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GST: A Boost to Indian Economy
Posted Date : 09-Feb-2016 , 12:03:03 pm | Posted By MEENU GUPTA

INTRODUCTION GST is a comprehensive tax levy on manufacture, sale and consumption of goods and services at a national level. It is a system of taxation where there is a single tax in the economy for goods as well as services. It is based on a tax-on-value-add concept which avoids duplication of tax...

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Category : GST | Comments : 0 | Hits : 108

Funding against Letter of Credit
Posted Date : 08-Feb-2016 , 03:16:43 pm | Posted By Ravindra Jain

Funding against Letter of Credit (Discounting of Letter of Credit) A letter of credit is a written promise by a bank to pay for goods a buyer purchases from a seller. Discounting is a way a seller gets paid immediately even if the buyer wants a longer term for payment. Letter of Credit: Sel...

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Category : Finance | Comments : 0 | Hits : 32

Negative Interest Rates
Posted Date : 03-Feb-2016 , 05:52:55 pm | Posted By RATHI

                                                               NEGATIVE INTEREST RATES What is Negative Interest Rates ? Recently Bank...

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Category : Banking | Comments : 0 | Hits : 294

Consolidation of Financials under IFRS
Posted Date : 02-Feb-2016 , 11:47:47 am | Posted By Meetesh Shiroya

Consolidation of Financials under IFRS : Introduction: Under Globalised scenario, the boundaries of the business crossed the beyond from one county to many countries during the last two decades, at the same time business risk is also increased the same level for the companies and their inves...

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Category : IFRS | Comments : 0 | Hits : 210

WAGES UNDER ESIC ACT_Employee's State Insurance Corporation (ESIC)
Posted Date : 01-Feb-2016 , 12:11:53 pm | Posted By Meetesh Shiroya

WAGES UNDER ESIC ACT :- WASHING ALLOWANCE: It is a sum paid to defray special expenses entailed by the nature of employment and as such this amount does not amount to wages. (In lieu of old instructions issued vide Memo No.Ins.III/2/1/65 dt. 8.2.1967) SUSPENSION ALLOWANCE/SUBSISTENCE ...

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Category : General | Comments : 0 | Hits : 342

SECRETARIAL STANDARDS - A TOOL FOR GOOD CORPORATE GOVERNANCE
Posted Date : 21-Jan-2016 , 02:22:47 pm | Posted By MEENU GUPTA

SECRETARIAL STANDARDS - A TOOL FOR GOOD CORPORATE GOVERNANCE     The rules of Secretarial Standards are aimed at bringing in uniformity in practices followed across companies and strengthening Corporate Governance.   INTRODUCTION   As we all know that The Institute of Charter...

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Category : ICSI | Comments : 0 | Hits : 296

Startup India: New Policies for Starting up the business in India
Posted Date : 18-Jan-2016 , 03:31:29 pm | Posted By POOJA

. Startup-Definition Startup means an entity, incorporated or registered in India not prior to five years, with annual turnover not exceeding INR 25 crore in any preceding financial year, working towards innovation, development, deployment or commercialization of new products, processes or services...

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Category : Finance | Comments : 0 | Hits : 1050

Norms on eligibility, empanelment and selection of Statutory Central Auditors in Public Sector Banks from the year 2016-17 and onwards
Posted Date : 18-Jan-2016 , 07:42:45 am | Posted By CA.Khurana Vivek

Norms on eligibility, empanelment and selection of Statutory Central Auditors in Public Sector Banks from the year 2016-17 and onwards (i) The audit firm shall have a minimum of 7 full time chartered accountants, of which at least 5 should be...

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Category : Bank Branch Audit | Comments : 0 | Hits : 1570

Norms for the empanelment of audit firms to be appointed as statutory branch auditors for Public Sector Banks (2015-16)
Posted Date : 18-Jan-2016 , 07:40:41 am | Posted By CA.Khurana Vivek

Norms for the empanelment of audit firms to be appointed as statutory branch auditors for Public Sector Banks (2015-16) Category No. of CAs exclusively associated with the firm (Full time) No. of partners exclusively associated with the firm (full time) (Out of 2) Professi...

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Category : Bank Branch Audit | Comments : 0 | Hits : 2534

Norms on eligibility, empanelment and selection of Statutory Central Auditors in Public Sector Banks for the year 2015-16
Posted Date : 18-Jan-2016 , 07:31:07 am | Posted By CA.Khurana Vivek

Norms on eligibility, empanelment and selection of Statutory Central Auditors in Public Sector Banks   (i) The audit firm shall have a minimum 7 full time chartered accountants, of which at least 5 should be full time partners exclusively associated with the firm. The remaining 2 could be eit...

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Category : Bank Branch Audit | Comments : 0 | Hits : 784

Best practices one can follow to protect one’s tax and financial information over internet, suggestions by IRS (USA)
Posted Date : 11-Jan-2016 , 11:59:42 am | Posted By Meetesh Shiroya

Internal Revenue Service’s (IRS); incometax efiling portal of United States (https://www.irs.gov) have suggested some best practices one can follow to protect one’s tax and financial information. The suggestions are very much relevant for all similar incometax online portals including in...

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Category : Income Tax | Comments : 0 | Hits : 360

Charges and taxes levied on the foods served in the Restaurant
Posted Date : 06-Jan-2016 , 12:00:33 pm | Posted By POOJA

Charges and taxes levied on the foods served in the Restaurant:   Service Charges:  This is the charges levied by the restaurant as the payment for the services rendered like serving the foods etc. This charge is not levied by the government and is collected by the owner themselves. Levyi...

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Category : Service Tax | Comments : 0 | Hits : 825

STRATEGIC DEBT RESTRUCTURING- AN INTRODUCTION
Posted Date : 05-Jan-2016 , 11:08:14 pm | Posted By Sumat Singhal

STRATEGIC DEBT RESTRUCTURING- AN INTRODUCTION Sumat Singhal  (B.Com, CAIIB, DTIRM,ACA,ACS,CWA(F) 1. PREAMBLE: The concept of Strategic Debt Restructuring ("SDR") has been introduced by the Reserve Bank of India (the "RBI") in the SDR Scheme (the "Scheme") to hel...

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Category : Banking | Comments : 0 | Hits : 432

Computation of Base Rate based on Marginal Cost of Funds
Posted Date : 05-Jan-2016 , 11:07:45 pm | Posted By Sumat Singhal

Computation of Base Rate based on Marginal Cost of Funds   Sumat Singhal  (B.Com, CAIIB, DTIRM,ACA,ACS,CWA(F)   The Reserve Bank vide its circular DBOD.No.Dir.BC88/13.03.0/2009-10 dated April 9, 2010 introduced the Base Rate system with effect from July 1, 2010, which replaced the ...

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Category : Banking | Comments : 0 | Hits : 412

GST Refund - The last step of compliance...!!!
Posted Date : 05-Jan-2016 , 01:17:21 pm | Posted By Raman Singla

As per the discussion papers dated August 2015 issued by the Empowered Committee on the last step of Compliance under The Goods And Service Tax Act i.e. Refund under GST, the Committee has stated the steps assessee has to follow at the time of claiming Refund, the documents to be submitted and the p...

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Category : GST | Comments : 0 | Hits : 313

REASONS FOR SERVICE TAX RETURN GETTING REJECTED...!!!
Posted Date : 29-Dec-2015 , 11:47:02 am | Posted By Raman Singla

Some Service Tax returns gets rejected after uploading of the XML file for the ST3 return, mainly due to the following reasons:- Incorrect selection of return type – whether it is Original or Revised return. When the Financial Year and the Period of Return are different in the XML file a...

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Category : Service Tax | Comments : 0 | Hits : 528

GST- A Revolution in Indirect Tax Law
Posted Date : 28-Dec-2015 , 05:50:18 pm | Posted By Rohit Kapoor

GST- A Revolution in Indirect Tax Law Good and Services Tax is the most logical steps towards the comprehensive indirect tax reform in India since independence. Goods and Services Tax is to be implemented shortly by the Government of India. GST is leviable on every transaction involving supply of ...

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Category : GST | Comments : 0 | Hits : 728

Lawmakers let another GST opportunity go abegging with washout of winter session
Posted Date : 24-Dec-2015 , 08:14:09 pm | Posted By CA Bimal Jain

Lawmakers let another GST opportunity go abegging with washout of winter session   GST has been missing several deadlines in the past. Perhaps, the only major reform both India and the World were looking at from the Parliament’s winter session was the passage of the 122nd Constitut...

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Category : GST | Comments : 0 | Hits : 312

GST RETURN under GST
Posted Date : 24-Dec-2015 , 11:45:21 am | Posted By Raman Singla

A return is a statement of specified particulars relating to business activity undertaken by the taxable person during a prescribed period.    A taxable person has a legal obligation: To declare his tax liability for a given period in the return; Furnish details about the taxes paid ...

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Category : GST | Comments : 0 | Hits : 679

GST: RBI E-KUBER... WHATS THAT...???
Posted Date : 23-Dec-2015 , 11:35:39 am | Posted By Raman Singla

The Joint Committee formed under GST recommends that RBI should play the role of an aggregator through its e-Kuber system. Such role will facilitate participation of larger number of banks in GST receipts enhancing convenience for the tax payers and provide single source of information for cred...

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Category : GST | Comments : 0 | Hits : 172

GST PAYMENT- ONLINE OR MANUAL...??
Posted Date : 21-Dec-2015 , 11:37:14 am | Posted By Raman Singla

One more Report of Joint Committee dated April 2015 was issued to give clarity on the issues relating Goods and Service Tax Payment.   It is said that more the system and procedures are made electronic more is the efficiency of tax administration and greater is the satisfaction of t...

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Category : GST | Comments : 0 | Hits : 287

Provisions of interest on belated refund in terms of Section 27A of the Customs Act also applies on belated refund of SAD
Posted Date : 17-Dec-2015 , 09:49:08 pm | Posted By CA Bimal Jain

Provisions of interest on belated refund in terms of Section 27A of the Customs Act also applies on belated refund of SAD   Principal Commissioner of Custom Vs. Riso India (P.) Ltd. [(2015) 63 taxmann.com 205 (Delhi)] Facts: Riso India (P.) Ltd. (“the Respondent”) w...

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Category : Custom | Comments : 0 | Hits : 140

ONLINE DVAT REGISTRATION : -- MANDATORY OR VOLUNTARY WHAT TO APPLY ??
Posted Date : 17-Dec-2015 , 04:03:04 pm | Posted By Ankit Gupta

Now days for Trading goods online via. Flipkart , Amazon , Snapdeal , Shopclues etc. every dealer is required by such e commerce sites to obtain DVAT registration certificate so as to enroll themselves as dealer on such e commerce sites.    In that case, If a person is willing to start ...

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Category : VAT | Comments : 0 | Hits : 451

Cenvat credit on input services availed prior to initiation of manufacturing activity is admissible
Posted Date : 16-Dec-2015 , 09:36:51 pm | Posted By CA Bimal Jain

Cenvat credit on input services availed prior to initiation of manufacturing activity is admissible Shree Cement Ltd. Vs. Commissioner of Central Excise, Jaipur [2015 (63) taxmann.com 151 (New Delhi - CESTAT)] Facts: The Department denied the Cenvat credit...

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Category : Excise | Comments : 0 | Hits : 210

Registration under Gujarat VAT TIN and CST TIN - A Common Man's Guide - Part I of Series 10 on 10
Posted Date : 14-Dec-2015 , 07:56:35 pm | Posted By Sachin D Jain

A lot of queries comes to mind when one thinks about taking registration under Gujarat VAT and CST Laws. Some of the queries and their answers are published as follows for the benefits of the readers: What is VAT / CST / TIN / Sales Tax ? Answer: VAT means Value Added Tax On Sales. CS...

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Category : VAT | Comments : 0 | Hits : 286

GST: NO HOPES IN CURRENT SESSION OF PARLIAMENT...!!
Posted Date : 14-Dec-2015 , 12:42:52 pm | Posted By Raman Singla

As time runs out for the passage of the Goods and Services Tax Bill in the ongoing winter session of Parliament, Union Minister of State for Parliamentary Affairs Mukhtar Abbas Naqvi told on Sunday: “We hope Parliament works from Monday so that the stalled work begins.” ...

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Category : GST | Comments : 0 | Hits : 214

How to crack that interview and get the coveted job
Posted Date : 13-Dec-2015 , 10:38:20 pm | Posted By Anurag Singal

Step 0: Understand the company that is hiring as well as interviewer: Most companies do a ‘pre-placement talk” (in case of campus placements) and when you get the opportunity to ask questions, dont simply ask questions about the company or the job. You should know those things as w...

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Category : General | Comments : 0 | Hits : 384

SECTION 175 OF COMPANIES ACT 2013 - PASSING OF RESOLUTION BY CIRCULATION
Posted Date : 10-Dec-2015 , 02:47:56 pm | Posted By Manshi Baid

SECTION 175 OF THE COMPANIES ACT 2013 PASSING OF RESOLUTION BY CIRCULATION   In case of companies all the decisions are taken by passing a resolution which may be an ordinary resolution or a special resolution.              &nb...

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Category : Corporate Law | Comments : 0 | Hits : 245

declaration format to be furnished by the payee under section 194C(6)
Posted Date : 10-Dec-2015 , 01:46:24 pm | Posted By Pardeep Garg

“DECLARATION UNDER SECTION 194C(6) OF THE INCOME-TAX ACT, 1961 No………(To be provided by payee)                              &nb...

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Category : Income Tax | Comments : 0 | Hits : 475

WAYS IN WHICH GST WILL HELP THE INDIAN ECONOMY...!!
Posted Date : 09-Dec-2015 , 11:47:53 am | Posted By Raman Singla

We all know that GST is the most radical tax reform in the country since Independence. About nine years in the making, the GST will subsume most of the taxes and levies, radically changing the way tax is collected in India. GST is expected to come into force by next year i.e. 2016. The posi...

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Category : GST | Comments : 0 | Hits : 357

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