Posted On:  2 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:  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


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:  3 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:  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


100 Key Highlights of Union Budget 2018 presented by FM Arun Jaitely FY 2018-19

No changes in person tax structure for salaried class and No change in Slab Rates 1.44 lakhs crores paid by salaried tax payers.  Standard deduction of Rs 40,000 for salaried taxpayers, in lieu of transport and medical reimbursements for salaried classes Govt will have a scheme to give every enterprise in India a unique ID

article author CA Chirag Chauhan

Posted On:  3 months ago


Chairman CBEC’s weekly newsletter dated 25.01.2018

On 20th January 2018 I was privileged and happy to be a part of the bhoomi puja on the land for the Zonal Training Institute, NACIN, Hyderabad.

article author One Roof Consultant

Posted On:  3 months ago


CBEC exempts Central Govt’s share of Profit Petroleum from IGST

Seeks to exempt Central Government’s share of Profit Petroleum from Integrated Goods & Services Tax (IGST)

article author One Roof Consultant

Posted On:  3 months ago


CBEC exempts royalty and license fee included in transaction value from IGST

Seeks to exempt royalty and license fee from Integrated tax to the extent it is paid on the consideration attributable to royalty and license fee included in transaction value under Rule 10(1)(c) of Customs Valuation (Determination of value of imported Goods) Rules, 2007.

article author One Roof Consultant

Posted On:  3 months ago


CBEC notifies changes in list of goods exempt from IGST wef 25.01.2018

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 6 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 2/2017- Integrated Tax (Rate), dated the 28th June, 2017,

article author One Roof Consultant

Posted On:  3 months ago


CBEC notifies Changes in Rate of IGST on Motor Vehicle wef 25.01.2018

G.S .R. (E).- In exercise of the powers conferred by sub-section (1) of section 5 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on being satisfied that it is necessary in the public interest so to do, on the recommendations of the Council, hereby exempts the central tax on inter-state supplies of goods

article author One Roof Consultant

Posted On:  3 months ago


CBEC amends Notification related to concessional IGST rate on scientific equipments

G.S.R….(E).- In exercise of the powers conferred by sub-section (1) of section 6 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), (hereafter in this notification referred to as “the said Act”) read with sub-section (3) of section 6 of the said Act

article author One Roof Consultant

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


CBEC reduces late fee for delayed filing of FORM GSTR-1

CBEC hereby waives the amount of late fee payable by any registered person for failure to furnish the details of outward supplies for any month/quarter in FORM GSTR-1 by the due date under section 47 of the said Act, which is in excess of an amount of twenty-five rupees for every day during which such failure continues.G

article author One Roof Consultant

Posted On:  3 months ago


CBEC reduces late fee in case of delayed filing of FORM GSTR-5

GST Council, hereby waives the amount of late fee payable by any registered person for failure to furnish the return in FORM GSTR-5 by the due date under section 47 of the said Act, which is in excess of an amount of twenty-five rupees for every day during which such failure continues

article author One Roof Consultant

Posted On:  3 months ago


CBEC reduces late fee in case of delayed filing of FORM GSTR-6

Central Government hereby waives the amount of late fee payable by any registered person for failure to furnish the return in FORM GSTR-6 by the due date under section 47 of the said Act, which is in excess of an amount of twenty-five rupees for every day during which such failure continues.

article author One Roof Consultant

Posted On:  3 months ago


FORM GSTR-6 due date for July 2017 to Feb 2018 extended to 31.03.2018

CBEC hereby extends the time limit for furnishing the return by an Input Service Distributor in FORM GSTR-6 for the months of July, 2017 to February, 2018, till the 31st day of March, 2018

article author One Roof Consultant