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Posted On:  1 year 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:  1 year ago


FAQs on Goods and Service tax(GST) its basics and how it works

GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set- off benefits at all the previous stages.

article author CA Chirag Chauhan

Posted On:  1 year ago


Exemption from preparation of consolidated financials by a company

1. If Company is unlisted & also not in process of listing on any exchange. [Major Relief] 2. If company's ultimate or any of intermediate Co. has filed consolidated financials with ROC. 3. If the company is itself a WOS/subsidiary, provided intimation to all members (entitled to vote or not) is given in writing and they have not objected to same. In exercise of the powers conferred by sub-sections (1) and (3) of section 128, sub section (3) of section 129, section 133, section 134 and section 138 read with section 469 of the Companies Act, 2013 (18 of 2O13), the Central Government hereby makes the following rules further to amend the Companies (Accounts) Rules,2014, namely

article author CS Perila Sheth

Posted On:  1 year ago


CBDT Clarification on calculation of age in cases of those born on 1st April

The Central Board of Direct Taxes (CBDT) has vide circular no 28/2016 has clarified calculation of age for resident senior citizen/ very senior citizen who have attained the age of sixty years or eighty years respectively whose date of birth falls on 1st April.

article author RAMESH JAIN

Posted On:  1 year ago


Excise on Gold Jewellery

In this year’s Budget, central excise duty of 1% without input and capital goods tax credit or 12.5% with credit was imposed on articles of jewellery falling under heading 7113 of the First Schedule to the Central Excise Tariff 1985. Subsequent to that, the Government had set up a Sub-Committee of the High Level Committee, headed by Dr. Ashok Lahiri to interact with Trade & Industry on issues relating to procedure and compliance relating to excise duty of articles of jewellery.

article author Satheesh TG

Posted On:  1 year ago


Why you should avoid online portals for filing income tax returns and take professional help in filing?

Recently there are many online portals in which you can file returns by just entering details like PAN no and net Income and that too free of cost. The word free easily attracts many and everyone. However we should remember that it is a market gimmick. Are these portal, which provides free filing service really worth? Or are you trapped by not disclosing adequate information and later may receive notice from Income Tax department?

article author CA Chirag Chauhan

Posted On:  1 year ago


Ease of Doing Business – Paperless PAN&TAN application process.

For fast tracking the allotment of PAN and TAN to company applicants, Digital Signature Certificate(DSC) based application procedure has been introduced on the portals of PAN service providers M/s NSDL eGov and M/s UTIITSL. Under the new process PAN and TAN will be allotted within one day after completion of valid on-line application.

article author One Roof Consultant

Posted On:  1 year ago


Minutes as per Secretarial Standard 1

This article gives a brief introduction on Minutes as per Secretarial Standards. All the business houses, expect to have a transparent and uniform governance of all the activities of the company so Secretarial Standards was introduced which acts as a benchmark in resolving the governance issues.

article author CS Perila Sheth

Posted On:  1 year ago


Central Registration Centre

This article gives a brief information on a new intiavtive by MCA in the name of CRC with only objective of quick company formation in India. CRC is new concept so it will take time to run smoothly. It will help to bring uniformity in Company Incorporation whereas ROC in different state had their own set of requirements.

article author CS Perila Sheth

Posted On:  1 year ago


CBDT notifies 37 new districts as backward areas under section 32AD of the Income Tax Act 1961

CBDT notifies 9 districts in the State of Telangana, 11 Districts in the State of West Bengal and 17 Districts in State of Bihar as backward areas under the first proviso to clause (iia) of sub-section (1) of section 32 and sub-section (1) of section 32AD of the Income Tax Act 1961

article author One Roof Consultant

Posted On:  1 year ago


Income Declaration Scheme 2016- Revised deceleration enabled under the Scheme

In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 199 of the Finance Act, 2016 (28 of 2016), the Central Board of Direct Taxes, makes the following rules further to amend the Income Declaration Scheme Rules, 2016 (hereinafter referred to as the principal rules) namely:-

article author One Roof Consultant

Posted On:  1 year ago


Income Declaration Scheme, 2016: Revised Payment Schedule

In exercise of the powers conferred by section 187 of the Finance Act, 2016 (28 of 2016), the Central Government hereby amends the notification of the Ministry of Finance (Department of Revenue), notification number S.O.1830(E) dated the 19th May, 2016, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii) dated the 19th May, 2016

article author One Roof Consultant

Posted On:  1 year ago


Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value Non PAN Transactions

Under the Annual Information Returns (AIR), various types of high-value transactions were being reported to the Income Tax Department. *These include reporting of cash deposits of Rs.10,00,000 or more in a saving bank account, sale/purchase of immovable property valued at Rs. 30,00,000 or more, etc. Many of these transactions do not have PAN linked to it. The Department has details of about 90 lakh such transactions for the period 2009-10 to 2016-17

article author One Roof Consultant

Posted On:  1 year ago


Passing of Resolution by Circulation

The Chairman of the Board or in his absence, the Managing Director or in his absence, the Whole time Director and where there is none, any Director other than an Interested Director, shall decide, before the draft Resolution is circulated to all the Directors, whether the approval of the Board for a particular business shall be obtained by means of a Resolution by circulation

article author CS Perila Sheth

Posted On:  1 year ago


Secretarial standard on meetings of the board of directors

Secretarial Standard-1 (SS-1) on “Meetings of the Board of Directors”, issued by the Council of the Institute of Company Secretaries of India and approved by the Central Government. Adherence by a company to this Secretarial Standard is mandatory, as per the provisions of the Companies Act, 2013.

article author CS Perila Sheth

Posted On:  1 year ago


Reg. Import Dur exemption to Micro/Mini SD cards

Extension of benefit of Notification No. 24/2005 dated 01.03.2005 (Sr. No. 3) {as amended by Notification No. 132/2006-Customs dated 30.12.2006 (Serial No. 15)} to Micro/Mini SD cards – reg. Representations have been received from the trade on the subject above.

article author One Roof Consultant

Posted On:  1 year ago


Due date of Filing Income Tax Returns for Financial Year 2015-16 Assessment Year 2016-17

Filing of Income Tax Return is tedious task and should be complete well before the due dates. Most of times there are confusion in relation to due dates applicable for various type of whose earn different kind of Income.The point to be noted is Basic limit include all Income without any deduction in Section 80C to 80U and any other deduction. So in case your Income is 3 Lakhs .

article author CA Chirag Chauhan

Posted On:  1 year ago


Master Circular – Facility for Exchange of Notes and Coins

Please refer to the Master Circular DCM (NE) No.G-2/08.07.18/2015-16 dated July 01, 2015 containing instructions on the facility for exchange of notes and coins. A revised version of Master Circular on the subject is annexed for your information and necessary action. This Master Circular is placed in our website www.rbi.org.in.

article author One Roof Consultant

Posted On:  1 year ago


Signing of Advance Pricing Agreements by CBDT

The Central Board of Direct Taxes (CBDT) entered into seven (7) Unilateral Advance Pricing Agreements (APAs) today, i.e., 18th July, 2016, with Indian taxpayers. Some of these agreements also have a “Rollback” provision in them. The APA Scheme was introduced in the Income-tax Act in 2012 and the “Rollback”

article author One Roof Consultant

Posted On:  2 years ago


Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O.748 (E), dated the 3rd August, 2001,

article author One Roof Consultant