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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SECRETARIAL STANDARDS - A TOOL FOR GOOD CORPORATE GOVERNANCE
Posted Date : 21-Jan-2016 , 02:22:47 pm | Posted By
MEENU GUPTA
SECRETARIAL STANDARDS - A TOOL FOR GOOD CORPORATE GOVERNANCE
The rules of Secretarial Standards are aimed at bringing in uniformity in practices followed across companies and strengthening Corporate Governance.
INTRODUCTION
As we all know that The Institute of Charter...
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Category : ICSI |
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Startup India: New Policies for Starting up the business in India
Posted Date : 18-Jan-2016 , 03:31:29 pm | Posted By
POOJA
. Startup-Definition
Startup means an entity, incorporated or registered in India not prior to five years, with annual turnover not exceeding INR 25 crore in any preceding financial year, working towards innovation, development, deployment or commercialization of new products, processes or services...
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Category : Finance |
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Norms on eligibility, empanelment and selection of Statutory Central Auditors in Public Sector Banks from the year 2016-17 and onwards
Posted Date : 18-Jan-2016 , 07:42:45 am | Posted By
CA.Khurana Vivek
Norms on eligibility, empanelment and selection of Statutory Central Auditors in Public Sector Banks from the year 2016-17 and onwards
(i) The audit firm shall have a minimum of 7 full time chartered accountants, of which at least 5 should be...
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Category : Bank Branch Audit |
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Norms for the empanelment of audit firms to be appointed as statutory branch auditors for Public Sector Banks (2015-16)
Posted Date : 18-Jan-2016 , 07:40:41 am | Posted By
CA.Khurana Vivek
Norms for the empanelment of audit firms to be appointed as statutory branch auditors for Public Sector Banks (2015-16)
Category
No. of CAs exclusively associated with the firm (Full time)
No. of partners exclusively associated with the firm (full time) (Out of 2)
Professi...
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Category : Bank Branch Audit |
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Norms on eligibility, empanelment and selection of Statutory Central Auditors in Public Sector Banks for the year 2015-16
Posted Date : 18-Jan-2016 , 07:31:07 am | Posted By
CA.Khurana Vivek
Norms on eligibility, empanelment and selection of Statutory Central Auditors in Public Sector Banks
(i) The audit firm shall have a minimum 7 full time chartered accountants, of which at least 5 should be full time partners exclusively associated with the firm. The remaining 2 could be eit...
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Category : Bank Branch Audit |
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0 | Hits : 1308 |
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Best practices one can follow to protect one’s tax and financial information over internet, suggestions by IRS (USA)
Posted Date : 11-Jan-2016 , 11:59:42 am | Posted By
Meetesh Shiroya
Internal Revenue Service’s (IRS); incometax efiling portal of United States (https://www.irs.gov) have suggested some best practices one can follow to protect one’s tax and financial information. The suggestions are very much relevant for all similar incometax online portals including in...
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Category : Income Tax |
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Charges and taxes levied on the foods served in the Restaurant
Posted Date : 06-Jan-2016 , 12:00:33 pm | Posted By
POOJA
Charges and taxes levied on the foods served in the Restaurant: Service Charges: This is the charges levied by the restaurant as the payment for the services rendered like serving the foods etc. This charge is not levied by the government and is collected by the owner themselves. Levyi...
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Category : Service Tax |
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STRATEGIC DEBT RESTRUCTURING- AN INTRODUCTION
Posted Date : 05-Jan-2016 , 11:08:14 pm | Posted By
Sumat Singhal
STRATEGIC DEBT RESTRUCTURING- AN INTRODUCTION
Sumat Singhal
(B.Com, CAIIB, DTIRM,ACA,ACS,CWA(F)
1. PREAMBLE: The concept of Strategic Debt Restructuring ("SDR") has been introduced by the Reserve Bank of India (the "RBI") in the SDR Scheme (the "Scheme") to hel...
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Category : Banking |
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Computation of Base Rate based on Marginal Cost of Funds
Posted Date : 05-Jan-2016 , 11:07:45 pm | Posted By
Sumat Singhal
Computation of Base Rate based on Marginal Cost of Funds Sumat Singhal (B.Com, CAIIB, DTIRM,ACA,ACS,CWA(F)
The Reserve Bank vide its circular DBOD.No.Dir.BC88/13.03.0/2009-10 dated April 9, 2010 introduced the Base Rate system with effect from July 1, 2010, which replaced the ...
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Category : Banking |
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GST Refund - The last step of compliance...!!!
Posted Date : 05-Jan-2016 , 01:17:21 pm | Posted By
Raman Singla
As per the discussion papers dated August 2015 issued by the Empowered Committee on the last step of Compliance under The Goods And Service Tax Act i.e. Refund under GST, the Committee has stated the steps assessee has to follow at the time of claiming Refund, the documents to be submitted and the p...
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Category : GST |
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REASONS FOR SERVICE TAX RETURN GETTING REJECTED...!!!
Posted Date : 29-Dec-2015 , 11:47:02 am | Posted By
Raman Singla
Some Service Tax returns gets rejected after uploading of the XML file for the ST3 return, mainly due to the following reasons:-
Incorrect selection of return type – whether it is Original or Revised return.
When the Financial Year and the Period of Return are different in the XML file a...
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Category : Service Tax |
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0 | Hits : 946 |
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GST- A Revolution in Indirect Tax Law
Posted Date : 28-Dec-2015 , 05:50:18 pm | Posted By
Rohit Kapoor
GST- A Revolution in Indirect Tax Law
Good and Services Tax is the most logical steps towards the comprehensive indirect tax reform in India since independence. Goods and Services Tax is to be implemented shortly by the Government of India. GST is leviable on every transaction involving supply of ...
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Category : GST |
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0 | Hits : 1141 |
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