Posted Date : 03-Jun-2013 , 12:43:40 pm | Posted By Gaurav Dhamija

Brief Note on Service Tax on Work Contract Service 1. After the Finance Act 2012 enacted, Clause 54 of the newly introduced section 65B provides definition to works contract, which means, “a contract wherein transfer of property in goods involved in the execution of such contract is le...

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Category : Service Tax | Comments : 1 | Hits : 2434

Posted Date : 01-Jun-2013 , 12:46:26 am | Posted By Vinay Sharma

Believing in Yourself, Even When Others Don't   Inevitably in life, we will face disapproval or rejection from others. It might be a family member, friend, employer, or even a stranger. They might disagree with the way we live our lives, the decisions we make for ourselves, or even who we ar...

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Category : General | Comments : 0 | Hits : 1117

Posted Date : 31-May-2013 , 03:52:27 pm | Posted By Gaurav Dhamija

  EXPORT AND TRADING HOUSES 1)     Eligibility for Export and Trading Houses Status= Merchant as well as Manufacturer Exporters, Service Providers, Export Oriented Units (EOUs) and Units located in Special Economic Zones (SEZs), Agri. Export Zone...

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Category : General | Comments : 0 | Hits : 674

Posted Date : 31-May-2013 , 03:50:44 pm | Posted By Gaurav Dhamija

COMPANIES (AUDITOR’S REPORT) ORDER, 2003 APPRAISAL NOTE   Applicability (Any of the Following)   1.    Paid – up capital and reserves of more than 50 Lacs. 2.    Has accepted any public deposit. 3.    Turnover exceeding Rs....

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Category : Auditing | Comments : 0 | Hits : 764

Posted Date : 31-May-2013 , 03:48:39 pm | Posted By Gaurav Dhamija

  A)    What is the procedure for registration with APEDA? Any exporter may get registered with APEDA as per the guidelines for registration. The Registration can be done through two ways: I. Through APEDA Head office or Regional office. F...

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Category : General | Comments : 0 | Hits : 388

Posted Date : 31-May-2013 , 03:46:40 pm | Posted By Gaurav Dhamija

GENERAL PROCEDURES:     1.    Study the previous year’s income tax file of the concern maintained by the Chartered Accountant.   Documents which we have to study in the file said above:   a.     General information about the clien...

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Category : Auditing | Comments : 4 | Hits : 1319

Posted Date : 31-May-2013 , 02:25:05 pm | Posted By Vinay Sharma

                             Procedure for Firm Registration     The law relating to a partnership firm is contained in the Indian Partnership Act, 1932. Under Section 58 of the Act, a firm may be registe...

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Category : General | Comments : 0 | Hits : 1316

Posted Date : 31-May-2013 , 02:18:39 pm | Posted By Manjit Banga

To all those who are in grade 12th or have passed it, may have a doubt in their mind about what career they want to pursue in the future which will give them self satisfaction. There are many options if you have chosen commerce as your subject of interest. So, if you’re from commerce field (wh...

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Category : Students Zone | Comments : 0 | Hits : 2998

Posted Date : 31-May-2013 , 12:06:00 pm | Posted By Gaurav Dhamija

  PENALTY FOR OFFENCES BY DIRECTOR ETC. OF COMPANY  Position prior to Finance Act, 2013 (Prior to 10.05.2013)  None of the aforementioned provisions provide for personal penalty on partners / proprietor of the firm. However, section 77 talks of any person but su...

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Category : Income Tax | Comments : 0 | Hits : 454

Posted Date : 30-May-2013 , 10:40:33 pm | Posted By Vinay Sharma

    Govt has issued guidelines for suo motu disclosure by Central Government Ministries/Departments and Public Authorities thereunder. These guidelines are based on the recommendation of the Task Force set up by the Government for strengthening compliance with provisions for suo mot...

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Category : General | Comments : 0 | Hits : 258

Posted Date : 30-May-2013 , 02:55:17 pm | Posted By Gaurav Dhamija

S 2(15):Charitable purpose-Trade business or commerce-Public utility-Activity of evolving, prescribing, standards Activities cannot be termed as business activity-Exemption was granted. (S.10) (23C).The Bureau of Indian Standards (BIS), a sovereign entity created under the Bureau of Indian Standar...

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Category : Income Tax | Comments : 0 | Hits : 305

Posted Date : 30-May-2013 , 02:38:04 pm | Posted By Gaurav Dhamija

Tax related updates In budgets   ü  Good news for home loan takers. People taking a home loan in 2013-14 for an amount up to Rs 25 lakh will be allowed an additional deduction of Rs 1 lakh. ü  Budget 2013: Home loan borrowers allowed additional deduction of Rs 1 lakh. ...

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Category : Income Tax | Comments : 0 | Hits : 229

Posted Date : 30-May-2013 , 12:46:14 pm | Posted By Gaurav Dhamija

  Q. What is the Date of implementation of Service Tax Voluntary Compliance Encouragement Scheme, 2013 ?   After receiving the assent from President of India to the Finance Bill 2013-14. Q. Scheme to whom it is applicable?      The person who has not paid the ...

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Category : Service Tax | Comments : 0 | Hits : 1754

Posted Date : 30-May-2013 , 10:34:40 am | Posted By Gaurav Dhamija

ECGC Charges Export Credit Guarantee Corporation charges is payable on Packing credit on monthly basis. How To Calculate ECGC Charges:- 1)      1) Calculate total of Per day Closing balance 2) 2)      Calculate Average of per day closing balance 3)...

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Category : General | Comments : 0 | Hits : 525

Posted Date : 30-May-2013 , 09:43:51 am | Posted By Gaurav Dhamija

  Appearance ·        Start buying things that you need MOST. ·        Observe people around you- Then go to store to buy. ·        Matching Sense: SHOE  ...

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Category : Students Zone | Comments : 0 | Hits : 211

Posted Date : 30-May-2013 , 09:43:11 am | Posted By Gaurav Dhamija

CORPORATE PARTIES Manners ·        Never go to people to talk who are in group of TWO-Its not a corporate attitude. (Do Bande baat kar rahe hai unke pass mat jao baat Karne). ·        Take permission first to jo...

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Category : Students Zone | Comments : 0 | Hits : 181

Posted Date : 29-May-2013 , 05:02:41 pm | Posted By Rohit Gattani

Ø  Positive thinking is a mental attitude that anticipates happiness, success and favorable outcomes in every situation or action you do. Ø   The thoughts get registered in your subconscious mind and you start taking action to create favorable change.   Ø&...

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Category : Income Tax | Comments : 0 | Hits : 677

Posted Date : 29-May-2013 , 04:05:06 pm | Posted By Gaurav Dhamija

Important Topics for Advanced Auditing, 1. Appointment of Auditor by Special Resolution: Material date for 25% holding of subscribed share capital 2. Audit of Branch Accounts and Exemption thereto 3. Appointment of Special Auditor u/s 233A and/ vis-à-vis communication under Clause 8 Par...

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Category : Students Zone | Comments : 0 | Hits : 220

Posted Date : 29-May-2013 , 04:04:08 pm | Posted By Gaurav Dhamija

  Section 68 of Finance Act, 1994 • Sec 68 (2) provides legal backing for the levying of Service Tax under reverse charge mechanism. Sec 68 (2) is worded as follows:- - “In respect of such taxable services as may be notified by the Central Government in the Official Gazette, ...

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Category : Service Tax | Comments : 0 | Hits : 8379

Posted Date : 29-May-2013 , 03:54:06 pm | Posted By Gaurav Dhamija

  In case the House Rent Allowance (H.R.A.) is provided then there will be a tax savings (Please refer Valuation sheet for details). The above mentioned savings is mainly because of themethods Income tax act and Rules employs for valuation of taxability of H.R.A a...

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Category : Income Tax | Comments : 0 | Hits : 821