Tax Ready Reckoner for Investments - FY: 2015-16:
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 |
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Service Tax RCM on Works Contract
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 |
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Clarifications on Excise imposed on Jewellery
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 |
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What would be reason for Huge Losses of PSB with some facts
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 |
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Ye To Jaitley Ka BUDGET Hai…!!!
Posted Date : 29-Feb-2016 , 06:56:28 pm | Posted By
Meetesh Shiroya
INTRODUCTION :
As we expect more from Budget but once again we have to wait for another year where we can expect that more changes will be done as per our expectation and Tax Payer will be Happy.
As simple, the budget neither gives any benefits nor provide any special provision to the ...
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Category : Budget |
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Now One Person Company (OPC) to be registered as a stock broker/sub-broker
Posted Date : 22-Feb-2016 , 07:44:05 pm | Posted By
Mayank Agarwal
Now One Person Company (OPC) to be registered as a stock broker/sub-broker
Introduction: The Companies Act, 2013 has introduced new concept of One Person Company. It enables the sole-proprietor to do business as like corporate. Companies Act, 2013 provided various relaxations to OPC like exemptio...
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Category : Shares & Stock |
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Assessee cannot be asked to reverse input tax credit due to non-payment of taxes by the selling dealer
Posted Date : 22-Feb-2016 , 04:51:44 pm | Posted By
CA Bimal Jain
Sri Lakshmi Textiles Vs. the Commissioner of Commercial Taxes and Others [2016 (1) TMI 329 - MADRAS HIGH COURT] Facts: Sri Lakshmi Textiles(“the Petitioner”) is a partnership firm engaged in the business of inner garments and textiles registered under Tamil Nadu Value Added Tax Act, 20...
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Category : VAT |
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No bar on admissibility of Cenvat credit either as Inputs or Capital goods at any stage of proceedings
Posted Date : 18-Feb-2016 , 06:35:02 pm | Posted By
CA Bimal Jain
Dear Professional Colleague,
No bar on admissibility of Cenvat credit either as Inputs or Capital goods at any stage of proceedings
We are sharing with you an important judgment of the Hon’ble CESTAT, Kolkata in the case of Tata Steel Ltd. Vs. Commissioner of Central Excise, Jamshedpur [(201...
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Category : Excise |
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Comparison between CARO 2015 & CARO 2016
Posted Date : 18-Feb-2016 , 04:26:53 pm | Posted By
Mayank Agarwal
Particulars
CARO, 2015
CARO, 2016
Change
Remark
Date of Release
10th April, 2015
To be published
------
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Applicable form
FY on or after 1st April, 2014
FY 2015-16 onwards
Applicability in respective FY
Special care be taken in case of Audit of more than one FYs
...
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Category : Companies Act |
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Basics of Risk Assessment
Posted Date : 18-Feb-2016 , 01:59:11 pm | Posted By
Hemang Doshi
Basics of RISK ASSESSMENT
Million Dollar Question: What is RISK? The reason why I refer it as a million dollar question lies in
definition(s) of term ‘RISK’. The term ‘RISK’ has been defined in multiple ways and it can be
accommodated anywhere anytime and in any situation ...
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Category : Auditing |
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Names of Audit Firms approved for appointment as Statutory Central Auditors in 25 Public Sector Banks for the year 2015-16
Posted Date : 15-Feb-2016 , 06:29:51 pm | Posted By
CA.Khurana Vivek
Sr No Auditors appointed for 2015-16
1.
Allahabad Bank, Kolkata
1
M/s N C Banerjee & Co., Kolkata
2
M/s Kansal Singla & Associates, Chandigarh
3
M/s Raju & Prasad, Hyderabad
4
M/s De & Bose, Kolkata
5
M/s G N S & Associates, Bhubaneshwar
...
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Category : Auditing |
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Know about Service Tax
Posted Date : 15-Feb-2016 , 10:48:41 am | Posted By
Service tax is an indirect tax levied by the Central Government on taxable services provided. The concept of service tax in India has been introduced in 1994 by making provisions in the Finance Act, 1994. Service tax registration is mandatory for every person or business providing taxable services o...
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Category : Service Tax |
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Cenvat credit admissible on services of sales commission agent
Posted Date : 13-Feb-2016 , 04:07:18 pm | Posted By
CA Bimal Jain
Cenvat credit admissible on services of sales commission agent Background: Even though the definition of ‘input services’ given under Rule 2(l) of the Cenvat Credit Rules, 2004 (“the Credit Rules”) covers the services of sales promotion in its inclusive part, eligibility t...
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Category : Excise |
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Detail Analysis of Section 44AD of Income Tax Act, 1961
Posted Date : 11-Feb-2016 , 05:33:40 pm | Posted By
Darshan Jain
1. 44AD(1) is reporoduced as under: Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of an eligible assessee engaged in an eligible business, a sum equal to eight per cent of the total turnover or gross receipts of the...
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Category : Income Tax |
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Margin earned by franchisees on sale of SIM cards/recharge coupons not liable to Service tax
Posted Date : 10-Feb-2016 , 11:15:33 am | Posted By
CA Bimal Jain
Chotey Lal Radhey Shyam Vs. Commissioner of Central Excise & Service Tax, Lucknow [2015 (64) taxmann.com 399 (Allahabad – CESTAT)] Facts: Chotey Lal Radhey Shyam (“the Appellant”) was appointed as a franchisee for Lucknow by Bharat Sanchar Nigam Limited (“BSNL”), ...
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Category : Service Tax |
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GST: A Boost to Indian Economy
Posted Date : 09-Feb-2016 , 12:03:03 pm | Posted By
MEENU GUPTA
INTRODUCTION
GST is a comprehensive tax levy on manufacture, sale and consumption of goods and services at a national level. It is a system of taxation where there is a single tax in the economy for goods as well as services. It is based on a tax-on-value-add concept which avoids duplication of tax...
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Category : GST |
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Funding against Letter of Credit
Posted Date : 08-Feb-2016 , 03:16:43 pm | Posted By
Ravindra Jain
Funding against Letter of Credit (Discounting of Letter of Credit)
A letter of credit is a written promise by a bank to pay for goods a buyer purchases from a seller. Discounting is a way a seller gets paid immediately even if the buyer wants a longer term for payment.
Letter of Credit:
Sel...
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Category : Finance |
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Negative Interest Rates
Posted Date : 03-Feb-2016 , 05:52:55 pm | Posted By
RATHI
NEGATIVE INTEREST RATES
What is Negative Interest Rates ?
Recently Bank...
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Category : Banking |
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Consolidation of Financials under IFRS
Posted Date : 02-Feb-2016 , 11:47:47 am | Posted By
Meetesh Shiroya
Consolidation of Financials under IFRS :
...
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Category : IFRS |
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WAGES UNDER ESIC ACT_Employee's State Insurance Corporation (ESIC)
Posted Date : 01-Feb-2016 , 12:11:53 pm | Posted By
Meetesh Shiroya
WAGES UNDER ESIC ACT :-
WASHING ALLOWANCE:
It is a sum paid to defray special expenses entailed by the nature of
employment and as such this amount does not amount to wages.
(In lieu of old instructions issued vide Memo No.Ins.III/2/1/65 dt. 8.2.1967)
SUSPENSION ALLOWANCE/SUBSISTENCE ...
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Category : General |
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