Posted Date : 03-Jun-2016 , 11:18:15 am | Posted By Soniya

Finance Act, 2016 imposed TCS on cash sale of goods or services with effect from 1-6-2016.   New Sub Section (1D) of Section 206C is as follow:   Every person, being a seller, who receives any amount in cash as consideration for sale of bullion or jewellery or any other goods (ot...

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Category : Income Tax | Comments : 0 | Hits : 2111

Posted Date : 01-Jun-2016 , 11:10:38 am | Posted By Raman Singla

NO KRISHI KALYAN CESS ON DEBTORS AS ON 13th MAY’ 2016 (PART -2) Read more at: http://www.casansaar.com/article-submit.htmlThe enabling provisions for KRISHI KALYAN CESS (KKC) are contained in Chapter – VI of Finance Act’ 2016. As per the provisions, KKC shall be applicable at 0.5...

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Category : Service Tax | Comments : 1 | Hits : 2821

Posted Date : 30-May-2016 , 01:55:02 am | Posted By Aman Kesharwani

The CBDT (Central Board of Direct Taxes) has introduced a new form (Form 12 BB) for claiming tax deduction towards LTA, LTC, HRA & interest paid for home loans. The new form mandates people to furnish proof of travel while claiming LTA, LTC, and details of landlord in case of HRA claims.  ...

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Category : Income Tax | Comments : 1 | Hits : 2233

Posted Date : 27-May-2016 , 05:35:23 pm | Posted By Vishal Shah

As you are aware that the Finance Act, 2016 has increased the service tax rate to include a new cess, namely Krishi Kalyan Cess, which is applicable w.e.f. 01/06/2016. The effective rate of service tax for all new services provided after 01/06/2016 shall be as below:   Service Tax   ...

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Category : Service Tax | Comments : 0 | Hits : 2054

Posted Date : 29-Apr-2016 , 04:11:26 pm | Posted By CP JAIN

Currently hottest topic in Banking industry is NPA.  Lot of discussions are going on about why this happened, How this happened and What should be further course of Action. One thing is crystal clear that the Banking sector in India is passing thru a very crucial phase and need to do a lot to...

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Category : Banking | Comments : 0 | Hits : 931

Posted Date : 28-Apr-2016 , 04:21:51 pm | Posted By Tanay Jindal

Process for Incorporating Limited Liability Partnership Following are the steps involved for incorporating LLP   Apply for Director Identification Number (DIN) by e-filling form DIN-3 or if the person already have Director Identification Number then no need of DIN Acquire DSC and Register...

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Category : General | Comments : 0 | Hits : 1364

Posted Date : 26-Apr-2016 , 04:39:26 pm | Posted By Meetesh Shiroya

In the Present era, the market is booming up so every Company want to take opportunity to earn more from the same market and want to get maximum benefits out of that, so what are the ways available for Company to avail such benefits. So for that, Private Company has to change its Mission as well as ...

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Category : Income Tax | Comments : 0 | Hits : 1213

Posted Date : 24-Apr-2016 , 10:46:25 pm | Posted By Ankur Kumar Gupta

The Indian Government is actively working to improve ease of doing business in India. Key initiative in this aspect is the Amendment to Companies Act, 2015 to make it more business or investor friendly. The Companies Amendment Bill, 2015 was passed in Lok Sabha on 17/12/2014 and it was passed in the...

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Category : Corporate Law | Comments : 0 | Hits : 810

Posted Date : 23-Apr-2016 , 12:05:30 am | Posted By CA Gopal Rathi

Dear CA friends,   Arbitrary criteria exist for the allotment of audit of public sector units. Every department made their own different rules and conditions for appointment though there is existence of ICAI Multipurpose empanelment form(MEF).   There is something which is hidden and n...

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Category : RBI | Comments : 3 | Hits : 3640

Posted Date : 22-Apr-2016 , 10:44:07 pm | Posted By Sunil Kumar

    CENVAT CREDIT AVAILABLE VS CENVAT CREDIT TAKEN ALARMING AMENDMENT IN RULE 6(3) OF CENVAT CREDIT RULES (a) A manufacturer who manufactures two classes of goods namely:- Non exempted goods removed Exempted goods removed Or (b) a provider of output service who provides two c...

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Category : Service Tax | Comments : 0 | Hits : 1924

Posted Date : 20-Apr-2016 , 02:36:51 pm | Posted By Manshi Baid

SECTION 115JB OF INCOME TAX ACT, 1961   SPECIAL PROVISION FOR PAYMENT OF TAX BY CERTAIN COMPANIES - (AFTER BUDGET 2016)   This section is nothing but the Minimum Tax that a company is required to pay. This section provides that in case the tax payable by a company is less than 18.5 ...

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Category : Income Tax | Comments : 0 | Hits : 1025

Posted Date : 19-Apr-2016 , 01:25:07 pm | Posted By CA GOURAV MURARKA

Forwarded mail copy as received : Very serious allegations by Chartered Accountant on independence of Auditor. 15th April 2016 To The AGM Audit Patna Circle State Bank of India Sub:       Death of the Independence of the auditor Dear Sir, Our Team for Statu...

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Category : Auditing | Comments : 0 | Hits : 1701

Posted Date : 17-Apr-2016 , 09:40:06 am | Posted By Shiba Prasad Padhi

CMA Shiba Prasad Padhi, AIIISLA, FIII, FCMA Practicing Cost Accountant and Licensed SLA   Declaration: The Article written is original and in individual capacity. Source of Data: IRDA Website   Accountants as Surveyors & Loss Assessors   Sec. 64UM of the Insurance Act, 1938 provid...

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Category : General | Comments : 0 | Hits : 2310

Posted Date : 31-Mar-2016 , 07:19:12 pm | Posted By Darshan Jain

The scheme of levy and collection of Central Excise duty on articles of Jewellery is as under:   (a) The levy and collection of Central Excise Duty is on the manufacture of Jewellery (excluding silver Jewellery, not studded with diamonds, ruby, emerald or sapphire).   (b) It is applica...

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Category : Excise | Comments : 1 | Hits : 2072

Posted Date : 29-Mar-2016 , 03:54:15 pm | Posted By Monetic$123

What is the most important attribute for enterprises and businesses serving on different verticals? What is the prime source for measuring the growth and development of the company? The answer is one and only the capital of company. Read this article which exclusively focuses on the subject - pertai...

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Category : General | Comments : 0 | Hits : 645

Posted Date : 28-Mar-2016 , 01:56:07 pm | Posted By MEENU GUPTA

NON-PERFORMING ASSETS (NPAs) Secretarial Audit for PSU Banks Stressing accounts of PSUs to be reduced by ‘Secretarial Audit’ & ‘Due Diligence’ by Practicing Company Secretary The RBI data revealed the rise in Stressed assets of PSU Banks the most with 14% of Advances ...

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Category : NPA | Comments : 0 | Hits : 2494

Posted Date : 26-Mar-2016 , 04:20:31 pm | Posted By CA GOURAV MURARKA

Tax Ready Reckoner for Investments - FY: 2015-16:   EQUITY: Stocks:   1. If you hold on to them for a year, the long-term capital gain is tax free 2. Short-term capital gain is taxed at 15% 3. Dividends are tax free   DEBT FIXED INCOME INSTRUMENTS: Savings a/c:   1. I...

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Category : Income Tax | Comments : 0 | Hits : 1118

Posted Date : 25-Mar-2016 , 12:27:55 pm | Posted By Pankaj Jaiswal

Date : 19.03.2016 M/s. ABC LLP ( Service Provider ) M/s. XYZ Limited ( Service Recipient )   Ref: Service Tax on Works Contract and RCM     Opinion   Before giving opinion on the issues it will be useful to refer the questions related with this transaction. Assume ABC is...

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Category : Service Tax | Comments : 0 | Hits : 2896

Posted Date : 09-Mar-2016 , 12:24:38 pm | Posted By Darshan Jain

Clarifications on Excise imposed on Jewellery  The strike by bullion traders and jewellers continued for the 8th day to protest the Budget proposal to impose one per cent excise duty(without input tax credit) on Jewellery, despite the Centre's assurance that it would look into the issue. Most...

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Category : Excise | Comments : 0 | Hits : 1364

Posted Date : 03-Mar-2016 , 12:35:45 pm | Posted By Darshan Jain

SOME IMPORTANT FACTS – CONCEPTS – AUDIT PROCEDURE IN BANKING Executive Summary: - Banking sector is the backbone of the economy. But now a days it is a major weak sector. What would be the probable reason for the same, i wanted to highlight the same. Since the weakness is in whole secto...

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Category : Banking | Comments : 0 | Hits : 1262