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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State-wise Users Enrollment Plan for GST
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 |
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Textile Industry Benefits in Rajasthan Inv. Promotion Scheme, 2014.
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 |
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Withdrawal from Provident Fund (PF) Account before Completion of Five years taxable
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 |
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Composition Levy under GST
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 |
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Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013 (Revised 2016)
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 |
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MY TAKE ON DEMONETISATION
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 |
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Transfer Pricing
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 |
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Goods and Service Tax (“GST”) - Concise Note
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 |
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Elements of Restructuring of Loans
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 |
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The Direct Tax Dispute Resolution Scheme, 2016 with Rules
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 |
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100% FDI in “Other Financial Services”
Posted Date : 21-Oct-2016 , 05:10:28 pm | Posted By
Prabhash Choudhary
100% FDI in “Other Financial Services” - a move to attract more foreign capital in India The Reserve Bank of India issued a notification permitting 100 percent foreign direct investment in ‘Other Financial Services’ carried out by non-banking finance firms under t...
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Category : RBI |
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Final Rules on Buy Back of Shares of Unlisted Companies
Posted Date : 20-Oct-2016 , 05:28:03 pm | Posted By
Prabhash Choudhary
Finance Minister Shri Arun Jately has amended clause (ii) of sub-section (1) section 115QA by clause 56 of the Finance Act, 2016 to prescribe the rule for, “the amount, which was received by the company for issues of shares to be buy back.” Section before amendment: As per Section 115QA...
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Category : Income Tax |
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Refund Under GST
Posted Date : 13-Oct-2016 , 06:28:22 pm | Posted By
Rishi Goyal
REFUND IN GST
In the Following Situations , Refund can be claimed in GST: ...
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Category : GST |
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Time of supply of goods as per Model GST Law with Examples!
Posted Date : 11-Oct-2016 , 10:55:36 am | Posted By
Shivashish Karnani
Time of supply of goods as per Model GST Law with Examples! Meaning and Relevance: Time of supply of goods determines time, when the tax (GST) will be levied. GST is levied on supply (i.e. for ex: when the goods are sold, transferred to branch, etc). Now, let us take example of sale of goods. In a ...
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Category : GST |
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Transition Phase: Indian GAAP to Indian Accounting Standards (Ind AS) and related practical issues
Posted Date : 07-Oct-2016 , 07:03:20 pm | Posted By
Sourabh Mittal
Transition Phase: Indian GAAP to Indian Accounting Standards (Ind AS) and related practical issues
As the title itself suggests our point of discussion will be revolving around the first time adoption of Indian Accounting Standards, practical aspects, major impact areas, and approach for im...
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Category : Income Tax |
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Impact of GST on Income Tax Act 1961
Posted Date : 06-Oct-2016 , 11:00:15 pm | Posted By
Akshay Kumar Jain
Impact of GST on Income Tax Act 1961 Introduction
GST is pegged to be one of the biggest game changers for Indian economy, making India one unified common market.
The April 1, 2017, rollout deadline for the new indirect tax regime looks tough but not impossible and both the states a...
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Category : GST |
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0 | Hits : 2013 |
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Filling of Income Tax Return. Is it important!
Posted Date : 03-Oct-2016 , 02:24:18 pm | Posted By
Nitin Hargude
Filling of Income Tax Return. Is it important! - CA Nitin Hargude A. Under the Law and regulations
1. It is mandatory to file Income Tax Return if you have PAN and Income which is earned is more than maximum Income which is not chargeable to tax i.e. basic exemption limit as prescrib...
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Category : Income Tax |
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Highlights of Draft GST Rules & Formats which got approved by the GST Council
Posted Date : 03-Oct-2016 , 10:59:39 am | Posted By
CA Bimal Jain
Dear Professional Colleague, Highlights of Draft GST Rules & Formats which got approved by the GST Council The Government is not leaving any stone unturned to roll out the much awaited indirect tax reform from April 1, 2017. In less than a week after the first meeting of the GST Council (...
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Category : GST |
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