The Payment of Wages (amendment) act, 2017 comparison with old provision and their effects
Posted Date : 22-Feb-2017 , 10:33:03 pm | Posted By
Md Irsad Alam
Comparison between provision under the payment of wages act 1936, and the Payment of Wages (amendment) act, 2017
New Provision
For section 6 of the Payment of Wages Act, 1936, following section has been substituted, namely:- "6. All wages shall be paid in current coin or currency n...
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Category : Corporate Law |
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RESTRICTIONS ON CASH TRANSACTIONS IMPOSED IN BUDGET 2017
Posted Date : 21-Feb-2017 , 05:50:22 pm | Posted By
AJIT H. YADKIKAR
Restrictions on Cash Receipts imposed in Union Budget 2017-18 – New Section 269ST
The Finance Bill 2017 introduced a new section 269ST in the Income Tax Act. The new section will impose restriction on receipt of any amount exceeding Rs. 3 lakhs through modes other than the modes prescribed...
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Category : Income Tax |
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A quick summary on small company
Posted Date : 20-Feb-2017 , 07:34:38 pm | Posted By
PRIYA GARG
A Quick summary on small company The concept of “Small Company” has been introduced in the Companies Act, 2013. As per the act some companies are small companies based on their...
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Category : Corporate Law |
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SOME IMPORTANT FAQ ON BENAMI TRANSATION
Posted Date : 18-Feb-2017 , 04:02:52 pm | Posted By
Md Irsad Alam
1.What is Benami? Benami essentially means property without a name. In this kind of transaction the person who pays for the property does not buys it under his/her own name. The person on whose name the property has been purchased is called the benamdar and the property so purchased is called ...
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Category : Income Tax |
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Penalty on undisclosed income
Posted Date : 14-Feb-2017 , 01:54:10 pm | Posted By
CA PREITY NAGI
Introduction:-
What is Penalty?
A punitive measure that the law imposes for the performance of the act that is prescribed or for the failure to perform a required act.
Penalty is a comprehensive term with many different meanings. It entrails the concept of punishment- either corporal or pecuni...
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Category : Income Tax |
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Time and Value of Supply
Posted Date : 11-Feb-2017 , 10:29:27 pm | Posted By
Deepak Bharti
Time of Supply of Goods & Services
A detailed analysis of Section 12
As per Section 12 (1) of Model GST law the liability to pay CGST / SGST on the goods or services shall arise at the time of supply as determined in terms of the provisions of this section.
The time of supply of...
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Category : GST |
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Meaning and scope of supply
Posted Date : 11-Feb-2017 , 10:26:53 pm | Posted By
Deepak Bharti
Meaning and scope of supply Determination of the taxable event in any tax law is of utmost significance as the levy of tax is based on occurrence of that event. In the Model GST Law, a uniform and single taxable event ‘supply’ would replace multiple taxable events i.e. manufacture...
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Category : GST |
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Forensic Accounting
Posted Date : 11-Feb-2017 , 02:29:49 pm | Posted By
CA PREITY NAGI
History of Forensic Accounting Forensic Accounting is a relatively new profession that uses ideas and techniques started centuries ago. The profession has been molded and shaped by many aspects of the shifting world including the economy, society, and legislation. The term "forensic accounting" was ...
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Category : Income Tax |
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GST- Simplified Meaning
Posted Date : 09-Feb-2017 , 01:49:30 am | Posted By
Himanshu
GST- Simplified Meaning
GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage...
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Category : GST |
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Excellent balanced budget
Posted Date : 01-Feb-2017 , 01:41:11 pm | Posted By
CA Gopal Ji Agrawal
Finance Minister Arun Jaitley presented the Union Budget 2017, his fourth annual budget, today.
I think Its a excellent balanced budget. Market also reacted positively on it. Sensex got hike of 300 points. Here are the highlights;
Key Changes in Taxation:
1. Income Tax rate reduced from 10% to ...
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Category : Budget |
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Benami Property- Simplified Meaning
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 |
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All about One Person Company(OPC)
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 |
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The concept of
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 |
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Basic Overview on GST
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 |
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Future of audit with Big Data & Analytics
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 |
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What is GST all about?
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 |
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SOME FAQ ON TDS/ TCS
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 |
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Short Summary of RBI CIRCULARS on DMONETIZATION
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 |
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Pradhan Mantri Garib Kalyan Yojana, 2016 : Silent Features and Procedure under Scheme
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 |
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Unbiased critical analysis of Demonetization
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 |
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