Posted Date : 25-Jan-2017 , 07:53:20 pm | Posted By Himanshu

As name indicates Benami property means a property without a name. In such  kind of a transaction the person who pays for the property does not buys it under his/her own name and motive behind such a transactions of this nature to evade payment of tax. Any asset movable or immovable, any secur...

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Category : Income Tax | Comments : 0 | Hits : 595

Posted Date : 24-Jan-2017 , 09:17:41 pm | Posted By PRIYA GARG

All about One Person Company(OPC)       The concept of One Person Company [OPC] is a     new introduction in the companies act 2013 which allows  a sole person to incorporate a company on its own with concessional/relaxed requirements under the...

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Category : Corporate Law | Comments : 0 | Hits : 964

Posted Date : 23-Jan-2017 , 02:14:25 pm | Posted By Prabhash Choudhary

The Concept of supply Earlier, taxable event under the various indirect tax laws was different like manufacturing under excise laws, sale under VAT laws, and provision of services under service tax laws… to subsumed all these taxable event, the concept of supply has been introduced. The taxab...

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Category : GST | Comments : 0 | Hits : 460

Posted Date : 20-Jan-2017 , 12:45:02 am | Posted By Arpit Verma

Basic Overview on GST Introduction. Introduction of Goods & Service Tax (GST) in India required an amendment in the Constitution to bring concurrent powers to both the Central & State Government so that both the Government could make law & impose GST on transaction of supply of Goo...

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Category : GST | Comments : 0 | Hits : 1336

Posted Date : 16-Jan-2017 , 10:55:58 am | Posted By Bhinang Tejani

Knowledge of IT would be an integral part of auditing now like a good icing on the cake of traditional competencies in auditing. Lets discuss some of the key issues future auditors may face: 'Big data' is an extremely large data sets of company that may be analysed computationally to reveal pat...

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Category : Auditing | Comments : 0 | Hits : 1279

Posted Date : 14-Jan-2017 , 10:32:03 pm | Posted By Pranshu Bansal

The greatest changes to ever occur in the Indian Economy in the last few decades are ‘Demonetization of Rs. 500 and Rs. 1000 currency notes’ and ‘The Introduction of GST’. Economists believe that these two steps, amplifying each other’s effects, will be a game-changing ...

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Category : GST | Comments : 0 | Hits : 1139

Posted Date : 14-Jan-2017 , 07:53:47 pm | Posted By Anshu Agarwal

Q1. What is TDS/ TCS? TDS (tax deduction at source)/ TCS (tax collection at source) is a means of collection of Income Tax. Under TDS, certain amount of tax is deducted by a payer from the income of payee according to applicable law of the income tax. Whereas under TCS, certain amount of tax is coll...

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Category : TDS | Comments : 0 | Hits : 1470

Posted Date : 10-Jan-2017 , 02:17:17 pm | Posted By Pradeep Jain

Provision of Exchange Facility of SBN : 08.11.2016 RBI/2016-2017/112     the SBN of aggregate value of ₹ 4,000/- or below may be exchanged for any denomination of bank notes having legal tender character, with a requisition slip in the format specified by the Res...

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Category : Auditing | Comments : 0 | Hits : 1235

Posted Date : 05-Jan-2017 , 10:58:06 pm | Posted By Prabhash Choudhary

Pradhan Mantri Garib Kalyan Yojana, 2016 comes into force w.e.f. the 17th day December, 2016 and a person may make declaration under this scheme the 31st day of March, 2017.   The salient features of the Scheme are as under: (i)         &nbs...

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Category : Income Tax | Comments : 0 | Hits : 1080

Posted Date : 30-Dec-2016 , 06:51:01 pm | Posted By Sourabh Mittal

Unbiased critical analysis of Demonetization “Jab Irada Bana liya, Unchi Uddan ka, Fir Dekhna Fizul hain, kad aasman ka”    As one of the biggest decision in the history of Independent India, Prime Minister Mr.Narendra Modi marks the evening of 8th November 2016 with his sur...

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Category : Income Tax | Comments : 0 | Hits : 981

Posted Date : 28-Dec-2016 , 04:12:29 pm | Posted By Sri Ram

The Goods and Service tax is a widely assorted tax assessment scheme which is newly incorporated within the constitution sub-assuming all the indirect tax currently prevailing in the economy while the registrations for the same has been started also. Here we are mentioning all the GST Enrollment d...

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Category : GST | Comments : 0 | Hits : 944

Posted Date : 17-Dec-2016 , 07:01:34 pm | Posted By Ankur Kumar Gupta

“Investment” or “Eligible Fixed Capital Investment (EFCI)”means investment made by an enterprise in fixed assets, in the following, up to the date of commencement of commercial production: (a) price paid for the land; (b) cost of new factory sheds and other new industrial...

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Category : General | Comments : 0 | Hits : 585

Posted Date : 17-Dec-2016 , 06:59:46 pm | Posted By Ankur Kumar Gupta

Withdrawal of Provident Fund may attract Income Tax. The Income Tax Department recently told EPFO (Employees Provident Fund Organisation) to deduct Tax (TDS) from the withdrawal amount, if the withdrawal happened before completing five years of subscription. Tax officials have cited a rule in the 19...

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Category : Income Tax | Comments : 0 | Hits : 733

Posted Date : 01-Dec-2016 , 03:22:44 pm | Posted By Ankit

COMPOSITION LEVY UNDER GST   Q.1 What is Composition Levy? Under composition levy scheme, a registered taxable person is eligible to pay, in lieu of tax payable by him, an amount calculated at such rate as may be prescribed, but not less than 2.5% in case of a manufacturer and 1% in any othe...

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Category : GST | Comments : 1 | Hits : 2613

Posted Date : 23-Nov-2016 , 06:17:59 pm | Posted By Rohit Kapoor

INTRODUCTION   Section 143(12) states, “Notwithstanding anything contained in this section, if an auditor of a company, in the course of the performance of his duties as auditor, has reason to believe that an offence of fraud involving such amount or amounts as may be prescribed, is being...

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Category : Corporate Law | Comments : 0 | Hits : 1004

Posted Date : 23-Nov-2016 , 06:16:05 pm | Posted By Rohit Kapoor

In a special broadcast on 8 November, Prime Minister Narendra Modi announced a positive exogenous shock to the country. He declared that in less than four hours, Rs500 and Rs1,000 bills would be demonetized, thereby withdrawing their status as legal tender   These were the highest and most popu...

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Category : Income Tax | Comments : 0 | Hits : 721

Posted Date : 01-Nov-2016 , 03:35:53 pm | Posted By Pankaj Rohra

Introduction  In order to derive synergies and reduction of costs, the Multinationals companies started the practice of common shared center or one affiliate provides services on a central basis to several other affiliates. The agreements may be formulated amount group entities to jointly deve...

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Category : Income Tax | Comments : 0 | Hits : 810

Posted Date : 26-Oct-2016 , 12:47:13 pm | Posted By Vijay Bansal

Introduction: Goods and Services Tax would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national mar...

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Category : GST | Comments : 0 | Hits : 1233

Posted Date : 24-Oct-2016 , 02:34:46 pm | Posted By Mahesh Bansal

Debt restructuring is a method used by companies with outstanding debt obligations to alter the terms of the debt agreements in order to achieve some advantages. Sometimes, there may arise circumstances when a borrower may not be able to honour its debt obligations towards the lender. Such debt ob...

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Category : Banking | Comments : 0 | Hits : 965

Posted Date : 23-Oct-2016 , 01:39:06 pm | Posted By Prabhash Choudhary

The Direct Tax Dispute Resolution Scheme, 2016 (hereinafter referred to as ‘the Scheme’) incorporated as Chapter X of the Finance Act, 2016 (hereinafter referred to as ‘the Act’) which has been come into the force from 1st day of June’16 and will be into force on or bef...

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Category : Income Tax | Comments : 0 | Hits : 717