WHAT IS COMPOSITION SCHEME UNDER GOODS AND SERVICES TAX? A Brief Analysis
Posted Date : 14-Aug-2018 , 11:55:16 pm | Posted By
Rubneet Anand
WHAT IS COMPOSITION SCHEME UNDER GOODS AND SERVICES TAX?
A Brief Analysis
Sec 10 of CGST Act 2017 explains the composition levy under Goods and Services Tax, according to which, a registered person, whose aggregate turnover in the preceding financial year did not exceed* may opt to pay, i...
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Category : GST |
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Amendment in Negotiable Instruments Act, 1881 - Relief against Dishonoured Cheques
Posted Date : 08-Aug-2018 , 12:43:19 pm | Posted By
CS Piyush Jain
Amendment in Negotiable Instrument Act, 1881 for cases of DISHONOUR OF CHEQUE
The Negotiable Instruments (Amendment) Act, 2018:
The Negotiable Instruments (Amendment) Act aims to amend the Negotiable Instruments Act, 1881, asking the drawer of a cheque that has been dishonoured to pay int...
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Category : RBI |
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Income Tax on agriculture
Posted Date : 30-Jul-2018 , 06:28:44 pm | Posted By
Chunauti H. Dholakia
Income Tax on Agriculture
Agriculture plays a vital role in Indian economy. Agricultural income declared by individual assessee who filed returns is over 20 times of country’s GDP. Except for two short periods of nine years in all (1860-1865 and 1869-1873) agricultural incomes have bee...
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Category : Income Tax |
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Related party transaction (section 188) - A significant amendment - Ease of doing business – Governance Professional
Posted Date : 28-Jul-2018 , 04:24:20 pm | Posted By
ACS Prem Munjal
I hope you're aware that most of the Companies do exist in India have been either closely held or shareholding lies in the hands of Promoters consequently, with this less scattered form of shareholding, the number of Independent members also reduced to very few, Therefore, in this kind of shareholdi...
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Category : Corporate Law |
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AGM - The biggest change ever - 7th May 2018 - ACS Prem Munjal
Posted Date : 25-Jul-2018 , 05:16:46 pm | Posted By
ACS Prem Munjal
As you know the financial year 2017-18 has been ended and every company also has now been geared up for annual compliances for the said year.
As a matter of normal practices, every company required to do some sort of annual compliances to remain as an active company and doing such compliance is b...
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Category : Corporate Law |
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What is NFRA and its Draft Powers
Posted Date : 16-Jul-2018 , 08:32:56 am | Posted By
May I Help You.
NACAS was only advisory body until the 2013 amendment of Company Act when it was renamed NFRA, a powerful regulatory agency. The process of implementation of NFRA was started in June 2015, when companies law committee was set up and submitted its report in February 2016 to the standing commit...
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Category : Income Tax |
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Preamble, Tittle and Applicability of GST Laws
Posted Date : 15-Jul-2018 , 12:26:26 pm | Posted By
Rajnish Kumar
Preamble, Tittle and Applicability of GST Laws
Acts
THE CENTRAL GOODS AND SERVICES TAX ACT, 2017
THE INTEGRATED GOODS AND SERVICES TAX ACT, 2017
THE UNION TERRITORY GOODS AND SERVICES TAX ACT, 2017
THE GOODS AND SERVICES TAX (COMPENSATION TO STATES) ACT, 2017
THE [NAME OF STATE E....
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Category : GST |
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Opportunities for Professionals to act as Insolvency Professional & Registered Valuer.
Posted Date : 12-Jul-2018 , 10:36:16 pm | Posted By
CA.Khurana Vivek
The Insolvency and Bankruptcy Board of India was established on 1st October, 2016 under the Insolvency and Bankruptcy Code, 2016 (Code).
It has also been designated as the ‘Authority’ under the Companies (Registered Valuers and Valuation Rules), 2017 for regulation and d...
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Category : General |
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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 rec...
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Category : RBI |
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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 15.06.20...
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Category : Income Tax |
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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 Date of...
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Category : Income Tax |
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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 pro...
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Category : IFRS |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 the ...
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Category : Income Tax |
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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 |
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