Posted On:  5 days ago


GST on Co- operative housing societies- Simplified

This article has been written with a view to increase awareness of members of Housing Societies and Management Committee towards registration requirements and the services which are exempted and which attract GST. An attempt has been made to analyze the terms used in various sections of GST Act and provide some insight into its applicability to Housing Societies

article author Anita Bhadra

Posted On:  1 month 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:  7 months ago


Procedure for Transfer from RPF / Superannuation fund to NPS

In the budget of 2016-17, the Government had announced that the subscribers from recognised Provident Funds and Superannuation Funds would be able to transfer their corpus from these funds to National Pension System (NPS) without any tax implication. With the NPS gaining momentum vis-à-vis other retirement products and a number of queries being raised on the transfer of amounts from recognised Provident/Superannuation Funds to NPS, Pension Fund Regulatory and Development Authority (PFRDA) has clarified the process through a circular dated 06.03.2017.

article author One Roof Consultant

Posted On:  7 months ago


Government launches GST App to facilitate smooth transition to new tax regime

The Finance Ministry on Thursday launched a mobile app for Goods and Services Tax so as to provide updates to taxpayers on the new tax regime which is to be rolled out from July 1. From helping taxpayers in the migration to GST, providing toll free numbers and videos and reading material on GST to putting up draft laws and rules, the app called the CBEC GST app aims to help taxpayers and address their concerns about the new indirect tax regime. The GST mobile app launched by the ministry can be downloaded for free on Android platforms. The iOS version will be made available shortly, an official statement said

article author CA Chirag Chauhan

Posted On:  7 months ago


Standard Operating Procedure (SOP) to be followed by the Assessing Officers in verification of Cashtransactions relating to demonetisation

Post demonetisation of Rs. 500 and Rs. 1000 notes on November 8, 2016, several malpractices has been noticed. The Income Tax Department is enquiring/seeking information and analysing instances of deposits to identify cases involving risk of tax evasion. Based upon vast amount of information of cash deposits collected and analysed by CBDT, a number of persons have been identified in whose case the cash transactions did not appear to be in line with their profile available with the Income-tax Department (‘ITO’) . In such cases, it has been decided to undertake on -line verification of select transactions through jurisdictional Assessing Officers

article author One Roof Consultant

Posted On:  8 months ago


Clarifications on implementation of GAAR provisions under the Income Tax Act, 1961

The provisions of Chapter X-A of the Income Tax Act, 1961 relating to General Anti-Avoidance Rule will come into force from 1st April, 2017. Certain queries have been received by the Board about implementation of GAAR provisions. The Board constituted a Working Group in June, 2016 for this purpose. The Board has considered the comments of the Working Group and the following clarifications are issued

article author One Roof Consultant

Posted On:  8 months ago


CBDT issues a set of 12 FAQs on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016

The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (hereinafter ‘the Scheme’) provides an opportunity to persons having undisclosed income in the form of cash or deposit in an account maintained with a specified entity to declare such income and pay tax, surcharge and penalty totalling in all to 49.9 percent of such declared income and make a mandatory deposit of not less than 25% of such income in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016

article author One Roof Consultant

Posted On:  8 months ago


New design of PAN card w.ef. 1st January 2017

All TEN-FCs & PAN Centres are hereby informed that the Income Tax Department (ETD) has prescribed certain changes in the existing design of the PAN Card. Accordingly, with effect from January 1, 2017, PAN cards are being printed as per the new design specifications approved by ITD.

article author One Roof Consultant

Posted On:  9 months ago


Initiatives taken by Government to promote use of mobile/e-banking for cashless transactions

The Public Financial Management System (PFMS) is a web-based online software application, developed and implemented by the o/o CGA with technical support of NIC. The primary objective of PFMS is to facilitate a sound Public Financial Management System for Government of India (GoI) by establishing an efficient fund flow system as well as a Payment cum Accounting network. PFMS provides various stakeholders with a real time, reliable and meaningful Management Information System and an effective Decision Support System (DSS), as part of the Digital India initiative of GoI.

article author One Roof Consultant

Posted On:  9 months ago


E-mail id’s to handle the queries related to Unified Portal

The new Unified Portals has been launched by EPFO for PF members, employers and field offices, and can be accessed through “epfindia.gov.in“. 2. To handle the queries pertaining to them, below mentioned e-mail ids have been created:

article author One Roof Consultant

Posted On:  9 months ago


Procedure for registration under Societies Registration Act 1860 – It’s Advantages, rights & duties & other relevant matter’s

Individuals who want to come together for doing something for the betterment & upliftment of the larger section of the society usually come across a number of hindrances. They are at times misguided or are ignorant of how to go about to work as a non-profit organization. One of the ways to get over this hindrance is formation and registration of a society.  However, most of us are not really aware of the process of the registration of society or how it is to be registered. Moreover, whether it is to be registered or not and what is the procedure etc are other question which come across are minds.

article author CA Chirag Chauhan

Posted On:  11 months ago


Peak Filing Preparation 2016-MCA 21

As you are aware it is time of peak filing of Balance Sheet & Annual Return under the Companies Act. To avoid last minute rush and system congestion on the MCA 21 portal on account of annual filings during October / November 2016, we are quite sure that you might have already taken steps in advising corporates to file balance sheet and annual return of the companies early without postponing it to the last few days permitted for the same.

article author One Roof Consultant

Posted On:  1 year ago


The Income Declaration Scheme, 2016 – Notice issued on or before 31.05.2016 but assessment completed- Eligibility?

The Income Declaration Scheme, 2016 (the Scheme) has come into effect from 1st June, 2016 and is open for declarations upto 30.09.2016. Vide Circular No.16 of 2016 dated 20.05.2016; it was clarified that a person will not be eligible to file declaration under the Scheme for the assessment year(s) in respect of which a notice under section 142(1)/143(2)/148/153A/153C has been served upon him on or before 31.05.2016.

article author One Roof Consultant

Posted On:  1 year ago


Support-desk for implementation of Ind AS by ICAI

As you may kindly be aware that the Institute of Chartered Accountants of India (ICAI) had formulated IFRS-converged Indian Accounting Standards (Ind AS), which have been notified by theMinistry of Corporate Affairs (MCA). In order to ensure the implementation of these Standards in the same spirit in which these have been formulated, this task of providing guidance has been entrusted to Ind AS (IFRS) Implementation Committee is taking various initiatives.

article author One Roof Consultant

Posted On:  1 year ago


The Direct Tax Dispute Resolution Scheme, 2016

Litigation is a scourge for a tax friendly regime. In order to reduce the pending litigation, the Direct Tax Dispute Resolution Scheme, 2016 (the Scheme) has come into force from 1st June, 2016 and can be availed upto 31st December, 2016. The Scheme is available to the cases pending with the first appellate authority [i.e. CIT(A)] as on 29th February, 2016, subject to certain conditions. It also extends to the cases pending litigation owing to retrospective amendment at different levels.

article author One Roof Consultant

Posted On:  1 year ago


Clarifications on the Direct Tax Dispute Resolution Scheme, 2016

The Direct Tax Dispute Resolution Scheme, 2016 (hereinafter referred to as ‘the Scheme’) incorporated as Chapter X of the Finance Act, 2016 (hereinafter referred to as ‘the Act’) provides an opportunity to tax payers who are under litigation to come forward and settle the dispute in accordance with the provisions of the Scheme. The Direct Tax Dispute Resolution Scheme Rules, 2016 (hereinafter referred to as ‘the Rules’) have been notified.

article author One Roof Consultant

Posted On:  1 year ago


GIST OF GST

HRESHOLD EXEMPTION OF GST IS RS 10 LAKHS  means now all the small traders also covered under GST. So here are some of the provisions of GST... to be continued with some other and very important concepts of GST till then enjoy and keep smiling

article author Esha Agrawal

Posted On:  1 year ago


Additional FAQ’s on the Income Declaration Scheme, 2016

The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) came into effect on 1st June, 2016. To address doubts and concerns raised by the stakeholders, the Board has issued three sets of FAQs vide Circular Nos. 17, 24 & 25 of 2016. In order to address further queries received from the public relating to the Scheme, following clarifications are issued.

article author One Roof Consultant

Posted On:  1 year ago


Effective Tax Rate is 45% and not 31% clarified by CBDT - The Income Declaration Scheme 2016

The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets.The Board has issued three sets of clarifications in the form of FAQs. The fourth set of Frequently Asked Questions (FAQs) providing clarification on various issues are in the process of being issued and will be available on the official website of the Income Tax Department i.e., www.incometaxindia.gov.in later today.

article author CA Chirag Chauhan

Posted On:  1 year ago


Clarifications on the Income Declaration Scheme, 2016

The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) incorporated as Chapter IX of the Finance Act, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totalling in all 45% of such undisclosed income declared. The Income Declaration Scheme Rules, 2016 (hereinafter referred to as ‘the IDS Rules’) have been notified. In this regard, Circular No. 17 of 2016 dated 20th May, 2016 and Circular No. 24 of 2016 dated 27th June, 2016 issued by the Board provided clarifications to 14 and 11 queries respectively. Subsequently, further queries have been received from the public about various provisions of the Scheme. The Board has considered the same and the following clarifications are issued

article author Satheesh TG