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Posted On:  11 months ago


It’s Suicide : One password for all login ?

Its indeed strategy followed by almost 75% plus people to make their life easy ONLINE. Many goes by the thought process that how to remember so many passwords for many websites/portals. Easiest way is to use same email id/username and same password across ALL.It is not debate that whether it’s good strategy or bad strategy!! Question is it secured in world where now almost all things are secured through your password.

article author CA Nikesh Sheth

Posted On:  11 months ago


Annual return on Foreign Liabilities and Assets under FEMA

Annual return on Foreign Liabilities and Assets has been notified under FEMA 1999 and it is required to be submitted by all the India resident companies which have received FDI and/ or made overseas investment in any of the previous year(s), including current year by July 15 every year. Non-filing of the return before due date will be treated as a violation of FEMA and penalty clause may be invoked for violation of FEMA.

article author CS Perila Sheth

Posted On:  11 months ago


Required Documents at the time of Import

These are transport documents. Bill of lading in port-to-port sea shipments and Air waybill is used in air shipments. These document are required to be submitted with customs for import customs clearance purpose. Bill of lading or Airway bill issued by carrier provides the details of cargo with terms of delivery.

article author Yashika Jain

Posted On:  11 months ago


Internal Financial Controls

Companies Act, 2013 has laid down significant responsibilities on Directors and C.A.'s with respect to Internal Financial Controls. The 2013 Companies Act has significantly expanded the scope of internal controls to be considered by the management of companies to cover all aspects of the operations of the company.Clause (e) of Sub-section 5 of Section 134 to the Act requires the directors’ responsibility statement to state that the directors, in the case of a listed company, had laid down

article author Ujwal Thakrar

Posted On:  11 months ago


White Collar Crimes: A Case Study

An article on how Directors loot and scoot and remedies available Micro technologies (India) Ltd , a 22 year old Company listed on the Bombay Stock Exchange  and National Stock Exchange showed profits and dividends for decades till 2013. All of a sudden in a span of one and half years , the company showed losses and started defaulting on Bank loans and FCCb's. In early March 2012 the Company came up with Public advertisements in leading newspapers enticing general public to invest in their public deposit schemes under Cos Act 1956.

article author Lakshmanan V S

Posted On:  12 months ago


Sale of goods at Duty Free Shops in Indian Currency

Please refer to Circular No. 495/7/2005–Cus VI dated 26th September 2005 regarding the ceiling in payments in Indian currency of Rs. 5000/- for purchases by passengers at duty free shops at International Airports. 2. RBI has vide Notification no. FEMA 6 (R) / RB – 2015 dated 29th December 2015 permitted export from and import into India of Indian currency up to an amount not exceeding Rs 25,000/- (Rupees twenty five thousand) per person. Any person resident in India is permitted to take outside India (other than to Nepal or Bhutan) or bring into India

article author One Roof Consultant

Posted On:  12 months ago


No Anti-dumping duty on Expanded Polypropylene beads & ter-polymer

Seeks to amend notification No. 7/2016-Customs (ADD) dated 08.03.2016 so as to exclude Expanded Polypropylene beads and ter-polymer from the description of goods attracting anti-dumping duty G.S.R. (E).-In exercise of the powers conferred by sub-section (1) and sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 18, 20 and 23 of the Customs Tariff

article author One Roof Consultant

Posted On:  12 months ago


Income Declaration Scheme – Effective Tax Rate is 31% or 45% - an overview

Individuals who are going to take advantage of Income Declaration Scheme are recently asking questions about effective tax rate on income declared. The issue has come to highlight when a leading business newspaper has covered a headline story stating effective rate is 31% instead of 45%.

article author CA Chirag Chauhan

Posted On:  12 months ago


Income Tax Return Filing - An Important Annual Event of All Assessee

Importance of filing Income Tax Return & Steps to be taken while filing return. We are in the month of July 2016 and it is the time for an Important Annual Event of all the Income Tax Return fillers especially for all those who are required to file their Income Tax Return (ITR) of FY 2015-16 by 31.07.2016.

article author CA BHAVESH HINGU

Posted On:  12 months ago


FORM 15G / 15H - A Declaration of Common Men

FORM 15G / 15H - A Declaration of Common Men - An attempt is made to educate Individuals & Deductors regarding its applicability, frequency of submission, proper filing of form etc. With Effect from 2015, CBDT has changed the rule relating to obtaining, preserving & submission of Form 15G / 15H. With increasing pace of Information Technology, CBDT has also goes tech savvy & made the submission of form 15G / 15H online for Tax Deductors like Banks, Post Office, Mutual Fund Houses, Corporate & Financial Institutes

article author CA BHAVESH HINGU

Posted On:  12 months ago


Duty exemption to sugar exported under Advance Authorization Scheme

G.S. R. (E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 27/2011-Customs, dated the 1st March, 2011, published in the Gazette of India, Extraordinary, vide number G.S.R. 153(E), dated the 1st March, 2011, namely :-

article author One Roof Consultant

Posted On:  12 months ago


Applicability of Income Computation and Disclosure Standards (ICDS) notified under section 145 (2) of the Income - tax Act, 1961

Vide Notification No. SO 892 (E) dated 31st March, 2015, Central Government notified 10 Income Computation and Disclosure Standards (ICDS). These ICDS are applicable from 1.4.2015 i.e. previous year 2015-16 (Assessment Year 2016-17). Subsequent to notification of the ICDS

article author One Roof Consultant

Posted On:  12 months ago


All about Capital Gains

The Article Discusses about Tax Treatment of Long Term Capital Gain arising from Transfer of Capital Assets under Income Tax Act, 1961. Articles  discusses Meaning of Capital Assets, What Constitutes a Capital and what is not a capital Asset, How to Apply Indexation Provisions, Period for Computation of Long Term Capital Asset, Tax on long-term capital gain normally @ 20% but in certain special cases @10%, Adjustment of LTCG against the basic exemption limit and Deductions under sections 80C to 80U and LTCG.

article author Ashish Srivastava

Posted On:  12 months ago


Revised Formats for Financial Results and Implementation of Ind-AS by Listed Entities

The existing formats prescribed in SEBI Circular dated November 30, 2015 for Unaudited/Audited quarterly financial results i.e. Statement of Profit and Loss and the Unaudited/Audited Half-Yearly Balance Sheet to be submitted by the listed entities, with the stock exchanges, shall continue till the period ending December 31, 2016. For the period ending on or after March 31, 2017, the formats for Unaudited/Audited quarterly financial results i.e. Statement of Profit and Loss and the Unaudited/Audited Half Yearly Balance Sheet to be submitted by the Listed Entities, with the stock exchanges, shall be as per the formats for Balance Sheet and Statement of Profit and Loss (excluding notes and detailed sub-classification) as prescribed in Schedule III to the Companies Act, 2013. However, Banking Companies and Insurance Companies shall follow the formats as prescribed under the respective Acts/Regulations as specified by their Regulators.

article author One Roof Consultant

Posted On:  12 months ago


Let’s start investing

Now that you have understood why investing is important, here’s how you can actually go about doing it in 3 simple steps: Step 1: Be sure that the investments that you plan to make suit you: Investments and risks: Some investments carry more risk than others. For instance, buying and selling stocks on a daily basis is considered risky while keeping your money in a bank fixed deposit or better still, government bonds is considered safe. There are other investments such as gold and real estate which fall somewhere in between.

article author Kapil Gandhi

Posted On:  12 months ago


Strategies for doing business in India by Foreign National

Foreign National have to decide in what form it wants to do business in India keeping in mind the Pros or Cons of each type of available option along with the its requirement. Following way are as follows:- Incorporation of Wholly Owned Subsidiaries: - foreign company can commence operations in India by incorporating a company under the Companies Act, 2013 by way of incorporation of 100% wholly owned subsidiary company subject to equity cap in respect of area of activity under Foreign Direct Investment

article author PANKAJ KUMAR SHARMA

Posted On:  12 months ago


Tax benefits on home loan interest

Tax benefits on home loan Applicable when it’s the only house you own and it is not rented. Self-occupied means you live in the house. The tax treatment is same when it is lying vacant. If you own more than one property, only one is allowed to be treated as self-occupied, others are assumed to be rented.

article author Ashish Srivastava

Posted On:  12 months ago


Allowances / Exemptions Under Income Tax Act,1961

Allowances and exemptions under Income Tax Act 1961 are useful for filing of ITR. Taxpayers are normally aware of deduction under the Income Tax Act,1961 for which they are eligible but it is noticed that taxpayers are found unaware of Taxability of Various Allowances and exemptions available to them under different sources of Income i.e. Salary , Business Income, House property other sources etc. In this article an effort been made to summaries’ Allowances /exemptions available to different categories of Tax Payers under Various sources.

article author Ashish Srivastava

Posted On:  12 months ago


Excise Registration for Jewellers

The time limit for taking Central excise registration of an establishment by a jeweller is being extended up to 31.07.2016 The liability for payment of Central Excise Duty will be with effect from 01.03.2016. The payment for excise duty for the month of March, April, May, June is also extended to 31.07.2016

article author One Roof Consultant

Posted On:  12 months ago


Clearance of bunker fuels to Indian Ship/Vessel carrying containerized cargo

It is hereby directed to refer to Si. No. 65A of notification no. 12/2012-CE dated 17.03.2012 as amended whereby clearance of bunker fuels (i) IFO 180 CST (ii) IFO 380 CST, for use in ships or vessels has been permitted without payment of Central Excise duty subject to the conditions specified under SI. No. 52 of the annexure to the notification. In this connection, trade has requested

article author One Roof Consultant