness for rollout…...

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  • All about Cross Utilization of CGST/SGST/IGST and Fund Transfer

    September 24, 2016 0
    • Under the proposed GST Law, tax components could be CGST/SGST/IGST. CGST & SGST is leviable on intra-state supplies whereas IGST is levied on inter-state supplies. CGST represents tax belonging to Central Government; SGST represents tax belonging to respective State Government…...

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  • CBDT revises Form 64A-Income distributed by business trust

    September 24, 2016 0
    • New Delhi, the 16th September, 2016 INCOME-TAX S.O. 2979(E).—In exercise of the powers conferred by section 295 read with sub-section (4) of section 115UA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes…...

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  • Role of CBEC as work for GST begins

    September 24, 2016 0
    • The journey to rollout the Goods and Services Tax (GST) has commenced with the enactment of the 101st Constitution Amendment Act, 2016 on 8th September, 2016 and the subsequent notifications. The Government is committed and has set in motion a…...

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  • Number of Advance Pricing Agreements by CBDT crosses 100

    September 24, 2016 0
    • Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 23rd September, 2016. PRESS RELEASE Sub: Number of Advance Pricing Agreements by CBDT crosses 100 The Central Board of Direct Taxes (CBDT) entered into…...

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  • TDS Sec.194IA Payment on transfer of immovable property

    September 24, 2016 0
    • Article discusses Provisions and Scope of Section 194-IA, Payments covered, Who is Payer/Payee, Conditions to be satisfied for applicability of section 194-IA, Time of deduction of tax, Rates of TDS, Effect of non-furnishing of PAN on rate of tax, Tax…...

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  • Setting up of an HUF can minimize tax liability

    September 24, 2016 0
    • 1. what is “hindu undivided family”? The expression “Hindu Undivided Family” has not define under the income tax act or in any other statue. A Hindu undivided family is a separate legal tax entity under the provisions of Sec.2(31) of…...

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FAQS

RBI updates on Demonitisation

1. Why was the Scheme of Withdrawal of Legal Tender Character of the old Bank Notes in the denominations of ₹ 500 and ₹ 1000 introduced?

(more…)

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 6

‘Ind AS Transition Facilitation Group’ (ITFG) of Ind AS (IFRS) Implementation Committee
has been constituted for providing clarifications on timely basis on various issues related to
the applicability and/or implementation of Ind AS under the Companies (Indian Accounting
Standards) Rules, 2015, raised by preparers, users and other stakeholders.
Ind AS Transition Facilitation Group (ITFG) considered some issues received from members
and decided to issue following clarifications on November 29, 2016:
Issue 1
A debt-listed company has net worth for the last 3 years as follows: (more…)

Frequently Asked Questions (FAQs) on Withdrawal of Legal Tender Character of the Old High Denomination Bank Notes

RESERVE BANK OF INDIA
(from m.rbi.org.in)
Frequently Asked Questions

Frequently Asked Questions (FAQs) on Withdrawal of Legal Tender Character of the Old High Denomination Bank Notes

1. Why is this scheme?

(more…)

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 5

At the 5th meeting of Ind AS Transition Facilitation Group (ITFG) held on September 19, 2016 at Mumbai, certain issues received from members were discussed. The Group after due deliberations decided to issue following clarifications1 on the issues considered at the meeting:

Issue 1

ABC Ltd. is a listed company. The net worth of ABC Ltd. as on 31st March 2014 was Rs. 200 crores. ABC Ltd. had a subsidiary, namely, XYZ Ltd. as at 31st March, 2015 whose net worth, consisting only of share capital as at that date, was Rs. 600 crores. XYZ Ltd. was incorporated in January, 2015. It was incorporated only for the purposes of its divestment. The financial statements of XYZ Ltd. were not consolidated with that of ABC Ltd. as at 31st March, 2015 in view of requirements of paragraph 11 of Accounting Standard (AS) 21, Consolidated Financial Statements.

ABC Ltd. entered into agreement with a proposed acquirer of the subsidiary, i.e., PQR Ltd., in September, 2015. The entire ownership of XYZ Ltd. was finally transferred to the said acquirer in the first fortnight of April, 2016.

In the given case, whether the ABC Ltd. is required to comply with Ind AS from the financial year 2016-17? (more…)

FAQs on Place of Supply of Goods and Service under GST

Q 1. What is the need for the Place of Supply of Goods and Services under GST?

Ans. The basic principle of GST is that it should effectively tax the consumption of such supplies at the destination thereof or as the case may at the point of consumption. So place of supply provision determine the place i.e. taxable jurisdiction where the tax should reach. The place of supply determines whether a transaction is intra-state or inter-state. In other words, the place of Supply of Goods is required to determine whether a supply is subject to SGST plus CGSTin a given State or else would attract IGST if it is an inter-state supply. (more…)

FAQs on Transitional Provisions under Goods and Service Tax

Q 1. Will the CENVAT/ITC carried forward in the last return prior to GST under earlier law be available as ITC under GST?

Ans. Yes, the registered taxable person shall be entitled to such credit and it will get credited to his electronic credit ledger – section 143. (more…)

Queries