Depreciation under Schedule II of Companies Act 2013
Posted Date : 04-Aug-2015 , 11:04:16 am | Posted By
Prabhash Choudhary
I analyzed schedule II of Companies Act 2013 along with guidance note issued by ICAI for depreciation and in my opinion understated points are need to be considered for the purpose of calculation of depreciation for the financial year 2014-15:
1. If useful life of an asset has b...
Continue Reading...
Category : Corporate Law |
Comments :
0 | Hits : 1221 |
 |
GST KNOWLEDGE SERIES #4 : COMPARISON OF GST BILL 2014 AND RECOMMENDATIONS OF SELECT COMMITTEE OF RAJYA SABHA, 2015
Posted Date : 03-Aug-2015 , 02:03:57 pm | Posted By
Chitresh
The Constitution (122nd Amendment) Bill, 2014 was introduced in Lok Sabha on December 19, 2014 and was passed by it on May 6, 2015. The Bill was referred to a Select Committee of Rajya Sabha for examination which submitted its Report on July 22, 2015. The Report contained various recommendations&nbs...
Continue Reading...
Category : GST |
Comments :
0 | Hits : 625 |
|
INTEREST INCOME ON TAX REFUNDS
Posted Date : 01-Aug-2015 , 08:08:03 pm | Posted By
Soniya
An Assessee is eligible to claim refund of the excess tax paid by him. Tax could be paid in the form of advance tax or tax deducted/collected at source or self - assessment tax or payment of tax on regular assessment.
To claim refund, an assessee need to E - file Return of Income submitting...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 616 |
|
VAT not applicable on transfer of right to use of goods if effective possession and control of the goods are not transferred
Posted Date : 31-Jul-2015 , 06:45:04 pm | Posted By
CA Bimal Jain
Dear Professional Colleague,
VAT not applicable on transfer of right to use of goods if effective possession and control of the goods are not transferred
We are sharing with you an important judgment of the Hon’ble High Court of Delhi, in the case of Hari Durga Travels Vs. Commissioner ...
Continue Reading...
Category : VAT |
Comments :
0 | Hits : 611 |
|
Highlights of Key changes in new ITR Forms 3, 4, 5, 6 and 7
Posted Date : 30-Jul-2015 , 10:09:08 pm | Posted By
Vimmi
Highlights of Key changes in new ITR Forms 3, 4, 5, 6 and 7.
I. Introduction:
The new ITR Forms 1, 2 and 4S were notified for the Assessment Year 2015-16 vide Notification No. 41/2015, Dated 15-04-2015. However, in view of representations received from various stakeholders, the CBDT came out wit...
Continue Reading...
Category : ITR |
Comments :
1 | Hits : 4632 |
|
No denial of refund on non-realisation of export proceeds
Posted Date : 30-Jul-2015 , 02:48:31 pm | Posted By
CA Bimal Jain
Dear Professional Colleague,
No denial of refund on non-realisation of export proceeds
We are sharing with you an important judgement of the Hon’ble CESTAT, Delhi in the case of P&P Overseas Vs. Commissioner of Central Excise, Delhi-III [(2015) 59 taxmann.com 226 (New Delhi - CESTAT...
Continue Reading...
Category : Excise |
Comments :
0 | Hits : 490 |
|
Revenue Neutrality
Posted Date : 30-Jul-2015 , 12:29:22 pm | Posted By
Puneet Gupta
Piramal Healthcare Ltd Vs CCE&ST, Indore -2015(38)STR 1162(Tri-Del)
In this case, the appellant was required to pay Service Tax under reverse charge mechanism. After that they have paid the Service Tax in time, same was available to them as Cenvat Credit. By not paying the Service T...
Continue Reading...
Category : Service Tax |
Comments :
0 | Hits : 573 |
|
GST Knowledge Series #3: GST Rate; An Unresolved Issue
Posted Date : 29-Jul-2015 , 03:20:00 pm | Posted By
Chitresh
One of the crucial issue for successful implementation of GST relates to the determination of the GST rate. Since the GST is primarily intended as an exercise in reforming the consumption tax in India and not an exercise for additional resource mobilisation through discretionary changes, the CGST an...
Continue Reading...
Category : Service Tax |
Comments :
0 | Hits : 620 |
|
BASIC COMPONENTS OF SALARY AND ITS TAXATION
Posted Date : 26-Jul-2015 , 11:39:33 am | Posted By
Soniya
CTC is cost to company and the components are Basic +HRA +CONVEYANCE +MOBILE REIMBURSHMENT +MEDICAL reimbursement +All allowances +LTA +employer contribution of PF +Employer Contribution towards ESI +Total variable incentives +Perks & benefits + Insurance Premium (in case of Group insurance) Ba...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 960 |
|
Highlights of Report on the GST Bill by Select Panel of Rajya Sabha
Posted Date : 25-Jul-2015 , 10:58:18 am | Posted By
CA Bimal Jain
Dear Professional Colleague, Highlights of Report on the GST Bill by Select Panel of Rajya Sabha With the first day’s proceeding of the Monsoon session of the Parliament getting distressed, the Select Panel of the Rajya Sabha had submitted its Report on the much awaited Constitut...
Continue Reading...
Category : GST |
Comments :
0 | Hits : 747 |
|
ALL ABOUT INCOME TAX FORM 16 FOR SALARIED EMPLOYEE
Posted Date : 23-Jul-2015 , 10:11:04 pm | Posted By
Soniya
What is Form 16:- If you are salaried employee in an organization, then you will get the salary after deducting tax by the employer. Therefore Form 16 is a certificate issued to you by your employer stating the Personal details of the Employee including Name, Permanent Account Number (PAN) etc , &nb...
Continue Reading...
Category : Income Tax |
Comments :
1 | Hits : 1315 |
|
Guidelines for detailed scrutiny of Excise Returns issued by CBEC
Posted Date : 23-Jul-2015 , 06:11:30 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, Guidelines for detailed scrutiny of Excise Returns issued by CBEC Background: The Central Board of Excise and Customs (“CBEC” or “the Board”) vide Circular No. 185/4/2015-ST dated June 30, 2015 had laid down the procedure for carrying out detai...
Continue Reading...
Category : Excise |
Comments :
0 | Hits : 1086 |
|
GST Knowledge Series#1 : Understanding the Mechanics of Goods & Service Tax
Posted Date : 22-Jul-2015 , 07:16:39 pm | Posted By
Chitresh
GST Knowledge Series#1 : Understanding the Mechanics of Goods & Service Tax The Goods and Services Tax (GST) is a comprehensive value added tax (VAT) on the supply of goods or services. It is levied and collected on value addition at each stage on sale or purchase of goods or supply ...
Continue Reading...
Category : GST |
Comments :
1 | Hits : 1541 |
|
GST Knowledge Series # 2: Goods & Service Tax : Key Features
Posted Date : 22-Jul-2015 , 06:29:13 pm | Posted By
Chitresh
GST Knowledge Series# 2 Goods & Service Tax – Key Features In continuance of our earlier series titled GST Knowledge Series# 1, Understanding the Mechanics of Goods & Service Tax, we have discussed the basic DNA of Goods & Service Tax popularly known as GST. These features a...
Continue Reading...
Category : GST |
Comments :
0 | Hits : 790 |
|
INCOME FROM MUTUAL FUNDS
Posted Date : 21-Jul-2015 , 04:11:30 pm | Posted By
Soniya
Income from MFs could take two forms—dividends and capital gains,
The entire income received in respect of units of a Mutual Fund, registered with the Securities & Exchange Board of India, will be exempt from income-tax in accordance with the provisions of Section 10(23D) of the Income-ta...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 385 |
|
Some unusual ways of saving Income Tax in India not known to many people
Posted Date : 21-Jul-2015 , 04:10:24 pm | Posted By
Soniya
Some unusual ways of saving Income Tax in India not known to many people is here under:
HUF CREATION: HUF is considered as a separate entity which has its own PAN No and is therefore taxed separately. This helps to separate tax obligations of an individual from that of his family. Tax slabs...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 1742 |
|
HOW TO FILE INCOME TAX RETURN ONLINE
Posted Date : 21-Jul-2015 , 04:02:31 pm | Posted By
Soniya
To file Income tax return or to View your tax credit statement in Form 26AS you need to register yourself on the Income tax website https://incometaxindiaefiling.gov.in/
Now the Steps for filling online return are hereunder:
Step 1: Open the Income Tax portal https://i...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 746 |
|
POINTS TO BE CONSIDERED BY TAXPAYER BEFORE FILING AN INCOME TAX RETURN
Posted Date : 14-Jul-2015 , 01:21:11 pm | Posted By
Ankit Gupta
POINTS TO BE CONSIDERED BY TAXPAYER BEFORE FILING AN INCOME TAX RETURN 1. Due Date of Filing of Income Tax Return is proposed to be extended to 31 August ‘2015 in respect of Assessment Year 2015-2016. 2.The maximum amount of deduction available ...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 1459 |
|
Credit is admissible even if Inputs are discarded during manufacturing process
Posted Date : 13-Jul-2015 , 07:03:12 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, Credit is admissible even if Inputs are discarded during manufacturing process We are sharing with you an important judgement of the Hon’ble Apex Court in the case of Union of India Vs. Asahi India Safety Glass Ltd [(2015) 58 taxmann.com 237 (SC)] on the f...
Continue Reading...
Category : Excise |
Comments :
0 | Hits : 561 |
|
Reasons why I believe Chartered Accountancy is in a Mess
Posted Date : 12-Jul-2015 , 03:59:26 pm | Posted By
Rohit Kapoor
Is Chartered Accountancy in a Mess??
There can be two answers to the above Question i.e. Yes Or No.
I will talk about Chartered Accountancy being in a Mess in my article as Criticism leads to Improvement and I believe in it.
Well the course is right now pretty screwed up,...
Continue Reading...
Category : Students Zone |
Comments :
7 | Hits : 1993 |
|
|
