Posted On:  2 weeks 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:  4 weeks ago


Recovery of Tax

All tax administration occasionally comes across a situation where the tax dues are not paid correctly by the tax payers, most of the times inadvertently and sometimes deliberately. To minimize the inadvertent short payment of taxes the concept of ‘Matching’ of details of ‘Outward supplies’ of supplier with the details of ‘Inward supplies’ of recipient has been introduced in the GST Act.

article author One Roof Consultant

Posted On:  1 month 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


Which mutual fund NFO you should invest?

There are three new Mutual Fund Launch of NFO in November 2017. The Stock markets has generated a return of over 30% in last one year time. Most of the mutual fund has performed well. The biggest question is should you invest in Mutual fund now? The probable answer is yes, provided you can hold on till 3 to 5 years.

article author One Roof Consultant

Posted On:  6 months ago


GST FAQ on Exports

The procedures relating to export have been simplified so as to do away with the paper work and intervention of the department at various stages of export

article author CA Chirag Chauhan

Posted On:  6 months ago


GST FAQ on Handicrafts

All imports will be deemed as inter-State supplies for the purposes of levy of GST. IGST is leviable on imports in addition to other duties of customs. Full set-off will be available as ITC of the IGST paid on import on goods and services.

article author CA Chirag Chauhan

Posted On:  1 year ago


LPG customers to now get a discount for on-line payment of LPG refill

Oil Marketing Companies, viz Indian Oil, BPCL & HPCL are now offering an upfront discount of Rs 5/- on every LPG refill to all LPG customers who will book and pay for their LPG cylinders online. Customers can make payment through existing online modes i.e net banking, credit & debit cards at the time of web-booking their refills.

article author One Roof Consultant

Posted On:  1 year ago


Suggestions from the Industry and Trade Associations for Budget 2017-18 regarding changes in direct and indirect taxes.

In the context of formulating the proposals for the Union Budget of 2017-18, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justification for the same. 2. Your suggestions and views may be supplemented and justified by relevant statistical information about production, prices, revenue implication of the changes suggested and any

article author One Roof Consultant

Posted On:  1 year ago


Income Computation and Disclosure Standard VII relating to government grants Preamble

This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of account. In case of conflict between the provisions of the Income Tax Act, 1961 (‘the Act’) and this Income Computation and Disclosure Standard, the provisions of the Act shall prevail to that extent.

article author One Roof Consultant

Posted On:  1 year ago


Income Computation and Disclosure Standard IV relating to revenue recognition Preamble

This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of accounts. In the case of conflict between the provisions of the Income-tax Act, 1961 (‘the Act’) and this Income Computation and Disclosure Standard, the provisions of the Act shall prevail to that extent.

article author One Roof Consultant

Posted On:  1 year ago


Income Computation and Disclosure Standard III relating to construction contracts Preamble

This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of accounts. In the case of conflict between the provisions of the Income-tax Act, 1961(‘the Act’) and this Income Computation and Disclosure Standard, the provisions of the Act shall prevail to that extent.

article author One Roof Consultant

Posted On:  1 year ago


FAQs on Valuation in GST as per Goods and Service Tax (GST)

The value of taxable supply of goods and services shall ordinarily be ‘the transaction value’ which is the actually the price paid or payable, when the parties are not related and price is the sole consideration. The MGL further elaborates various inclusions and exclusions from the ambit of transaction value. For example, the transaction value shall not include refundable deposit, discount allowed before or at the time of supply

article author CA Chirag Chauhan

Posted On:  1 year 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:  2 years ago


Understanding Goods and Service tax

The taxation system in India is composed of various taxes on different activities and governed by various Tax Laws and Regulations. The taxes are levied on various types of activities such as manufacturing, trading, services, imports etc., In indirect tax structure the ultimate bearer of tax is not the person, who is paying the tax but the end users or customers who are using various products and services. The Indirect Tax Structure includes following taxes;

article author CS Deepak Pratap Singh

Posted On:  2 years ago


Tax Implications on Joining Bonus

Some of my Clients asked about tax implication on joining bonus.So i am sharing Tax Implication on Joining Bonus. Joining bonus is an amount paid to a new employee by a company as an incentive to join them. Normally employer pays a lump sum amount at the time of joining to lure experienced peoples from the competition.

article author Varma Alluri

Posted On:  2 years ago


All about Deduction U/S 80C to 80U

Taxes are an integral component in our country, with them accounting for a major portion of the income earned by the government, income which is utilised to provide certain basic provisions to citizens. Individuals who earn more than a certain amount are expected to pay taxes, as per the existing tax slabs. While these taxes can be harsh on the bank balance of a taxpayer, the government also provides certain provisions wherein one can save tax. Tax deductions can help one reduce the taxable income, lowering their overall tax liability and thereby helping th

article author Ashish Srivastava

Posted On:  2 years ago


Stepwise Registration under Luxury Tax in Maharashtra

The Dealer has to cover the following steps for Registration under Luxury Tax Act (LT)

article author CA Chirag Chauhan

Posted On:  2 years ago


Amnesty Scheme 2016 of Maharashtra Value Added Tax (MVAT) – Sales Tax Department

To Help Dealers and solve problem of pending appeal and releasethe revenue pending before the courts, Maharashtra Government proposed an amnesty scheme for such dues under various Act as defined below by the Sales Tax Department. Amnesty is not made available for pending tax dues. It is available where a dealer who has filed an appeal and the recovery of disputed dues is stayed by the appellate authority can avail amnesty scheme. If the dealer withdraws the appeal then he can avail the amnesty scheme.

article author CA Chirag Chauhan

Posted On:  2 years ago


Analysis of Deposits by Nidhi Companies

In this article we discuss how much a Nidhi Company can take deposits and from whom. These are the rules and limitations for taking deposits by Nidhi Companies

article author CA Kapil Goel

Posted On:  2 years ago


Last few days to plan your Taxes before march end. Get maximum Tax benefit avoid last minute rush

We Indians have will always wait till last minute for execution. Be it Exam preparation during college days or deadline in office for presentation and lastly for planning and avoiding taxes on Income. Salaried individual who had liquidity for investment has made and submitted proof, however many are still left because they are confused or are not able to make right choice for investment.

article author CA Chirag Chauhan