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Posted On:  2 months ago


Mumbai western suburbs to face 4-hour power cut on Sunday, March 25

Mumbaikars residing in the western suburbs will have to brace for a 4-hour long power cut on Sunday, March 25 to pave way for Metro construction work.

article author One Roof Consultant

Posted On:  3 months ago


Auditors; Please Accept The Responsibility

The recent fraud at one of the leading bank in India has again started the discussion within all the stakeholders as who is liable. While both the leading political parties are blaming each other citing the time lines of extending such loan and it recovery, the process of deciding the ownership also started slowly. The honorable finance minister in one of the public event recently directed the torch towards the various auditors for not detecting the fraud. This does question the entire process of auditing done by various auditors involved in the process. Few of the auditors on their part immediately got involved in shifting the blame to management either by getting cited openly or through muted motion.

article author Hemraj Joshi

Posted On:  3 months ago


ICAI - committed to conclude the disciplinary process against those found involved in the PNB scam

ICAI is an autonomous regulator of accounting profession created by Chartered Accountants Act, 1949. During its existence of 69 years, ICAI is contributing in public interest with sole mandate of independence, integrity and excellence.

article author One Roof Consultant

Posted On:  3 months ago


New features added in Form GSTR 3B and other functionalities made available on the GST Portal

Filing of Form GSTR 3B : Filing of Form GSTR 3B has been made easier and user friendly with following features : a) While proceeding to payment you can see details of balances as available in cash and credit ledgers at one place. b) Tax liabilities as declared in GSTR 3B along with the credits gets updated in the ledgers and reflected in the "Tax payable" column of the payment section and can be seen while hovering on the said headings of credit in the payment section.

article author CA Chirag Chauhan

Posted On:  3 months ago


An open letter to the newly elected President of ICAI

Firstly, congratulations on assuming the highest office of the Institute. I hope you would feel honoured of having been given an opportunity to serve the CA fraternity while your partners at office are busy reeling in the additional client workload on your behalf which you have been getting for your firm from the time you got elected as a Central Council Member. You would now be signing several more MOUs for the ICAI at exotic locations which benefit just a few members but we are not complaining about it because talk about priorities and you just have 1 year in office.

article author Hardik Shah

Posted On:  3 months ago


Procedural aspects while conducting e-assessment of Scrutiny under Income Tax : CBDT

Sub-section (23C) of Section 2 of the Income-tax Act, 1961 (Act), applicable from 01.06.2016, provides that “hearing” includes communication of data and documents through electronic mode. Accordingly to facilitate conduct of assessment proceedings electronically, vide letter dated 23.06.2017, in file of even number, Board had issued a revised format of notice(s) under section 143(2) of the Act.

article author One Roof Consultant

Posted On:  4 months ago


Procedure for registration of PTRC (Profession tax registration certificate) and PTEC (Profession tax enrollment certificate) in Maharashtra

As per the amendments in the Profession Tax Act 1975, a person (natural / legal) registered under MGST Act is liable to enroll for Profession Tax Enrollment Certificate (PT-EC) and pay Rs.2500 per annum. In addition, if the business is having any employee whose monthly salary is above Rs. 7500/- is also required to obtain Profession Tax Registration Certificate

article author CA Chirag Chauhan

Posted On:  4 months ago


Why people don’t grow rich by investing in stocks?

A lot has been said and written about generating wealth by investing for the long term in equity markets. The mutual fund industry in India now boasts of monthly collections through Systematic Investment Plans (SIPs) of over Rs 6,000 crore – a bulk of these investments are by retail investors who plan to get rich by investing in the equity markets for years. Will these investors really achieve their goal of creating wealth for themselves in the long run?

article author CA Chirag Chauhan

Posted On:  4 months ago


Frequently Asked Questions (FAQs) regarding taxation of long-term capital gains proposed in Finance Bill, 2018

Under the existing regime, long term capital gains arising from transfer of long term capital assets, being equity shares of a company or a unit of equity oriented fund or a unit of business trust, is exempt from income tax under clause (38) of section 10 of the Act.

article author CA Chirag Chauhan

Posted On:  4 months ago


Extending the benefit of tax-free withdrawal from NPS to non-employee subscribers as per Budget 2018

Under the existing provisions of the clause (12A) of section 10 of the Act, an employee contributing to the NPS is allowed an exemption in respect of 40% of the total amount payable to him on closure of his account or on his opting out.

article author One Roof Consultant

Posted On:  4 months ago


Rationalisation of provision of section 115BA relating to certain domestic companies as per Budget 2018

Section 115BA of the Act provides that the total income of a newly set up domestic company engaged in business of manufacture or production of any article or thing and research in relation thereto, or distribution of such article or thing manufactured or produced by it, shall, at its option, be taxed at the rate of 25 per cent.

article author One Roof Consultant

Posted On:  4 months ago


Rationalisation of provisions relating to Country-by-Country Report as per Budget 2018

Section 286 of the Act contains provisions relating to specific reporting regime in the form of Country-by-Country Report (CbCR) in respect of an international group.

article author One Roof Consultant

Posted On:  4 months ago


Rationalisation of prima-facie adjustments during processing of return of income as per Budget 2018

Sub-section (1) of the section 143 provides for processing of return of income made under section 139, or in response to a notice under sub-section (1) of section 142. Clause (a) of the said sub-section provides that at the time of processing of return, the total income or loss shall be computed after making the adjustments specified in sub-clauses (i) to (vi) thereof.

article author One Roof Consultant

Posted On:  4 months ago


Rationalisation of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 as per Budget 2018

Section 46 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provides for the procedure for imposing penalty. Sub-section (4) of the said section provides that an order imposing a penalty shall be made with the approval of the Joint Commissioner, in the circumstances specified therein.

article author One Roof Consultant

Posted On:  4 months ago


Rationalisation of section 276CC relating to prosecution for failure to furnish return as per Budget 2018

Section 276CC of the Act provides that if a person willfully fails to furnish in due time the return of income which he is required to furnish, he shall be punishable with imprisonment for a term, as specified therein, with fine.

article author One Roof Consultant

Posted On:  4 months ago


Rationalisation of the provisions relating to Commodity Transaction Tax as per Budget 2018

The existing clause (7) of section 116 of the Finance Act, 2013 provides the definition of “taxable commodities transaction” to mean a transaction of sale of commodity derivatives in respect of commodities, other than agricultural commodities, traded in recognised association.

article author One Roof Consultant

Posted On:  4 months ago


Royalty and FTS payment by NTRO to a non-resident to be tax-exempt as per Budget 2018

Section 195 requires a person to deduct tax at the time of payment or credit to a non-resident. Given the business exigencies of the National Technical Research Organisation (NTRO), it is proposed to amend section 10 so as to provide that the income arising to non-resident

article author One Roof Consultant

Posted On:  4 months ago


Exemption of income of Foreign Company from sale of leftover stock of crude oil on termination of agreement or arrangement as per Budget 2018

Clause (48A) of section 10 provides that any income accruing or arising to a foreign company on account of storage of crude oil in a facility in India and sale of crude oil therefrom to any person resident in India shall be exempt.

article author One Roof Consultant

Posted On:  4 months ago


Tax treatment of transactions in respect of trading in agricultural commodity derivatives as per Budget 2018

Clause (5) of section 43 defines speculative transaction. The proviso to the said clause, however, stipulates certain transactions to be non-speculative nature even though the contracts are settled otherwise than by the actual delivery or transfer of the commodity or scraps.

article author One Roof Consultant

Posted On:  4 months ago


Incentive for employment generation as per Budget 2018

At present, under section 80-JJAA of the Act, a deduction of 30% is allowed in addition to normal deduction of 100% in respect of emoluments paid to eligible new employees who have been employed for a minimum period of 240 days during the year.

article author One Roof Consultant