Notification No. 39/2018- Central Tax, dated 4 September 2018
Rule 36 of the CGST Rules, 2017 has been amended wherein ITC may be availed by a registered person if the document issued by supplier contains certain specified particulars i.e. Details of amount of tax charged, Description of...
The Parliament of India has recently passed the Central Goods and Service Tax Amendment Bill which receives the President’s accent on 29th August, 2018 and become an Act known as Central Goods and Service Tax Amendment Act, 2018 (in short “Act”). However, these amendments are...
List of all sections of GST, All Sections of Goods and Service Tax
Section 1 – Short Title, extent and commencement
Section 2 – Definitions
Section 3 – Officers under GST Act.
Section 4 – Appointment of officers.
...
Recently, the Authority on Advance Ruling for GST in the State of Karnataka has given an important ruling in the matter of M/s COLUMBIA ASIA HOSPITALS PRIVATE LIMITED vide its ruling no. KAR ADRG 15 / 2018 Dated 27th July 2018 wherein it has held that the activities performed by the employees at the...
What is DISA?
Diploma in Information System Audit is offered by ICAI with the objective to enhance professional skills of its members in the area of IT dynamics. This course prepares members to offer services in the area of information security & business continuity which are relatively...
WHAT IS COMPOSITION SCHEME UNDER GOODS AND SERVICES TAX?
A Brief Analysis
Sec 10 of CGST Act 2017 explains the composition levy under Goods and Services Tax, according to which, a registered person, whose aggregate turnover in the preceding financial year did not exceed* may opt to pay, i...
Amendment in Negotiable Instrument Act, 1881 for cases of DISHONOUR OF CHEQUE
The Negotiable Instruments (Amendment) Act, 2018:
The Negotiable Instruments (Amendment) Act aims to amend the Negotiable Instruments Act, 1881, asking the drawer of a cheque that has been dishonoured to ...
Income Tax on Agriculture
Agriculture plays a vital role in Indian economy. Agricultural income declared by individual assessee who filed returns is over 20 times of country’s GDP. Except for two short periods of nine years in all (1860-1865 and 1869-1873) agricultural incomes have be...
I hope you're aware that most of the Companies do exist in India have been either closely held or shareholding lies in the hands of Promoters consequently, with this less scattered form of shareholding, the number of Independent members also reduced to very few, Therefore, in this kind of shareholdi...
As you know the financial year 2017-18 has been ended and every company also has now been geared up for annual compliances for the said year.
As a matter of normal practices, every company required to do some sort of annual compliances to remain as an active company and doing such compliance is b...
NACAS was only advisory body until the 2013 amendment of Company Act when it was renamed NFRA, a powerful regulatory agency.
The process of implementation of NFRA was started in June 2015, when companies law committee was set up and submitted its report in February 2016 to the standing comm...
Preamble, Tittle and Applicability of GST Laws
Acts
THE CENTRAL GOODS AND SERVICES TAX ACT, 2017
THE INTEGRATED GOODS AND SERVICES TAX ACT, 2017
THE UNION TERRITORY GOODS AND SERVICES TAX ACT, 2017
THE GOODS AND SERVICES TAX (COMPENSATION TO STATES)
ACT, 2...
The Insolvency and Bankruptcy Board of India was established on 1st October, 2016 under the Insolvency and Bankruptcy Code, 2016 (Code).
It has also been designated as the ‘Authority’ under the Companies (Registered Valuers and Valuation Rules), 2017 for regulation and d...
This is to notify you all that, RBI through its Master Circular dated June 7th, 2018, has introduced Single Master Form (SMF) for all types of reporting in respect to Foreign Investment in India.
Implementation of the SMF means that all the Indian entities who have r...
Dear Professional colleagues,
Greetings for the Day!
This is to notify you all that E-Way bill has become partially applicable in Delhi effective 16.06.2018, for intrastate movement of Value exceeding 1 lakh.
Commissioner State GST, Delhi has come out with Notification No. 3/2018 dated 15...
Income Tax Forms for e-filling and Due Dates for FY 2017-18 (AY 2018-19)
There are the different category of taxpayer viz. Individual, HUF, Firm, LLP, Company, Trust and AOP/BOI. Due Date is different according to audit or non-audit case of such categories as defined in section 139(1)
Last Dat...
Announcement for withdrawal of the Guidance Note on Accounting for Real Estate Transactions (for entities to whom Ind AS is applicable)
The ICAI had issued a Guidance Note on Accounting for Real Estate Transactions (for entities to whom Ind AS is applicable), in May 2016, applicable to all p...
This section is applicable w.e.f 01/06/2017.
Any individual/HUF whose books of account are not required to be audited u/s 44AB of Income Tax Act, 1961 in the immediate preceding F.Y. and paying to a resident, rent of land and building, is liable to deduct tax u/s 194-IB. However, no t...
As we all know that Government is insisting to move towards digitization, be it in any sector whether it is Financial, Education or even for that matter Agriculture. Government has also asked to bring to their notice the issues being faced by general public so that genuine reforms can be initiated.&...
Return: Section 2(97) CGST Act 2017 unless the context otherwise requires, the term “return” means any return prescribed or otherwise required to be furnished by or under this Act or the rules made there under. Rule 61 of CGST ACT Form and manner of submission of monthly return Rul...
Sec. 2 (13) of CGST Act 2017: It is an examination of records, returns and other documents maintained or furnished by the registered person under this Act or the rules made there under or under any other law for the time being in force...
Section 269ST: (For Detail Video Click on the above link, Video Includes Images with example) Prohibits receipt of an amount of Rs. 2 lakh or more by a person, In aggregate from a person in a day; or In respect of a single transaction; or In respect of transactions relating to one event...
In India, the aspiring entrepreneurs have multiple options to choose from including the private limited company, public limited company, limited liability Company, sole proprietorship firm, and partnership. It is usually quite a task to choose the most suited business structure for bringing yo...
‘Thin Capitalisation’ is a situation where an entity is financed at a relatively high level of debt compared to equity. Some multinational companies engage in aggressive tax planning techniques such as placing higher levels of third party debt in high tax countries, using intragroup loan...
Payment To Contractors – Section 194C
♦ As per Section 194C, Any person responsible for paying any sum to any resident for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract between the contractor and a specified person shall, at th...
TRUSTS IN INDIA
Introduction
Trust is defined in section 3 of the Indian Trust Act, 1882 as “an obligation annexed to the ownership of property and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him, for the benefit of another or of another ...
We have seen various ways to save Income Tax since ages, but what about this GST, how GST can be saved, How inflow of cash in the firm can be increased, how can I increase my assets and decrease liabilities towards GST department.
So to solve this confusion, I would like to present some...
Benjamin Franklin once said- “Nothing is certain except for death and taxes”. And to add to this, arguably the smartest man to ever live- Albert Einstein said "The hardest thing in the world to understand is the income tax."
Most common folks don't understand death. And ...
How The 11,400 cr. Import Ponzi Scam at PNB Unfolded
16 February, 2018
There’s a huge “fraud” at Punjab National Bank, which involves a lot of lies by a lot of people. Here’s where we come in to explain what we think happened.
But first, a few important notes:
The...
Various steps have been taken for removal of unaccounted assets by Government like The Black Money Foreign Income and Asset Act, 2015, Income Disclosure Scheme 2016, Demonetization of high denomination currency, Prime Minister Garib Kalyan Yojna, by amendments in Income Tax Act, by amendments in Mon...
