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 |
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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, Deal...
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Category : GST |
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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 |
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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 |
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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 |
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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 |
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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.
If ...
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Category : GST |
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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 the ...
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Category : GST |
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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 defa...
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Category : Corporate Law |
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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 |
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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 t...
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Category : Chartered Accountant |
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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 |
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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. INTRODU...
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Category : Income Tax |
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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 |
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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 t...
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Category : GST |
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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 |
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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 CG...
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Category : GST |
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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 |
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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 the co...
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Category : GST |
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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 by...
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Category : Custom |
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