Posted Date : 13-Jun-2017 , 09:46:36 am | Posted By PRADEEP KUMAR RAJPUT

Tax is required to be deducted by Individual and Hindu undivided, for other assesse this provision is not applicable. Tax is required to be deducted at the rate of 5% or lower rate subject to permission under section 197 of the Act, Tax can be deducted on: Monthly basis. In the last month of...

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Category : Income Tax | Comments : 0 | Hits : 1565

Posted Date : 12-Jun-2017 , 10:01:08 pm | Posted By Vikas Modi

GST IMPACT STUDY FOR JEWELLARY SECTOR GST Council has decided 3% rate of GST on Gold under chapter 71. In the GST regime prices of Jewellery will be high as compared to in current scenario as the tax burden is more. We can understand the impact on price as under:    Due to GST the p...

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Category : GST | Comments : 1 | Hits : 3282

Posted Date : 05-Jun-2017 , 09:53:08 am | Posted By Rishi Goyal

Allowable Credit of Central Duties in respect of stock as on 01.07.17 as per Section 140(3) .   Following person are entitled to take credit 1. Not liable to register under earlier law 2. Was engaged in manufacturing exempted goods or providing exempted services 3. Availed the benefit of 26/2...

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Category : GST | Comments : 0 | Hits : 1047

Posted Date : 02-Jun-2017 , 11:27:29 pm | Posted By Nayan Jain

GET SIMPLIFIED COMPOSITION SCHEME UNDER GST CA. Kuldeep Pokharna & CA. Nayan Jain (Associate member of Team GST Cornor) There would always be a segment of taxpayers who would find it difficult to completely fulfill the compliance requirement of tax laws, may be due to their small size or nature...

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Category : GST | Comments : 0 | Hits : 1052

Posted Date : 29-May-2017 , 01:08:00 pm | Posted By YASH

Analysis of Current System in force How we purchase a property?          A STAMP PAER IS REQUIRED OF POWER OF ATTORNEY AND SALE DEED BEING BOTH          PREVALENT IN INDIA.   What is being reported to Income tax Department in respect of...

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Category : Income Tax | Comments : 0 | Hits : 558

Posted Date : 27-May-2017 , 03:50:56 pm | Posted By Jinit

What are the Opportunities for CA's under the new era of RERA: 1. Project Registration 2. Quarterly returns (Project status & diagnostic) 3. Project Extension request 4. Project Withdrawal request 5. Certifying cost of the project and certifying amount to be withdrawn from Escrow accou...

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Category : Custom | Comments : 0 | Hits : 2964

Posted Date : 27-May-2017 , 03:48:32 pm | Posted By Jinit

Checklist for RERA project registration Gov Registration fees – Rs.10/sq m subject to minimum Rs.50,000/- and maximum Rs.10,00,000/- - Payable by way of NEFT/RTGS/any other digital way Bank charges – As applicable Penalty – As high as upto 10% of cost of project Information and...

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Category : Custom | Comments : 0 | Hits : 4322

Posted Date : 27-May-2017 , 03:30:22 pm | Posted By YASH

If Person not in Composition Dealer Manufacturer Trader 1 Trader 2 Trader 3 Cost 90 100 110 121 Profit 10 10 11 12 Sale Price 100 110 121 133 GST 18 19.8 21.78 23.94 TOTAL SALE PRICE 118 129.8 142.78 156.94         &...

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Category : GST | Comments : 0 | Hits : 1381

Posted Date : 27-May-2017 , 12:58:53 am | Posted By ARUN GUPTA

1)E-Way Bill will be required for movement of all goods, whether within the state or across states. E-way bills is even required for transport of goods outside the GST ambit, for example exempt goods like agricultural products. 2) Entire process requires participation by Supplier, Transporter and R...

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Category : GST | Comments : 0 | Hits : 1162

Posted Date : 23-May-2017 , 01:32:11 pm | Posted By Naveen

GST is at our doorsteps. In a few weeks from now, GST, in all likelihood, would be implemented. While the professional community is gearing up to face the new challenges in terms of compliance, the business community seems to be lagging behind as far as preparedness of small and medium enterprises (...

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Category : GST | Comments : 0 | Hits : 1187

Posted Date : 21-May-2017 , 08:32:39 am | Posted By May I Help You.

New Rule 114E of the income tax rules requires all assessees liable for tax audit u/s 44AB will have to file statement of financial transactions in Form 61A, in case of receipt of cash payment exceeding of Rs. 2,00,000/- for sale of goods/services of any nature. Many professional s...

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Category : Income Tax | Comments : 0 | Hits : 28182

Posted Date : 13-May-2017 , 12:45:26 am | Posted By Hitesh Dayani

Composition Scheme under GST Regime   1-A registered taxable person having aggregate turnover in a preceding financial year upto Rs.50 Lakh can opt for composition Scheme. 2-The Government may, by notification, increase the said limit of fifty lakh rupees to such higher amount, not exceeding o...

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Category : GST | Comments : 0 | Hits : 1242

Posted Date : 12-May-2017 , 12:09:21 pm | Posted By AADESH

TAX DEDUCTED AT SOURCE Tax deducted at source (TDS) is a way of collecting tax.  Any payment covered under this provision has to be made after deducting TDS on the same. Different percentages are prescribed for different types of payment. The onus of compliance lies with the PAYER who make...

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Category : TDS | Comments : 0 | Hits : 860

Posted Date : 09-May-2017 , 12:57:56 pm | Posted By ANKITA GARG

GST ACT ensures that it lays more and more emphasis on its compliances and enforcement across all the areas including registration, returns, invoices ,etc. The terms Offences and Penalties are not defined in the GST Law. However, Offence in general means a breach of Law or Act or any illegal act and...

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Category : GST | Comments : 0 | Hits : 2582

Posted Date : 09-May-2017 , 12:53:07 pm | Posted By ANKITA GARG

GST on Works contract services   Works contract is a mixture of goods and services but it is neither a composite supply nor a mixed supply as it has been defined as per Sec. 2(119) of CGST Act. As per the said   section  “ Works Contract” means a contract for buildin...

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Category : GST | Comments : 0 | Hits : 2808

Posted Date : 27-Apr-2017 , 10:51:22 am | Posted By Jainam Shah

Section 10 and its related draft composition rules of CGST bill talks about the composition levy. The basic principle underlying the composition scheme is, to minimize the burden of compliance for small taxpayers. There are around 8 million taxpayers that are expected to be migrated from the current...

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Category : GST | Comments : 0 | Hits : 1012

Posted Date : 25-Apr-2017 , 11:07:53 pm | Posted By Vipin

ADVANCE RULING     The World of Business is based on informed decisions. Decisions which make or break an organisation. A right estimation may lead it to scale new heights , and on the other hand , a wrong cost projections may lead to complete wipeout of the business.    Amb...

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Category : GST | Comments : 0 | Hits : 774

Posted Date : 05-Apr-2017 , 06:04:12 pm | Posted By Bijay

The Real Estate sector in India is one of the largest contributors to the GDP of India (around 6% of Indian GDP) and also one of the top job creators. This sector has seen growing pace with liberalization of the economy since 1991 and after the Government’s policy to allow 100% Foreign Direct ...

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Category : General | Comments : 0 | Hits : 968

Posted Date : 31-Mar-2017 , 03:28:17 pm | Posted By Bijay

As we all know that the whole nation has been dreaming for the biggest indirect tax reform i.e. implementation of the Goods and Service Tax (GST) for a decade, it is going to become a reality soon. Ever since the thunder of GST has hit the nation, there are various assumptions, presumptions, and exp...

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Category : GST | Comments : 0 | Hits : 1162

Posted Date : 25-Mar-2017 , 07:17:51 pm | Posted By CA Gaurav Kumar Agarwal

Dear All, The CBDT has introduced an additional schedule (Schedule AL) in the Income tax returns forms requiring disclosure of cost of specified Assets and the related liabilities. This schedule is mandatory for individuals whose total income exceeds INR 50 Lacs. Further, please note that the deta...

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Category : Income Tax | Comments : 0 | Hits : 3003