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Posted On:  1 year ago


Amendment in Section 206C

In order to curb the cash economy, Finance Act 2016  has  amended section 206C of the Income-tax Act to provide that  the seller shall collect  tax  at the rate of one per cent from the purchaser on sale in cash of certain goods or provision  of  services  exceeding two  lakh  rupees.  Subsequent  to  the  amendment, a number of representations were received  from  various  stakeholders  with regard to  the scope of  the provisions and  the  procedure to be  followed  in case of the amended provisions of Section 206C of the Act. The Board, after examining the representations

article author Rakchamps&Co. Chartered Accountant

Posted On:  1 year ago


Conditions for relaxation from higher TDS u/s 206aa for Non-Residents and Foreign Company

Income earned by non-residents in the form of royalties, technical fees, etc. is subjected to TDS as per Section 195 of the Income-Tax Act, 1961. The section does not mention any rate at which the TDS should be deducted. Rates are mention in PART-II of the First Schedule.

article author One Roof Consultant

Posted On:  1 year ago


Latest Amendment in TCS on sale of goods or services

TCS Applicable only on Cash Component that too only if cash component exceeding Rs.2 Lacs Finance Act 2016 amended section 206C to curb the cash economy and to make a close watch on cash transactions. But that amendment was not clear regarding applicability of TCS on single transaction or aggregate transactions in a year.

article author AMIT AGRAWAL

Posted On:  1 year ago


Threshold Limit of tax audit under section 44AB and section 44AD - clarification regardingh

Section 44AB of the Income-tax Act (‘the Act’) makes it obligatory for every person carrying on business to get his accounts of any previous year audited if his total sales, turnover or gross receipts exceed one crore rupees. However, if an eligible person opts for presumptive taxation scheme as per section 44AD(1)

article author Rakchamps&Co. Chartered Accountant

Posted On:  1 year ago


Exemption of Krishi Kalyan Cess in case invoice issued before 31st May 2016 - Notification No. 35/2016

CBEC has issued notification No. 35/2016-ST dated 24.06.2016 which seeks to exempt taxable services from the whole of Krishi Kalyan Cess leviable thereon with respect to which the invoice for the service has been issued on or before 31st May, 2016 subject to the condition that the provision of the service has been completed on or before 31st May, 2016.

article author One Roof Consultant

Posted On:  1 year ago


Exemption on Services by way of transportation by vessel outside India up to Custom Station Notification No. 36/2016

Seeks to exempt service tax on taxable services by way of transportation of goods by a vessel from outside India up to customs station in India with respect to which the invoice for the service has been issued on or before 31st May, 2016 subject to the condition of production of customs certified copy of the import manifest or import report required to be delivered under section 30 of the Customs Act, 1962.

article author One Roof Consultant

Posted On:  1 year ago


How to start your own Chartered Accountant (CA) Practice – Opportunities and Challenges.

The real journey of Chartered Accountant begins after clearing CA final exam. Though passing exam and becoming CA is not an end, it is the beginning of a new journey. Many final cleared student will have feeling that they have successfully become CA and life will be easy thereon. Trust me it is a myth! Though life may be easy in terms of many opportunities, however there is competition and you need to compete with peers and technology which can easily replace you in coming decade.

article author CA Chirag Chauhan

Posted On:  1 year ago


Hindu Undivided Family (HUF) or its Karta cannot becomePartner in Limited Liability Partnership (LLP)

Ministry of Corporate Affairs, in response to clarification sought by ICAI, states that a Hindu Undivided Family (HUF) cannot become a partner in a partnership firm; MCA states that Karta or any other individual of the HUF can be a partner in his 'individual' capacity and not the HUF; Corporate Affairs Ministry relies on SC ruling

article author One Roof Consultant

Posted On:  1 year ago


Vat Registration in Rajasthan (TIN no.)

This article provides that who is required to get register with sales tax department in rajasthan and what's the procedure for the same.

article author AMIT AGRAWAL

Posted On:  1 year ago


TDS not be deducted in case payment made to payment Systems Company authorised by RBI

In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notification of the Government of India, Ministry of Finance (Department of Revenue) number S.O. 3069 (E) dated 31st December, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), the Central Government hereby notifies that no deduction of tax under Chapter XVII of the said Act shall be made on the payments of the nature specified below, in case such payment is made by a person to a bank listed in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934), excluding a foreign bank, or to any payment systems company authorised by the Reserve Bank of India under Sub-section (2) of Section 4 of the Payment and Settlement Systems Act, 2007 (51 of 2007)

article author One Roof Consultant

Posted On:  1 year ago


LLP Formation Requirements

This is an informative document setting down the details of LLP, its Partners including designated partners along with their amount of contribution and consent for forming a Limited Liability Partnership to carry on a lawful business with profit motive along with declaration stating that all the requirements of Limited Liability Partnership Act, 2008 regarding incorporation of LLP in India have been complied with.

article author CA RITESH GATTANI

Posted On:  1 year ago


Investment through mutual fund - Mutual Fund Mantras to Help You Create Wealth

The key to creating wealth and achieving life goals through mutual funds depends on how well you make use of these investing principles. Mutual funds: To make life easy Mutual funds are one of the most investor-friendly investments available amongst all the market-linked investments. There are mutual fund schemes for every asset class, be it equity, debt, a mix of them or asset, such as, gold. This makes mutual fund suitable for meeting different goals, at different life stages of an investor. 

article author Sanjay Pithadia

Posted On:  1 year ago


FATCA Rules for registration, due diligence & information maintenance

S.O. 2151(E).-In exercise of the powers conferred by section 285BA read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government with respect to registration of persons, due diligence and maintenance of information

article author One Roof Consultant

Posted On:  1 year ago


Crowd Funding In India an emerging and innovative online platform

Crowdfunding is a way to raise money, awareness and support for a project, from the people around you. It's means of funding that allows individuals to make their ideas a reality with the power of the crowd. Crowdfunding, a popular concept started in the US and the UK, is an emerging way of raising capital, entails the use of internet or social networking sites such as Facebook or LinkedIn or Twitter or even some dedicated websites. So, if you want to raise funds, what you are required to do is create an online profile and explain your project

article author Hitesh Shah

Posted On:  1 year ago


Levy of excise duty on readymade garments and made articles of textiles bearing a brand name or sold under a brand name and having a retail sale price of Rs. 1000 or more

Representations have been received from the trade regarding the scope of the levy of excise duty on readymade garments and made articles of textiles bearing a brand name or sold under a brand name and having a retail sale price of Rs. 1000 or more in this year’s Budget.

article author One Roof Consultant

Posted On:  1 year ago


Speedy disbursal of pending refund claims of exporters of services under rule 5 of the CENVAT Credit Rules, 2004

I am directed to refer to Board’s circular No. 187/6/2015-Service Tax dated 10th November, 2015 on the above subject and to inform that in the light of some representations received in this context from accounting bodies, industry associations and others, the following points are clarified.

article author One Roof Consultant

Posted On:  1 year ago


Life Insurance its key features and benefits

Imagine a situation – if you were to die, not only will your family stop getting the income you contribute but the loans you have taken and the related cost of living, will put them back financially by lakhs of rupees in debt There have been quite a few cases like this and in each one the family has had to go through a lot of pain, and in some cases, has had to sell the property to pay back the dues or have to struggle a lot.

article author Rajendra Prasad Totla

Posted On:  1 year ago


Start Up India and its coverage

'Start- up India'  initiative was first announced by Prime Minister, Mr. Narendra Modi, in his Independence Day speech. This scheme was launched by the Department of Industrial Policy and Promotion (hereinafter referred to as the 'DIPP'), and it aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive for growth of Start-ups. The primary objective is for India to become a nation of job creators instead of being a nation of job seekers. For this particular purpose, Government has declared a provisional budget

article author PANKAJ KUMAR SHARMA

Posted On:  1 year ago


DVAT Rewards Scheme for Dealer

Delhi VAT: Reward/Appreciation scheme for dealers GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES: VYAPAR BHAWAN I.P.ESTATE: NEW DELHI -110 002 No. F.3(632 )/Policy/VAT/2015/PF/363-69 Dated: 10-06-2016

article author PANKAJ KUMAR SHARMA

Posted On:  1 year ago


Equalisation Levy on Online Advertisement

“In order to tap tax on income accruing to foreign e-commerce companies from India, it is proposed that a person making payment to a non resident, who does not have a permanent establishment, exceeding in aggregate Rs. 1 Lakh in a year, as consideration for online advertisement, will withhold tax at 6% of gross amount paid, as Equalization levy. The levy will only apply to B2B transactions.”

article author PANKAJ KUMAR SHARMA