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RBI New circular for FDI
Posted Date : 20-Jun-2018 , 06:00:35 pm | Posted By CA Tanya Panwar

This is to notify you all that, RBI through its Master Circular dated June 7th, 2018, has introduced Single Master Form (SMF) for all types of reporting in respect to Foreign Investment in India. Implementation of the SMF means that all the Indian entities who have r...

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Category : RBI | Comments : 0 | Hits : 16

E-Way bill has become partially applicable in Delhi effective 16.06.2018
Posted Date : 20-Jun-2018 , 12:14:11 pm | Posted By CA Tanya Panwar

Dear Professional colleagues, Greetings for the Day! This is to notify you all that E-Way bill has become partially applicable in Delhi effective 16.06.2018, for intrastate movement of Value exceeding 1 lakh. Commissioner State GST, Delhi has come out with Notification No. 3/2018 dated 15...

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Category : Income Tax | Comments : 0 | Hits : 15

Income Tax Due for F.Y. 2017-18 (A.Y. 2018-19)
Posted Date : 18-Jun-2018 , 06:16:28 pm | Posted By Umesh Yelnure

Income Tax Forms for e-filling and Due Dates for FY 2017-18 (AY 2018-19) There are the different category of taxpayer viz. Individual, HUF, Firm, LLP, Company, Trust and AOP/BOI. Due Date is different according to audit or non-audit case of such categories as defined in section 139(1) Last Dat...

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Category : Income Tax | Comments : 0 | Hits : 43

IND AS Updates
Posted Date : 03-Jun-2018 , 07:16:26 pm | Posted By AKASH KUMAR JINDAL

Announcement for withdrawal of the Guidance Note on Accounting for Real Estate Transactions (for entities to whom Ind AS is applicable) The ICAI had issued a Guidance Note on Accounting for Real Estate Transactions (for entities to whom Ind AS is applicable), in May 2016, applicable to all p...

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Category : IFRS | Comments : 0 | Hits : 361

TDS on payment of Rent by Individual/HUF in Excess of Rs. 50,000 per month
Posted Date : 02-Jun-2018 , 01:23:56 pm | Posted By GURMUKH KOTWANI

  This section is applicable w.e.f 01/06/2017. Any individual/HUF whose books of account are not required to be audited u/s 44AB of Income Tax Act, 1961 in the immediate preceding F.Y. and paying to a resident, rent of land and building, is liable to deduct tax u/s 194-IB. However, no t...

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Category : TDS | Comments : 1 | Hits : 477

Classification / Segregation of Bank charges
Posted Date : 31-May-2018 , 06:47:11 pm | Posted By G D Binani

As we all know that Government is insisting to move towards digitization, be it in any sector whether it is Financial, Education or even for that matter Agriculture. Government has also asked to bring to their notice the issues being faced by general public so that genuine reforms can be initiated.&...

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Category : Banking | Comments : 0 | Hits : 105

REPLY FOR GST RETURN MISMATCH NOTICE
Posted Date : 25-May-2018 , 03:23:09 pm | Posted By Chetan

Return: Section 2(97) CGST Act 2017 unless the context otherwise requires, the term “return” means any return prescribed or otherwise required to be furnished by or under this Act or the rules made there under. Rule 61 of CGST ACT Form and manner of submission of monthly return Rul...

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Category : GST | Comments : 0 | Hits : 1136

Audit Provision as per CGST Act, 2017
Posted Date : 25-May-2018 , 12:30:03 am | Posted By Chetan

Sec. 2 (13) of CGST Act 2017: It is an examination of records, returns and other documents maintained or furnished by the registered person under this Act or the rules made there under or under any other law for the time being in force...

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Category : GST | Comments : 0 | Hits : 907

CASH TRANSACTION IN INCOME TAX 40A(3) Vs 269SS/T Vs 269ST
Posted Date : 17-May-2018 , 05:21:12 pm | Posted By CA Chetan Vispute

Section 269ST: (For Detail Video Click on the above link, Video Includes Images with example) Prohibits receipt of an amount of Rs. 2 lakh or more by a person, In aggregate from a person in a day;  or In respect of a single transaction; or In respect of transactions relating to one event...

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Category : Income Tax | Comments : 0 | Hits : 1189

How can I obtain LLP registration in India?
Posted Date : 19-Apr-2018 , 03:12:09 pm | Posted By Monetic$123

In India, the aspiring entrepreneurs have multiple options to choose from including the private limited company, public limited company, limited liability Company, sole proprietorship firm, and partnership.  It is usually quite a task to choose the most suited business structure for bringing yo...

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Category : Companies Act | Comments : 0 | Hits : 1505

Thin Capitalization rules introduced under Income-tax
Posted Date : 14-Apr-2018 , 01:22:01 pm | Posted By Mohnish Wadhwa

‘Thin Capitalisation’ is a situation where an entity is financed at a relatively high level of debt compared to equity. Some multinational companies engage in aggressive tax planning techniques such as placing higher levels of third party debt in high tax countries, using intragroup loan...

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Category : Income Tax | Comments : 0 | Hits : 1475

Criteria to decide whether any service rendered will fall U/s. 194C or 194J: An Analysis
Posted Date : 11-Apr-2018 , 08:49:33 pm | Posted By Saloni Dhawan

Payment To Contractors – Section 194C ♦ As per Section 194C, Any person responsible for paying any sum to any resident for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract between the contractor and a specified person shall, at th...

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Category : Income Tax | Comments : 0 | Hits : 3295

FACTUAL STUDY - TRUSTS
Posted Date : 20-Mar-2018 , 05:59:53 am | Posted By Bhagyashree Jain

TRUSTS IN INDIA Introduction Trust is defined in section 3 of the Indian Trust Act, 1882 as “an obligation annexed to the ownership of property and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him, for the benefit of another or of another ...

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Category : CA | Comments : 0 | Hits : 1602

Tax Planning to save your GST
Posted Date : 26-Feb-2018 , 01:43:18 pm | Posted By CS Piyush Jain

We have seen various ways to save Income Tax since ages, but what about this GST, how GST can be saved, How inflow of cash in the firm can be increased, how can I increase my assets and decrease liabilities towards GST department.   So to solve this confusion, I would like to present some...

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Category : GST | Comments : 0 | Hits : 2391

Tax Planning- An unexplored friend
Posted Date : 17-Feb-2018 , 11:26:19 pm | Posted By CA Sandeep Dash

Benjamin Franklin once said- “Nothing is certain except for death and taxes”. And to add to this, arguably the smartest man to ever live- Albert Einstein said "The hardest thing in the world to understand is the income tax." Most common folks don't understand death. And ...

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Category : Income Tax | Comments : 0 | Hits : 1620

Ponzi Scam at PNB Unfolded
Posted Date : 17-Feb-2018 , 02:09:05 pm | Posted By Ashish Gupta

How The 11,400 cr. Import Ponzi Scam at PNB Unfolded 16 February, 2018 There’s a huge “fraud” at Punjab National Bank, which involves a lot of lies by a lot of people. Here’s where we come in to explain what we think happened. But first, a few important notes: The...

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Category : Banking | Comments : 0 | Hits : 1662

BENAMI LAW DIGEST
Posted Date : 15-Feb-2018 , 05:01:17 pm | Posted By Bhagyashree Jain

Various steps have been taken for removal of unaccounted assets by Government like The Black Money Foreign Income and Asset Act, 2015, Income Disclosure Scheme 2016, Demonetization of high denomination currency, Prime Minister Garib Kalyan Yojna, by amendments in Income Tax Act, by amendments in Mon...

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Category : Income Tax | Comments : 0 | Hits : 1702

E-Assessment under I T Act
Posted Date : 12-Feb-2018 , 12:10:42 am | Posted By Bhagyashree Jain

Electronic assessment, also known as e-assessment, online assessment, computer assisted/mediated assessment and computer-based assessment, is the use of information technology in various forms of assessment.  Finance Minister, Arun Jaitley, also announced of such scheme in his budget speech on ...

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Category : Income Tax | Comments : 0 | Hits : 1906

Relaxation in IRAC norms for MSME borrowers
Posted Date : 08-Feb-2018 , 10:13:36 pm | Posted By Mahesh Bansal

RBI as well as the government has acknowledged the difficulties faced by small entities during the transition phase to GST. It is a matter of pleasure for us that these authorities are also making all necessary efforts not to put entities in unduly disadvantageous situation. RBI has, vide a circu...

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Category : Banking | Comments : 0 | Hits : 1474

Reserving a Company Name is now a Child’s Play
Posted Date : 01-Feb-2018 , 02:26:41 pm | Posted By Kushaj Gupta

The Ministry of Corporate Affairs along with the Government of India has taken momentous efforts in restricting the tedious task of incorporation of a business in India. In the event of the Republic Day, the government took strategic steps by bringing all the incorporation formalities under ...

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Category : Corporate Law | Comments : 0 | Hits : 588

Budget#2018 In shorts
Posted Date : 01-Feb-2018 , 01:54:09 pm | Posted By VIJAY SARATHI

Direct Taxes   No personal income tax changes proposed in budget.   Corporate tax of 25% extended to companies with turnover up to Rs. 250 crore in financial year 2016-17.   100% tax deduction is allowed to co-operative societies     Incentive...

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Category : Income Tax | Comments : 0 | Hits : 478

How to spot a fake GST bill
Posted Date : 28-Jan-2018 , 07:56:36 pm | Posted By Hardik Lashkari

GST has brought several issues for the taxpayers in form of changed bill formats and higher tax burden. Businesses are still unable to understand the details that need to be put in the invoice. While some businesses are committing the mistakes unintentionally, others have taken this transition as...

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Category : GST | Comments : 0 | Hits : 1725

E-Way Bills on Inter State Movement of Goods – A changing dynamic of GST
Posted Date : 22-Jan-2018 , 04:32:02 pm | Posted By CA Sanjay Jain

E-Way Bills on Inter State Movement of Goods – A changing dynamic of GST   Recently, the Central Government has issued notification no 74/2017,dated 29.12.2017 whereby it has fixed 1st February 2018 as the applicable date for use of E-way bills in relation to Inter State movement of go...

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Category : GST | Comments : 0 | Hits : 740

Digital Payments in India
Posted Date : 18-Jan-2018 , 06:50:08 pm | Posted By Inderjeet

After Demonetization period, substantial number of Digital Transactions increases but still in India people hesitate to do transaction in Digital payment mode. Digi Dhan and Lucky Grahak Yojana during Demonetization period motivated to do more and more and transaction in Digital mode.   Mode ...

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Category : Finance | Comments : 0 | Hits : 214

Landlord’s PAN not needed to claim HRA if annual rent is below Rs 1 lakh.
Posted Date : 16-Jan-2018 , 11:10:30 am | Posted By Atul MIshra

Landlord’s PAN not needed to claim HRA if annual rent is below Rs 1 lakh. An employee who receives HRA can claim an exemption in respect of rental payments under section 10(13A) read with rule 2A of the Income Tax Rules. For claiming an HRA exemption, the individual must be residing in a rent...

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Category : Income Tax | Comments : 0 | Hits : 431

Mystery unloacked - Composition Scheme under GST Laws
Posted Date : 12-Jan-2018 , 06:05:30 pm | Posted By CS Piyush Jain

A. Who can opt for Composition Scheme? • Businesses with annual turnover upto Rs 1.5 crore* can opt for composition scheme. • Turnover of all businesses with same PAN has to be added up to calculate turnover for the purpose of composition scheme. • Only Manufacturers of goods...

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Category : GST | Comments : 0 | Hits : 465

Names of Audit Firms approved for appointment as CSA in 21 Public Sector Banks for 2017-18
Posted Date : 08-Jan-2018 , 10:31:55 pm | Posted By CA.Khurana Vivek

Names of Audit Firms approved for appointment as Statutory Central Auditors in 21 Public Sector Banks for the year 2017-18 Sl. No. Name of the Bank Statutory Central Auditors for the year 2017-18 1 Allahabad Bank 1. M/s Kansal Singla & Associates, Chandigarh  ...

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Category : Bank Branch Audit | Comments : 0 | Hits : 3948

Norms on eligibility, empanelment and selection of Statutory Central Auditors in Public Sector Banks from the year 2017-18 and onwards
Posted Date : 08-Jan-2018 , 10:28:11 pm | Posted By CA.Khurana Vivek

i) The audit firm shall have a minimum of 7 full time chartered accountants, of which at least 5 should be full time partners exclusively associated* with the firm. Of these five full time exclusively associated* partners, one each should have minimum continuous association with the firm at least fo...

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Category : Bank Branch Audit | Comments : 0 | Hits : 2031

How to Pass in CA Examinations
Posted Date : 06-Jan-2018 , 11:22:31 am | Posted By Sanket Garg

Passing CA Exam and becoming CA is the dream of every CA Student. The Dream is not only of student but it is of many more associated with him/her like Parents, Relatives, Friends, Teachers, Neighbors, GF, BF, Spouse and Rivals too (Rivals prey for their failure). For fulfilling this dream Students d...

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Category : Students Zone | Comments : 0 | Hits : 777

CAPITAL GAIN TAXES IN INDIA
Posted Date : 02-Jan-2018 , 03:07:47 pm | Posted By Poojamittal

CAPITAL GAIN TAX IN INDIA CAPITAL ASSETS A capital asset is defined to include property of any kind held by an assessee, whether connected with their business or profession or not connected with their business or profession. It includes all kinds of property, movable or immovable, tangible or int...

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Category : Income Tax | Comments : 0 | Hits : 499

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