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Posted On:  10 months ago


Astounding Tax Planning & Compliances, Small Businesses cannot afford to miss!!

It describes the various tax planning avenues and tax compliances that small businesses should keep in mind. Last week I wrote, how the Salaried employees can save taxes. Today I am going to write how small businesses can save taxes and also the compliances these businesses should keep in mind.

article author CA. Dhruv Gaglani

Posted On:  10 months ago


How to avoid clubbing of minor child income with parents

Firstly, to start with what does clubbing of income really mean? Generally a person is liable to pay tax on his/ her earnings only. But under certain circumstances inclusion i.e., clubbing of other persons income is done in the assessee’ s income and thereby he will be liable to pay tax of his income as well as income of that other person too whose income is so clubbed. This inclusion of other person’s income in the assessee‘s income is termed as “Clubbing of income”.

article author CA Chirag Chauhan

Posted On:  10 months ago


Applicability and Companies covered under CARO 2016 (Companies Auditors Report Order)

As per the companies act 2013 every report made by the auditor under Section 143 which is commencing on or after 1 April 2015 would be included under CARO 2016. It would be applicable to every company as mentioned below (except companies that are excluded) including a foreign company as defined under section 2(42) of the 2013 act.

article author CA Chirag Chauhan

Posted On:  10 months ago


Streamlining the process of No Objection Certificate and voyage assessment in the case of Foreign Shipping Companies (FSCs).

Representations have been received in the Board regarding the procedural difficulties faced by foreign shipping companies in issuance of Port Clearance Certificate (PCC) required as per provisions of Section 172 of the Income-tax Act. 1961 (the Act), Board had earlier issued Circular No 732 dated 20.12.1995 to do away with procedure of obtaining NOC for each voyage in cases covered by full DTAA (Double Taxation Avoidance Agreement) relief. However, it has been represented that

article author One Roof Consultant

Posted On:  10 months ago


Deductions under 80C available for Non Resident Individuals (NRI’s)

Contributions by an individual or HUF to specified scheme U/S 80c qualify for a deduction up to an aggregate ceiling of Rs. 150000 from gross total income. There are no ceilings on deductions u/s 80C for individual schemes, unless the rules of the schemes provide for their own limits. These schemes include:

article author CA Chirag Chauhan

Posted On:  10 months ago


Independent Auditors Report as per Company Act 2013 Format

Report on the Financial Statements 1. We have audited the accompanying financial statements of  (‘the company’), which comprises Balance Sheet as at 31st Mar 2016, the Statement of Profit and Loss account and cash flow statement for the year then ended, and a Summary of significant accounting policies and other explanatory information.

article author CA Chirag Chauhan

Posted On:  10 months ago


Report under the Companies (Auditor’s Report) Order, 2016 Annexure Format

In terms of the information and explanations sought by us and given by the company and the books and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that: - 1a.) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

article author CA Chirag Chauhan

Posted On:  10 months ago


Number of Directorships: A Direction in good Governance

The basic legal premise of limiting the number of companies which an individual can hold directorships is that it is essential for his efficient functioning and effectual carrying out his fiduciary duties.

article author Amitav Ganguly

Posted On:  10 months ago


Investment option for differently abled giving returns of 9% till life

We have just started the petition " Investment option for differently abled community giving returns of 9% till life" We require your support by signing the petition and helping millions. We will forward to PM and FM to implement incoming Budget 2017 You can read more and Sign Petation at https://www.change.org/p/pm-investment-option-for-differently-abled-community-giving-returns-of-9-till-life?

article author CA Chirag Chauhan

Posted On:  10 months ago


Tax Planning For Salaried Employees

For most of the people, tax planning involves taking benefit of Section 80 C of Rs. 1,50,000/-. True this is one of the most important tax saving tool, there are other avenues available for the employees. I would like to categorize the tax planning tools into three parts

article author CA. Dhruv Gaglani

Posted On:  10 months ago


Start up Funding: Realities and Myths

Are you a Start up looking for an investment? This is how a conversation usually goes: Founder: Sir, I have a billion dollar idea. I only require 1 million dollars to make it the idea of the Century. We will earn billions of dollars out of it. As an investor you should definitely invest in my company

article author CA. Dhruv Gaglani

Posted On:  10 months ago


GIST OF GST

HRESHOLD EXEMPTION OF GST IS RS 10 LAKHS  means now all the small traders also covered under GST. So here are some of the provisions of GST... to be continued with some other and very important concepts of GST till then enjoy and keep smiling

article author Esha Agrawal

Posted On:  10 months ago


CBDT notifies classes of buyers to whom TCS provisions not apply

In exercise of the powers conferred by sub-section (1E) of section 206C read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely

article author One Roof Consultant

Posted On:  10 months ago


CBDT notifies Uttarakhand Environment Protection and Pollution Control Board

In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, Uttarakhand Environment Protection and Pollution Control Board, a body constituted by Government of Uttarakhand

article author One Roof Consultant

Posted On:  10 months ago


CBDT notifies National Skill Development Corporation

In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, National Skill Development Corporation, a body constituted by Central Government, in respect of the following specified income arising to that Corporation

article author One Roof Consultant

Posted On:  10 months ago


GST - Game Changer

I have complied summary on GST. It will be worth to read.After a decade-long struggle, the Goods and Services Tax (GST), which has already been adopted by 160+ countries in some form or the other, sailed over the first of three hurdles when the Rajya Sabha unanimously adopted the Constitution Amendment Bill to facilitate its legislation.

article author Hitesh Shah

Posted On:  10 months ago


IDS 2016- Reg. Fair market value of immovable property

In exercise of the powers conferred by sub-section (1) and subsection (2) of section 199 of the Finance Act, 2016 (28 of 2016), the Central Board of Direct Taxes, makes the following rules further to amend the Income Declaration Scheme Rules, 2016 (hereinafter referred to as the principal rules) namely

article author One Roof Consultant

Posted On:  10 months ago


Service tax on freight forwarders on transportation of goods from India

The Board has received representations regarding service tax on freight forwarders on transportation of goods from India. 2.0 It may be noted that in terms of rule 10 of the Place of Provision of Services Rules 2012, (herein after referred to as ‘POPS Rules 2012‘, for brevity) the place of provision of the service of transportation of goods by air/sea, other than by mail or courier, is the destination of the goods. It follows that the place of provision of the service of transportation of goods by air/sea from a place in India to a place outside India, will be a place outside the taxable territory and hence not liable to service tax. The provisions of rule 9 of the POPS Rules 2012, should also be kept in mind wherein the place of provision of

article author One Roof Consultant

Posted On:  10 months ago


Supreme Court Judgment on taxation of Rental Income as business income

Recently, the Supreme Court of India (the Supreme court) in the case of Rayala Corporation (P.) Ltd (the taxpayer) held that rental income from house property should be treated as a Income under head “income from business and profession” and not income under head “income from house property” on the grounds that rental income received by the taxpayer in from the business of renting carried on by the taxpayer. The objective of the business carried on by the taxpayer is renting of house property.

article author SACHIN SINHA

Posted On:  10 months ago


Guidance Note on Special Purpose Certificates & Audit Reports

Exposure Draft of the Revised Guidance Note on Audit Reports and Certificates for Special Purposes issued by the Auditing and Assurance Standards Board Your comments on this Exposure Draft should reach us by September 10, 2016. Comments are most helpful if they indicate the specific paragraph(s) to which they relate

article author One Roof Consultant