Posted On:  5 months ago


Limited Liability Partnership LLP –Annual Filing due dates and Penalty for MCA, Audit and Income Tax

Limited Liability Partnership (LLP) under the Limited Liability Partnership Act, are required to file the Forms with the Registrar every year. All registered LLPs are required to prepare their accounts and fill in information regarding the profit earned, or any other financial inputs regarding business, and submit it to MCA and Income Tax Department every year. Following is the summary of compliance required for LLPLimited Liability Partnership (LLP) under the Limited Liability Partnership Act, are required to file the Forms

article author CA Chirag Chauhan

Posted On:  5 months ago


Exempt Services under GST in India from May 2017

Services by Government or a local authority excluding the following services— (i) services by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than Government;

article author CA Chirag Chauhan

Posted On:  5 months ago


Services under reverse charge as per GST in India

ABCThe fitments of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28%. The list of services that will be under reverse charge as approved by the GST

article author CA Chirag Chauhan

Posted On:  5 months ago


GST rates for services in India as on May 2017

The fitments of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28% as listed below. The information is being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes.

article author CA Chirag Chauhan

Posted On:  5 months ago


Are you required to file Statement of Financial transactions - Form 61A filing under Section 285BA Rule 114E?

Many individuals and corporate have started receiving emails to file Statement of Financial transactions (SFT) by all reporting persons covered under Rule 114E of Income-tax Rules, 1962. Due date for filing the same in Form 61A is 31st May 2017, The Article give you detail of its applicability, transaction and entity covered, exemption and monetary limit

article author CA Chirag Chauhan

Posted On:  5 months ago


Composition scheme under the GST

The word ‘composition’ comes from the Latin componere, meaning "put together". It is a feature of Indirect Tax laws that in order to provide a comfort to assessee from complying with the requirement of paying tax on value addition by maintaining detail of ‘inputs’ and ‘outputs’, a option is provided to go for a put together scheme.

article author KUNAL BUDHRAJA

Posted On:  5 months ago


GST Rates of all items and goods in India as on May 2017

Outcome of Today's GST Council Meeting at Srinagar-  1) GST Council has decided on rates for all 1,211 items except 6 items. And 81%of the total items to be taxed at below 18% GST rate slabs (As per Revenue Secretary Hasmukh Adhi Ji Statement) 2) GST council approved seven rules of GST and that remaining two rules relating to transition and return are being vetted by a legal committee. (As per Arun Jaitley Ji Statement) 3) GST Council will tomorrow discuss rates on services. 4) List of exempted items will also be decided tomorrow.

article author CA Chirag Chauhan

Posted On:  5 months ago


Rights of a Married Daughter as per Hindu succession Act in Ancestral Property

Keeping the aforesaid position of Hindu Law, in its 174th Report (May 2000), the Law Commission of India was of the view that the gender reforms were called for to ensure equality. The Commission noted the fact that in various States such as Kerala, Andhra Pradesh, Tamil Nadu, Maharashtra and Karnataka, attempts had already been made to bring about the gender equality.

article author Varsha Kewalramani

Posted On:  5 months ago


Modus Operandi adopted for conversion of unaccounted old cash during demonetization and how department caught them

Modus Operandi adopted for conversion of unaccounted old cash during demonitization and how department caught them Unexplained cash deposits by bullion traders and Jewellers, Petrol pumps, Traders, Contractors and Real Estate Developers, Professionals, Government Employees, cooperative banks and societies, through Shell companies and Abuse of Exemptions provided for North Eastern states are cited with examples as given by Income Tax Department.

article author CA Chirag Chauhan

Posted On:  5 months ago


Demonetization period Cash deposit Statistics – Average cash deposited by different tax payers

This section contains breakup of reported cash deposits for various taxpayer segments. Table 1 provides percentage of ‘distribution of PANs and ‘total cash deposit’ across taxpayers segments. Further, the table provides average reported cash deposits per PAN for taxpayer segments.

article author CA Chirag Chauhan

Posted On:  6 months ago


Doctors To Face Disciplinary Action If They Prescribe Brand Name Drug : Government Circular 21/04/2017

From Today if you consult a doctor for fever, and if he prescribes ‘crocin’ or ‘instead of ‘paracetamol’ (generic name drug), he can face disciplinary action from Medical Council of India as per recent circular. The Medical Council of India has asked all the registered Medical Practitioners to ensure that they prescribe drugs with generic names only. The Council also warns disciplinary action against those found violating these regulations.

article author Dharmesh Jain

Posted On:  6 months ago


Which ITR form you should File? New Income Tax Return form for AY 2017-18 FY 2016-17

Which ITR form you should File? New Income Tax Return form for AY 2017-18 FY 2016-17 This article will give you all the knowledge regarding the latest changes in the ITR forms and also clarifies regarding the various types of form with respect to its applicable income and also which ITR to be used against which income.

article author CA Chirag Chauhan

Posted On:  7 months ago


Top 9 landmark cases and judgments that brought a change in India

Vodafone was embroiled in a $2.5 billion tax dispute over its purchase of Hutchison Essar Telecom services in April 2007.  The transaction involved purchase of assets of an Indian Company, and therefore the transaction, or part thereof was liable to be taxed in India as per the allegations of tax department. Vodafone Group entered India in 2007 through a subsidiary based in the Netherlands, which acquired Hutchison Telecommunications International Ltd’s

article author Dharmesh Jain

Posted On:  7 months ago


How to ensure that rent you paid is not claimed as fake by IT Department? And get proper HRA exemption

Recently in 2017 March, ITAT Mumbai Bench did not allow HRA exemption claim stating it as based on sham rent payments supported only by rent receipts from mother without paying actual rent. In the view of above decision many salaried employee who are claiming HRA by paying to their parents, relative and friends have to know proper rule under which HRA can be claimed and what all documents are required, including legal judgments supporting the claim. The article give you a detail guidelines so that you can claim proper HRA as per the rules and have adequate documents to support your claim. There is nothing in the law to stop the taxpayer from renting premises from parents and relative and claiming the HRA benefit for such rental payment.

article author CA Chirag Chauhan

Posted On:  7 months ago


Your PAN number will be Invalid and you will not able to file tax return, if not linked to Aadhaar card by 1 July 2017

How smartly the government has used Aadhaar to reduce corruption from direct benefit transfer for LPG in which the subsidy on LPG cylinders will be credited directly to consumers' Aadhaar-linked bank accounts, KYC verification process to recently launching “Aadhaar Pay” on 14th April 2017, a payment system which will enable people to carry out bank transactions just by using their thumb impressions. While the law had empowered the Centre to mandate use of Aadhaar in most of the center funded schemes, since then the corruption level has significantly reduce. In recent Finance Act 2017 government has mandated use of Aadhaar for filing returns and linking of all existing PAN Number with Aadhaar Number.

article author CA Chirag Chauhan

Posted On:  7 months ago


FAQs on Transitional Provisions under Goods and Service Tax

A registered person, other than a person opting to pay tax under composition scheme, shall be entitled to take credit in his electronic credit ledger the amount of CENVAT (or VAT credit) credit carried forward in the return of the last period before the appointed day, subject to the conditions stated therein. (Section 140(1) of the CGST/SGST Act)

article author One Roof Consultant

Posted On:  7 months ago


FAQs on Frontend Business Process on GST Portal

Goods and Services Tax Network (GSTN) is a not-for-profit, non-government company promoted jointly by the Central and State Governments, which will provide shared IT infrastructure and services to both central and state governments including tax payers and other stakeholders. The Frontend services of Registration, Returns, Payments, etc. to all taxpayers will be provided by GSTN. It will be the interface between the government and the taxpayers.

article author One Roof Consultant

Posted On:  7 months ago


FAQs on Place of Supply of Goods and Service under GST

The basic principle of GST is that it should effectively tax the consumption of such supplies at the destination thereof or as the case may at the point of consumption. So place of supply provision determines the place i.e. taxable jurisdiction where the tax should reach. The place of supply determines whether a transaction is intra-state or inter-state. In other words, the place of Supply of Goods or services is required to determine whether a supply is subject to SGST plus CGST in a given State or union territory or else would attract IGST if it is an inter-state supply.

article author One Roof Consultant

Posted On:  7 months ago


Overview of IGST under Goods and Service Tax

A supply of goods and/or services in the course of inter-State trade or commerce means any supply where the location of the supplier and the place of supply are in different States, two different union territory or in a state and union territory Further import of goods and services, supplies to SEZ units or developer, or any supply that is not an intra state supply. (Section 7 of the IGST Act).

article author One Roof Consultant

Posted On:  7 months ago


FAQs on GST Offences & Penalties, Prosecution & Compounding under Goods and service tax

If any person transports any goods or stores any such goods while in transit without the documents prescribed under the Act (i.e. invoice and a declaration) or supplies or stores any goods that have not been recorded in the books or accounts maintained by him, then such goods shall be liable for detention along with any vehicle on which they are being transported.

article author One Roof Consultant