Posted On:  4 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:  4 months ago


ICAI - committed to conclude the disciplinary process against those found involved in the PNB scam

ICAI is an autonomous regulator of accounting profession created by Chartered Accountants Act, 1949. During its existence of 69 years, ICAI is contributing in public interest with sole mandate of independence, integrity and excellence.

article author One Roof Consultant

Posted On:  4 months ago


New features added in Form GSTR 3B and other functionalities made available on the GST Portal

Filing of Form GSTR 3B : Filing of Form GSTR 3B has been made easier and user friendly with following features : a) While proceeding to payment you can see details of balances as available in cash and credit ledgers at one place. b) Tax liabilities as declared in GSTR 3B along with the credits gets updated in the ledgers and reflected in the "Tax payable" column of the payment section and can be seen while hovering on the said headings of credit in the payment section.

article author CA Chirag Chauhan

Posted On:  4 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:  4 months ago


Procedure for registration of PTRC (Profession tax registration certificate) and PTEC (Profession tax enrollment certificate) in Maharashtra

As per the amendments in the Profession Tax Act 1975, a person (natural / legal) registered under MGST Act is liable to enroll for Profession Tax Enrollment Certificate (PT-EC) and pay Rs.2500 per annum. In addition, if the business is having any employee whose monthly salary is above Rs. 7500/- is also required to obtain Profession Tax Registration Certificate

article author CA Chirag Chauhan

Posted On:  4 months ago


Rationalisation of provisions relating to Country-by-Country Report as per Budget 2018

Section 286 of the Act contains provisions relating to specific reporting regime in the form of Country-by-Country Report (CbCR) in respect of an international group.

article author One Roof Consultant

Posted On:  4 months ago


Deduction in respect of income of Farm Producer Companies as per Budget 2018

Section 80P provides for 100 percent deduction in respect of profit of cooperative society which provides assistance to its members engaged in primary agricultural activities.

article author One Roof Consultant

Posted On:  4 months ago


Should you hold or Sell Equity Shares and Mutual Fund before 31 March 2018 to save LTCG?

The exemption of LTCG will continue till 31 March 2018. LTCG Tax of 10% will be applicable from 1 April 2018. A new section 112A is introduced into the Income-tax Act, 1961 to tax the long term capital gains on the listed shares and units of equity oriented mutual funds transferred on or after 1st April, 2018

article author CA Chirag Chauhan

Posted On:  4 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:  5 months ago


How much income tax Senior Citizen can save from Budget 2018 in Interest (80TTB), Insurance (80D) and Medical Expenditure (80DDB) for FY 2018-19

Budget propose several benefits to Senior Citizens. Though there are no change in Slab rates applicable for senior citizen, government has increase exemption limit and provided standard deduction for pensioners. Following are relief to Senior Citizens proposed:-

article author CA Chirag Chauhan

Posted On:  5 months ago


Latest TDS Tax Deducted at Source Rate Chart for FY 2018-19 AY 2019-20

TDS is to be deducted on payment made as prescribed by Income Tax Act by persons who are liable to deduct TDS. It is the duty of the deductor to deduct TDS as given in Income Tax Act. Following are the revised rate of TDS applicable for Financial Year 2018-19 Assessment Year 2019-20

article author CA Chirag Chauhan

Posted On:  5 months ago


Income tax slab rates applicable for Financial Year 2018-19 or Assessment Year 2019-20

This article will give full detail about the slab rates that are applicable for the Assessment year 2019-20 for each individual. Where the assessee is an individual:

article author CA Chirag Chauhan

Posted On:  5 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:  5 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:  5 months ago


Special Audit in GST

GST is a trust based taxation regime wherein the assessee is required to self-assess his returns and determine tax liability without any intervention by the tax official. Therefore, a tax regime that relies on self-assessment has to put in place a robust audit mechanism to measure and ensure compliance of the provisions of law by the taxable person.

article author One Roof Consultant

Posted On:  5 months ago


National Anti-Profiteering Authority in GST

Any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit should have been passed on to the recipient by way of commensurate reduction in prices. However it has been the experience of many countries that when GST was introduced there has been a marked increase in inflation and the prices of the commodities.

article author One Roof Consultant

Posted On:  5 months ago


Deemed Exports in GST

“Deemed Exports” refers to supplies of goods manufactured in India (and not services) which are notified as deemed exports under Section 147 of the CGST/SGST Act, 2017. The supplies do not leave India. The payment for such supplies is received either in Indian rupees or in convertible foreign exchange. Deemed exports are not zero rated supplies by default, unlike the regular exports.

article author One Roof Consultant

Posted On:  5 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:  5 months ago


Tax Invoice and other such instruments in GST

Generally speaking, an invoice is a commercial instrument issued by a seller to a buyer. It identifies both the trading parties and lists, describes, and quantifies the items sold, shows the date of shipment and mode of transport, prices and discounts, if any, and delivery and payment terms

article author One Roof Consultant

Posted On:  6 months ago


Government Cautions People Against Risks in Investing in Virtual ‘Currencies’; Says VCs are like Ponzi Schemes

“There has been a phenomenal increase in recent times in the price of Virtual ‘Currencies’ (VCs) including Bitcoin, in India and globally. The VCs don’t have any intrinsic value and are not backed by any kind of assets. The price of Bitcoin and other VCs therefore is entirely a matter of mere speculation resulting in spurt and volatility in their prices. There is a real and heightened risk of investment bubble of the type seen in ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money. Consumers need to be alert and extremely cautious as to avoid getting trapped in such Ponzi schemes. VCs are stored in digital/electronic format, making them vulnerable to hacking, loss of password, malware attack etc. which may also result in permanent loss of money. As transactions of VCs are encrypted they are also likely being used to carry out illegal/subversive activities, such as, terror-funding, smuggling, drug trafficking and other money-laundering Acts.

article author CA Chirag Chauhan