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Amendment In section 206C Vide circular No.22/2016
Posted Date : 27-Jun-2016 , 01:45:28 pm | Posted By SHASHI RANJAN

Circular No-22/2016.......F.No.370142/17/2016-TPL   Brief:- Finance Act 2016 has amended the section 206C of the said Act. It provide that seller shall collect tax @ 1% from buyer on sale in cash of certain goods or provision of services exceeding Rs. 2 Lacs.      ...

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Category : Income Tax | Comments : 0 | Hits : 25

Rebate U/s 87A for A.Y. 2017-18
Posted Date : 26-Jun-2016 , 12:30:45 pm | Posted By Durgesh Vashisth

REBATE U/S 87A FOR A.Y. 2017-18 (F.Y. 2016-17) Rebate of up to Rs. 5,000 for resident individuals having total income of up to Rs. 5,00,000 as per Sec-87A of Income Tax Act, 1961 for A.Y. 2017-18 i.e. F.Y. 2016-17. The rebate shall be equal to the amount of income tax payable on the total inco...

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Category : Income Tax | Comments : 1 | Hits : 59

Online submission of form 15G and 15H
Posted Date : 20-Jun-2016 , 06:17:50 pm | Posted By Anshu Agarwal

Submission of Form 15G/ 15H to Income Tax Department   There are certain provisions in the income tax act for deduction of tax at source (TDS) out of certain income like dividend, interest, rent etc. There are certain flat rates for deduction of TDS if such income exceed a certain fixed amount...

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Category : TDS | Comments : 0 | Hits : 899

MODEL GST LAW 2016 RELEASED
Posted Date : 15-Jun-2016 , 12:46:28 pm | Posted By Raman Singla

MODEL GST LAW 2016 RELEASED   The Empowered committee of State Finance Ministers has released the much awaited model GST law June, 2016 for public debate. The new law has two Acts:- Goods and Services Tax Act’ 2016 Integrated Goods and Services Tax Act’ 2016 ...

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Category : GST | Comments : 0 | Hits : 702

TCS on cash sale of goods or services
Posted Date : 03-Jun-2016 , 11:18:15 am | Posted By Soniya

Finance Act, 2016 imposed TCS on cash sale of goods or services with effect from 1-6-2016.   New Sub Section (1D) of Section 206C is as follow:   Every person, being a seller, who receives any amount in cash as consideration for sale of bullion or jewellery or any other goods...

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Category : Income Tax | Comments : 0 | Hits : 1604

NO KRISHI KALYAN CESS ON DEBTORS AS ON 13th MAY’ 2016 (PART -2)
Posted Date : 01-Jun-2016 , 11:10:38 am | Posted By Raman Singla

NO KRISHI KALYAN CESS ON DEBTORS AS ON 13th MAY’ 2016 (PART -2) Read more at: http://www.casansaar.com/article-submit.htmlThe enabling provisions for KRISHI KALYAN CESS (KKC) are contained in Chapter – VI of Finance Act’ 2016. As per the provisions, KKC shall be applicable at 0.5...

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Category : Service Tax | Comments : 1 | Hits : 1527

SALARIED EMPLOYEES TO SUBMIT PROOF FOR LTA, HRA CLAIMS
Posted Date : 30-May-2016 , 01:55:02 am | Posted By Aman Kesharwani

The CBDT (Central Board of Direct Taxes) has introduced a new form (Form 12 BB) for claiming tax deduction towards LTA, LTC, HRA & interest paid for home loans. The new form mandates people to furnish proof of travel while claiming LTA, LTC, and details of landlord in case of HRA claims.  ...

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Category : Income Tax | Comments : 1 | Hits : 1444

Krishi Kalyan Cess w.e.f. 01/06/2016
Posted Date : 27-May-2016 , 05:35:23 pm | Posted By Vishal Shah

As you are aware that the Finance Act, 2016 has increased the service tax rate to include a new cess, namely Krishi Kalyan Cess, which is applicable w.e.f. 01/06/2016. The effective rate of service tax for all new services provided after 01/06/2016 shall be as below:   Service Tax   ...

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Category : Service Tax | Comments : 0 | Hits : 795

the bankruptcy code 2016
Posted Date : 27-May-2016 , 01:52:39 pm | Posted By Kapil Goyal

  The Insolvency and Bankruptcy Code,2015 was introduced by the Minister of Finance, Mr. Arun Jaitley in Lok Sabha on  December 21,2015, and subsequently referred to a joint Committee of Parliament, The Committee submitted its recommendations and a modified code based on its  sugge...

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Category : Corporate Law | Comments : 0 | Hits : 125

Bad Loan Asset Bank
Posted Date : 29-Apr-2016 , 04:11:26 pm | Posted By CP JAIN

Currently hottest topic in Banking industry is NPA.  Lot of discussions are going on about why this happened, How this happened and What should be further course of Action. One thing is crystal clear that the Banking sector in India is passing thru a very crucial phase and need to do a lot to...

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Category : Banking | Comments : 0 | Hits : 506

Process for Incorporation of LLP
Posted Date : 28-Apr-2016 , 04:21:51 pm | Posted By Tanay Jindal

Process for Incorporating Limited Liability Partnership Following are the steps involved for incorporating LLP   Apply for Director Identification Number (DIN) by e-filling form DIN-3 or if the person already have Director Identification Number then no need of DIN Acquire DSC and Register...

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Category : General | Comments : 0 | Hits : 1002

SME....!!! A New Opportunity for Private Company..!
Posted Date : 26-Apr-2016 , 04:39:26 pm | Posted By Meetesh Shiroya

In the Present era, the market is booming up so every Company want to take opportunity to earn more from the same market and want to get maximum benefits out of that, so what are the ways available for Company to avail such benefits. So for that, Private Company has to change its Mission as well as ...

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Category : Income Tax | Comments : 0 | Hits : 925

Highlights of Companies Amendment Act 2015
Posted Date : 24-Apr-2016 , 10:46:25 pm | Posted By Ankur Kumar Gupta

The Indian Government is actively working to improve ease of doing business in India. Key initiative in this aspect is the Amendment to Companies Act, 2015 to make it more business or investor friendly. The Companies Amendment Bill, 2015 was passed in Lok Sabha on 17/12/2014 and it was passed in the...

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Category : Corporate Law | Comments : 0 | Hits : 428

Transparency required in allotment of PSU and Bank Audit
Posted Date : 23-Apr-2016 , 12:05:30 am | Posted By CA Gopal Rathi

Dear CA friends,   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 is hidden and n...

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Category : RBI | Comments : 4 | Hits : 464

Rule 6(3): Cenvat Credit Rules
Posted Date : 22-Apr-2016 , 10:44:07 pm | Posted By Sunil Kumar

    CENVAT CREDIT AVAILABLE VS CENVAT CREDIT TAKEN ALARMING AMENDMENT IN RULE 6(3) OF CENVAT CREDIT RULES (a) A manufacturer who manufactures two classes of goods namely:- Non exempted goods removed Exempted goods removed Or (b) a provider of output service who provides two c...

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Category : Service Tax | Comments : 0 | Hits : 581

SECTION 115JB OF THE INCOME TAX ACT
Posted Date : 20-Apr-2016 , 02:36:51 pm | Posted By Manshi Baid

SECTION 115JB OF INCOME TAX ACT, 1961   SPECIAL PROVISION FOR PAYMENT OF TAX BY CERTAIN COMPANIES - (AFTER BUDGET 2016) This section is nothing but the Minimum Tax that a company is required to pay. This section provides that in case the tax payable by a company is less than 18.5 % of i...

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Category : Income Tax | Comments : 0 | Hits : 307

Death of the Independence of the auditor
Posted Date : 19-Apr-2016 , 01:25:07 pm | Posted By CA GOURAV MURARKA

Forwarded mail copy as received : Very serious allegations by Chartered Accountant on independence of Auditor. 15th April 2016 To The AGM Audit Patna Circle State Bank of India Sub:       Death of the Independence of the auditor Dear Sir, Our Tea...

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Category : Auditing | Comments : 0 | Hits : 1009

Accountants as Surveyors & Loss Assessors
Posted Date : 17-Apr-2016 , 09:40:06 am | Posted By Shiba Prasad Padhi

CMA Shiba Prasad Padhi, AIIISLA, FIII, FCMA Practicing Cost Accountant and Licensed SLA   Declaration: The Article written is original and in individual capacity. Source of Data: IRDA Website   Accountants as Surveyors & Loss Assessors   Sec. 64UM of the Insurance Act, 193...

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Category : General | Comments : 0 | Hits : 645

Professional Opportunities - Excise on Jewellery World
Posted Date : 31-Mar-2016 , 07:19:12 pm | Posted By Darshan Jain

The scheme of levy and collection of Central Excise duty on articles of Jewellery is as under:   (a) The levy and collection of Central Excise Duty is on the manufacture of Jewellery (excluding silver Jewellery, not studded with diamonds, ruby, emerald or sapphire).   (b) It is applica...

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Category : Excise | Comments : 1 | Hits : 1063

How to increase authorized capital of company
Posted Date : 29-Mar-2016 , 03:54:15 pm | Posted By Monetic$123

What is the most important attribute for enterprises and businesses serving on different verticals? What is the prime source for measuring the growth and development of the company? The answer is one and only the capital of company. Read this article which exclusively focuses on the subject - pertai...

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Category : General | Comments : 0 | Hits : 340

Secretarial Audit for PSU banks
Posted Date : 28-Mar-2016 , 01:56:07 pm | Posted By MEENU GUPTA

NON-PERFORMING ASSETS (NPAs) Secretarial Audit for PSU Banks Stressing accounts of PSUs to be reduced by ‘Secretarial Audit’ & ‘Due Diligence’ by Practicing Company Secretary The RBI data revealed the rise in Stressed assets of PSU Banks the most with 14% of Advance...

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Category : NPA | Comments : 0 | Hits : 660

Tax Ready Reckoner for Investments - FY: 2015-16:
Posted Date : 26-Mar-2016 , 04:20:31 pm | Posted By CA GOURAV MURARKA

Tax Ready Reckoner for Investments - FY: 2015-16:   EQUITY: Stocks:   1. If you hold on to them for a year, the long-term capital gain is tax free 2. Short-term capital gain is taxed at 15% 3. Dividends are tax free   DEBT FIXED INCOME INSTRUMENTS: Savings a/c:   1. I...

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Category : Income Tax | Comments : 0 | Hits : 893

Service Tax RCM on Works Contract
Posted Date : 25-Mar-2016 , 12:27:55 pm | Posted By Pankaj Jaiswal

Date : 19.03.2016 M/s. ABC LLP ( Service Provider ) M/s. XYZ Limited ( Service Recipient )   Ref: Service Tax on Works Contract and RCM     Opinion   Before giving opinion on the issues it will be useful to refer the questions related with this transaction. Assume ABC is...

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Category : Service Tax | Comments : 0 | Hits : 1103

Clarifications on Excise imposed on Jewellery
Posted Date : 09-Mar-2016 , 12:24:38 pm | Posted By Darshan Jain

Clarifications on Excise imposed on Jewellery  The strike by bullion traders and jewellers continued for the 8th day to protest the Budget proposal to impose one per cent excise duty(without input tax credit) on Jewellery, despite the Centre's assurance that it would look into the issue. ...

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Category : Excise | Comments : 0 | Hits : 666

What would be reason for Huge Losses of PSB with some facts
Posted Date : 03-Mar-2016 , 12:35:45 pm | Posted By Darshan Jain

SOME IMPORTANT FACTS – CONCEPTS – AUDIT PROCEDURE IN BANKING Executive Summary: - Banking sector is the backbone of the economy. But now a days it is a major weak sector. What would be the probable reason for the same, i wanted to highlight the same. Since the weakness is in whole secto...

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Category : Banking | Comments : 0 | Hits : 856

Ye To Jaitley Ka BUDGET Hai…!!!
Posted Date : 29-Feb-2016 , 06:56:28 pm | Posted By Meetesh Shiroya

INTRODUCTION : As we expect more from Budget but once again we have to wait for another year where we can expect that more changes will be done as per our expectation and Tax Payer will be Happy.   As simple, the budget neither gives any benefits nor provide any special provision to the ...

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Category : Budget | Comments : 0 | Hits : 769

Now One Person Company (OPC) to be registered as a stock broker/sub-broker
Posted Date : 22-Feb-2016 , 07:44:05 pm | Posted By Mayank Agarwal

Now One Person Company (OPC) to be registered as a stock broker/sub-broker Introduction: The Companies Act, 2013 has introduced new concept of One Person Company. It enables the sole-proprietor to do business as like corporate. Companies Act, 2013 provided various relaxations to OPC like exemptio...

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Category : Shares & Stock | Comments : 0 | Hits : 589

Assessee cannot be asked to reverse input tax credit due to non-payment of taxes by the selling dealer
Posted Date : 22-Feb-2016 , 04:51:44 pm | Posted By CA Bimal Jain

Sri Lakshmi Textiles Vs. the Commissioner of Commercial Taxes and Others [2016 (1) TMI 329 - MADRAS HIGH COURT] Facts: Sri Lakshmi Textiles(“the Petitioner”) is a partnership firm engaged in the business of inner garments and textiles registered under Tamil Nadu Value Added Tax Act...

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Category : VAT | Comments : 0 | Hits : 535

No bar on admissibility of Cenvat credit either as Inputs or Capital goods at any stage of proceedings
Posted Date : 18-Feb-2016 , 06:35:02 pm | Posted By CA Bimal Jain

Dear Professional Colleague, No bar on admissibility of Cenvat credit either as Inputs or Capital goods at any stage of proceedings We are sharing with you an important judgment of the Hon’ble CESTAT, Kolkata in the case of Tata Steel Ltd. Vs. Commissioner of Central Excise, Jamshedpur [...

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Category : Excise | Comments : 0 | Hits : 316

Comparison between CARO 2015 & CARO 2016
Posted Date : 18-Feb-2016 , 04:26:53 pm | Posted By Mayank Agarwal

Particulars CARO, 2015 CARO, 2016 Change Remark Date of Release 10th April, 2015 To be published ------ ------ Applicable form FY on or after 1st April, 2014 FY 2015-16 onwards Applicability in respective FY Special care be taken in case of Audit of more than one FYs ...

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Category : Companies Act | Comments : 0 | Hits : 3919

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