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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 : 222

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 : 268

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 : 377

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 : 572

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 : 194

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 : 360

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 : 289

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 : 1466

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 : 550

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 : 78

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 : 325

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 : 333

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 : 3625

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 : 1759

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 : 604

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 : 363

E-Way Bill under GST In Rajasthan With Practical Examples
Posted Date : 31-Dec-2017 , 04:44:18 pm | Posted By Vikas Modi

E-WAY bill is required to generate when value of goods in a vehicle exceeds Rs. 50,000/- for transportation outside the state.   E-WAY bill should be generated if goods move for following reasons: Supply; For Reason Other Than Supply; Due to inward supply from Unregistered Person. ...

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Category : GST | Comments : 0 | Hits : 689

Goods Transport Agency Taxability under GST
Posted Date : 25-Dec-2017 , 06:06:04 pm | Posted By NITIN SHARMA

Services by way of transportation of goods by road except the services of      i) a Goods Transport Agency     ii) a courier agency are exempt from GST. To qualify as services of GTA, the GTA should be necessarily issuing consignment note.  Moreover, in cases where...

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Category : GST | Comments : 0 | Hits : 576

CONDONATION OF DELAY SCHEME, 2018
Posted Date : 22-Dec-2017 , 01:36:33 pm | Posted By CS Piyush Jain

All companies registered in India including private limited company, one person company, limited company, section 8 company and others are required to file annual return with the Ministry of Corporate Affairs each year. Under the new Companies Act, 2013, Directors of Companies which have de...

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Category : Corporate Law | Comments : 0 | Hits : 551

Section 195 - TDS on Non-resident payments
Posted Date : 20-Dec-2017 , 12:46:53 pm | Posted By Pooja Mittal

Section 195 of Income Tax Act 1961 Section 195 of the Income Tax Act is a section that covers the TDS on Non-resident payments. This section identifies the tax rates and deductions on business transaction with a non-resident from a day –to-day basis. Under Section 195, the income is cha...

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Category : Income Tax | Comments : 0 | Hits : 940

Why MBAs make better chief executives than CAs
Posted Date : 17-Dec-2017 , 11:11:17 am | Posted By May I Help You.

MBAs have an edge over chartered accountants (CAs) in India Inc’s CEO club as companies go global, requiring skills beyond financial management. While the chartered accountant (CA) certification was earlier considered a robust qualification for the CEO’s post, the number of CAs at the...

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Category : Chartered Accountant | Comments : 1 | Hits : 778

Deferred payment of customs duty for AEO-T2 & AEO-T3 holder and benifits of AEO certification
Posted Date : 13-Dec-2017 , 03:24:48 pm | Posted By Rajnish Kumar

## What is deferred duty payment under customs? Deferred duty scheme allow payment of customs duty post clearance of goods which obviate the need of payment of duty at the time of clearance of the goods,importers certified under Authorized Economic Operator programme as AEO (Tier-Two) and AEO (Tier...

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Category : Custom | Comments : 0 | Hits : 143

TDS ON PAYMENT OF RENT MORE THAN RS. 50,000 PER MONTH BY INDIVIDUALs/HUFs
Posted Date : 22-Nov-2017 , 07:38:15 pm | Posted By CA. Brijesh Baranwal

TDS ON PAYMENT OF RENT MORE THAN RS. 50,000 PER MONTH BY INDIVIDUALs/HUFs   EXISTING LAW   There is an existing provision for deduction of TDS (deduction of tax at source) under section 194-I in the Income Tax Act, 1961 for individuals/HUFs, wherever tax audit is applicable.   I...

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Category : Income Tax | Comments : 0 | Hits : 1031

Solution for Notice u/s 139(9) regarding Non-Filling of Tax Audit Report
Posted Date : 07-Nov-2017 , 01:44:34 pm | Posted By CA.Khurana Vivek

Recently, Income tax assessees started receiving notice u/s 139(9) of Income tax Act for defective returns due to non filing of tax audit reports, although TAR has been infact filed - Section 139(9) of the Income Tax Act 1961 provides for the situations in which the return of income filed by the ta...

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Category : Income Tax | Comments : 0 | Hits : 4933

Issuing of invoice and payment voucher under GST
Posted Date : 01-Nov-2017 , 02:23:50 pm | Posted By Amit Kumar

In current environment there is a big ambiguity regarding when we are need to issue tax invoice  for the taxable supply received from  unregistered supplier specified in  u/s 9(3) and 9 (4) of CGST Act and  at what point of timing we are need to issue payment voucher. There are ...

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Category : GST | Comments : 0 | Hits : 696

Policy of Empanelment of CA Firms and Selection of Auditors of PSUs
Posted Date : 12-Oct-2017 , 08:29:11 am | Posted By CA.Khurana Vivek

Policy of Empanelment of CA Firms and Selection of Auditors of PSUs   Empanelment of CA firms   Chartered Accountant firms in India with at least one full time [1] FCA (Partner/Sole Proprietor) can apply for empanelment with this office for allotment of audit of Public Sector...

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Category : CA | Comments : 0 | Hits : 3104

REVISED PROCEDURE OF LUT AND BOND WEF 4TH OCTOBER 2017
Posted Date : 05-Oct-2017 , 05:20:56 pm | Posted By Rajnish Kumar

Letter of undertaking & Bond under GST Who is eligible for Letter of undertaking With effect from 4th October 2017 the facility of export of goods and/or services under LUT has now been extended to all registered persons except to those who have been prosecuted for any offence under the C...

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Category : GST | Comments : 0 | Hits : 803

IMPACT GST ON EXPORT OF GOODS-CARPET
Posted Date : 03-Oct-2017 , 06:53:26 pm | Posted By Rajnish Kumar

Export of Goods and GST Export of goods means taking goods out of India to a place outside India. Export of goods regarded as zero rated supply under GST, meaning thereby there will be no burden of duties/taxes on exported goods at any stage of distributive chain starting from manufacturer stage to...

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Category : GST | Comments : 0 | Hits : 242

Audit Provisions under Goods and Services Tax (GST) Act
Posted Date : 24-Sep-2017 , 10:17:03 am | Posted By Prabhash Choudhary

What does audit mean? As per Section 2(13) of CGST Act, “audit” means the examination of records, returns and other documents maintained or furnished by the registered person under this Act or the rules made thereunder or under any other law for the time being in force to verify th...

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Category : GST | Comments : 0 | Hits : 1027

Authorized economic operator program at a glance
Posted Date : 19-Sep-2017 , 12:00:45 pm | Posted By Rajnish Kumar

## What is AEO (Authorized Economic Operator?) AEO is facilitation scheme i.e. holder of this certificate is entitled for certain privilege, benefits and exemption on account of import and export, In India, AEO certification is Three-Tier AEO (T1, T2, T3).This three tier certification is launched b...

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Category : Custom | Comments : 0 | Hits : 283

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