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...
Electronic assessment, also known as e-assessment, online assessment, computer assisted/mediated assessment and computer-based assessment, is the use of information technology in various forms of assessment. Finance Minister, Arun Jaitley, also announced of such scheme in his budget speech on ...
RBI as well as the government has acknowledged the difficulties faced by small entities during the transition phase to GST. It is a matter of pleasure for us that these authorities are also making all necessary efforts not to put entities in unduly disadvantageous situation.
RBI has, vide a circu...
The Ministry of Corporate Affairs along with the Government of India has taken momentous efforts in restricting the tedious task of incorporation of a business in India.
In the event of the Republic Day, the government took strategic steps by bringing all the incorporation formalities under ...
Direct Taxes
No personal income tax changes proposed in budget.
Corporate tax of 25% extended to companies with turnover up to Rs. 250 crore in financial year 2016-17.
100% tax deduction is allowed to co-operative societies
Incentive...
GST has brought several issues for the taxpayers in form of changed bill formats and higher tax burden. Businesses are still unable to understand the details that need to be put in the invoice.
While some businesses are committing the mistakes unintentionally, others have taken this transition as...
E-Way Bills on Inter State Movement of Goods – A changing dynamic of GST
Recently, the Central Government has issued notification no 74/2017,dated 29.12.2017 whereby it has fixed 1st February 2018 as the applicable date for use of E-way bills in relation to Inter State movement of go...
After Demonetization period, substantial number of Digital Transactions increases but still in India people hesitate to do transaction in Digital payment mode. Digi Dhan and Lucky Grahak Yojana during Demonetization period motivated to do more and more and transaction in Digital mode.
Mode ...
Landlord’s PAN not needed to claim HRA if annual rent is below Rs 1 lakh.
An employee who receives HRA can claim an exemption in respect of rental payments under section 10(13A) read with rule 2A of the Income Tax Rules. For claiming an HRA exemption, the individual must be residing in a rent...
A. Who can opt for Composition Scheme?
• Businesses with annual turnover upto Rs 1.5 crore* can opt for composition scheme.
• Turnover of all businesses with same PAN has to be added up to calculate turnover for the purpose of composition scheme.
• Only Manufacturers of goods...
Names of Audit Firms approved for appointment as Statutory Central Auditors in 21 Public Sector Banks for the year 2017-18
Sl. No. Name of the Bank Statutory Central Auditors for the year 2017-18
1
Allahabad Bank
1. M/s Kansal Singla & Associates, Chandigarh
...
