Posted On:  2 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:  2 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:  2 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:  3 months ago


Download the Budget Memorandum 2018 for Financial Year 2018-19

The provisions of Finance Bill, 2018 relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as 'the Act') to continue to provide momentum to the buoyancy in direct taxes through deepening and widening of the tax base, reducing the corporate tax rate for micro, small and medium enterprises, promoting horizontal equity in personal income-tax and enhancing the effectiveness, transparency and accountability of the tax administration. With a view to achieving the above, the various proposals for amendments are organised under the following heads

article author CA Chirag Chauhan

Posted On:  3 months ago


Download Budget speech and Finance bill for 2018 by FM Arun Jaitely FY 2018-19

Madam, four years ago, we pledged to the people of India to give this nation an honest, clean and transparent Government. We promised a leadership capable of taking difficult decisions and restoring strong performance of Indian economy. We promised to reduce poverty, expedite infrastructure creation and build a strong, confident and a New India. When our Government took over, India was considered a part of fragile 5; a nation suffering from policy paralysis and corruption. We have decisively reversed this. The Government, led by Prime Minister, Shri Narendra Modi, has successfully implemented a series of fundamental structural reforms. With the result, India stands out among the fastest growing economies of the world.

article author CA Chirag Chauhan

Posted On:  3 months ago


List of CBEC Officers to receive Presidential Award on Republic Day, 2018

Grant of Presidential Award of Appreciation Certificate to the officers of Customs & Central Excise on the eve of Republic Day, 2018

article author One Roof Consultant

Posted On:  3 months ago


Appeals and Review Mechanism under GST

Tax laws (or any laws, for that matter) impose obligations. Such obligations are broadly of two kinds: tax-related and procedure-related. The taxpayer’s compliance with these obligations is verified by the tax officer (by various instruments such as scrutiny, audit, anti-evasion, etc.), as a result of which sometimes there are situations of actual or perceived non-compliance.

article author One Roof Consultant

Posted On:  3 months ago


Benefits of Goods and Services Tax (GST)

GST stands for Goods and Services Tax which is levied on the supply of goods or services or both in India. GST subsumes a number of existing indirect taxes which were earlier levied by the Centre and State Governments including Central Excise duty, Service Tax, VAT, Purchase Tax, Central Sales Tax, Entry Tax, Local Body Taxes, Octroi, Luxury Tax, etc.

article author One Roof Consultant

Posted On:  3 months ago


Works Contract in GST

Simply put, a works contract is essentially a contract of service which may also involve supply of goods in the execution of the contract. It is basically a composite supply of both services and goods, with the service element being dominant in the contract between parties. In a general sense, a contract of works, may relate to both immovable and immovable property.

article author One Roof Consultant

Posted On:  3 months ago


Integrated Goods and Services Tax Act

The introduction of Goods and Services Tax (GST) is a significant reform in the field of indirect taxes in our country. Multiple taxes levied and collected by the Centre and states would be replaced by one tax called Goods and Services Tax (GST). GST is a multi-stage value added tax on consumption of goods or services or both.

article author One Roof Consultant

Posted On:  3 months ago


Transition Provisions under GST

GST is a significant reform in the field of indirect taxes in our country. Multiple taxes levied and collected by the Centre and States have been replaced by one tax called Goods and Services Tax (GST). GST is a multi-stage value added tax on consumption of goods or services or both.

article author One Roof Consultant

Posted On:  3 months ago


Input Tax Credit Mechanism in GST

Uninterrupted and seamless chain of input tax credit (hereinafter referred to as, “ITC”) is one of the key features of Goods and Services Tax. ITC is a mechanism to avoid cascading of taxes. Cascading of taxes, in simple language, is ‘tax on tax’. Under the present system of taxation, credit of taxes being levied by Central Government is not available as set-off for payment of taxes levied by State Governments, and vice versa. One of the most important features of the GST system is that the entire supply chain would be subject to GST to be levied by Central and State Government concurrently.

article author One Roof Consultant

Posted On:  3 months ago


Casual taxable person in GST

“Casual taxable person” means a person who occasionally undertakes transactions involving supply of goods or services or both in the course or furtherance of business, whether as principal, agent or in any other capacity, in a State or a Union territory where he has no fixed place of business.

article author One Roof Consultant

Posted On:  4 months ago


Why should you invest in ICICI Prudential Value Fund Series 19?

The Government has announced several ambition plan towards connecting India and other related development project. There is a plan to carry out large scale ban recapitalization in order to revitalize struggling public sector banks. Government is taking positive steps to boost and support the rural economy.

article author One Roof Consultant

Posted On:  7 months ago


TDS on interest under Capital Gains Accounts Scheme of deceased depositor

TDS oh the interest income accrued for and upto the period of death of the depositor is required to be deducted and reported against PAN of the depositor.

article author One Roof Consultant

Posted On:  7 months ago


No additional burden on Home buyers under GST

The CBEC and States have received several complaints that in view of the works contract service tax rate under GST at 12% in respect of under construction flats, complex etc, the people who have booked flats and made part payment are being asked to make entire payment before 1st July 2017 or to face higher tax incidence for payment made after 1st July 2017. This is against the GST law. as explained below.

article author CA Chirag Chauhan

Posted On:  8 months ago


CBDT notifies revised Form no. 29B for MAT audit with Annexure

G.S.R. 1028(E).—In exercise of the powers conferred by sub-section (4) of section 115JB 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,

article author One Roof Consultant

Posted On:  8 months ago


Functioning of Regional Committees to deal with Tax Payer Grievances from High Pitched Assessments-reg

In April, 2017, Board had called for all India information regarding functioning of Regional Committees to deal with Tax Payer Grievances from High Pitched Assessments. Some of the charges had reported that the Committees had identified some cases as ‘High-Pitched’. It was also reported that some of the cases were pending for consideration before the Committees.

article author One Roof Consultant

Posted On:  8 months ago


Write-off of Arrear Demand of Rs.25 Lakhs and above-reg.

2. Write Off of Arrear demand is an area of Direct Taxes which has not received its due attention in the past. The Public Accounts Committee (PAC) in its 29th Report presented to Lok Sabha on 11 August 2006, the Tax Administration Reform Commission (TARC) in 2014 and the C&AG in its Report No. 3/2016 also raised concern over the slow progress in write¬ off of arrears of tax demand.The direness of the situation is further reflected by the fact that only one case of high value demand has been written off till date.

article author One Roof Consultant

Posted On:  10 months ago


Sign the Petition - Disability goods to be taxed at zero rate in GST

The Finance Minister, Shri ArunJaitleyon 6 June 2017 stated on social media that daily consumer goods being used by the common man among others to become cheaper after GST.  Ministry of Finance stated that day-to-day commodities will attract zero GST after the indirect tax regime is rolled out on July 1

article author CA Chirag Chauhan