Have you done financial planning for 2019-20 before the deadline 31st March 2020/30th July 2020/30th September 2020 – Check out what you missed and what are relief measures provided by FM in view of Covid19 (Coronavirus) Outbreak? Financial year 2019-20 is reaching to its ends in few weeks. 31st March is an important deadline with […]
Current position of Indian Economy w.r.t. Economic Survey of India for FY 2019-20 (presented in Parliament on 31-01-2020)
Current position of Indian Economy w.r.t. Economic Survey of India for FY 2019-20 (presented in Parliament on 31-01-2020) Economic Survey 2019- 20 was presented in the Parliament by Finance Minister Nirmala Sitharaman on January 31, 2020. The theme of Economic Survey 2020 is- “Enable markets, promote ‘pro-business’ policies and strengthen ‘trust‘ in the economy”. The […]
Rates of Income tax for FY 2019-20 (Assessment year 2020-21)
Rates of Income tax for Financial year 2019-20 i.e. Assessment year 2020-21 (A) Income tax Rates for Individual, HUF, AOP & BOIs Income tax rates for resident senior citizen who is 60 years or more at any time during the previous year but less than 80 year on the last day of the previous year […]
Income tax due dates for FY 2019-20 (AY 2020-21)
Due Dates of Income tax as applicable for FY 2019-20 (AY 2020-21) (A) Due date for filing Income tax Return Category Sub-Category Due date Individual & HUF whose accounts are required to be audited u/s 44AB (ITR-3) 30th September 2020 (extended to 31st Jan. 2021) A working partner where the firm in which he […]
TDS is introduced in GST w.e.f. 01.10.2018: All about TDS in GST Law
TDS is introduced in GST w.e.f. 01.10.2018: All about TDS in GST Law GST Law mandates Tax Deduction at Source (TDS) vide Section 51 of the CGST/SGST Act 2017, Section 20 of the IGST Act, 2017 and Section 21 of the UTGST Act, 2017. GST Council in its 28th meeting held on 21.07.2018 recommended the […]
Due date for filing ITR extended to 31st Oct 2018 for audit cases.
CBDT further extends due dt for filing of IT Returns & audit reports from 15th Oct,2018 to 31st Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018, after considering representations from stakeholders. Liability to pay interest u/s234A of IT Act will remain same. Click here for notification.
Due date for Filing ITR extended to 15-09-2018 in case assessees in State of Kerala
In view of disruption caused due to severe flood in Kerala, CBDT extended due date for ITR from 31st August 2018 to 15th September 2018 in case of Income tax assessees in state of Kerala who were liable to file their Income tax return by 31st August 2018. Click here to download order
All About Reverse Charge Mechanism of Goods & Services in GST.
All about Reverse charge Mechanism In GST. What is Reverse Charge Normally Supplier of goods or services is liable to pay tax to Government. Supplier collect tax amount from receiver along with value of goods or services and deposit it to the government. But in case of reverse charge, changeability gets reversed and Receiver of […]
Updates relating to GST return, Income Tax and SEBI.
CBDT has released parameters for manual selection of Income Tax Returns for Complete Income Tax Scrutiny during financial year 2018-19 vide Instruction No. 04/2018 Dated: 20th August 2018. Niti Aayog has suggested the government to bring down import duty on gold from the existing level of 10 per cent and also slash the GST rate […]
Last date of filing GSTR-3B for the month of July, 2018 has been extended to 24th Aug, 2018.
As per GST Portal, Last date of filing GSTR-3B for the month of July, 2018 has been extended to 24th Aug, 2018. Official Order is expected in sometime. For visiting the GST portal please click the following link https://www.gst.gov.in/
Clause 30C & 44 of Tax Audit report is kept in abeyance till 31st march 2019
On 17th August 2018, CBDT issued order under section 119 of Income Tax Act 1961 that reporting under clause 30C & 44 (i.e. GST and GAAR Reporting under Amended Tax audit report) of the tax audit report shall be kept in abeyance till 31st March 2019. Therefore Tax audit reports to be furnished on or […]
In A New Record, Rs 10.03 Lakh Crore Collected As Income Tax In 2017-18
In a new record, Income Tax worth Rs 10.03 lakh crore was collected during 2017-18, the Central Board of Direct Taxes (CBDT) said on Friday (17 August), reports Press Trust of India. A record has also been set when it comes to the number of Income Tax filings. During a two-day conference of Income Tax […]
Due date of GSTR-1 Extended to 11th of next month till March 2019
Due dates for filing GSTR 1 for all months from July 2018 till March 2019 has been extended to 11th of the next month. Download notification
Due date Calendar for August 2018
Statutory and Tax Compliance Calendar for August 2018 S.No Particulars of Compliance Forms/returns Due Date Compliances Calendar for GST 1. Return of outward supplies of taxable goods and/or services for the Month of July 2018 (for Assessees having turnover exceeding 1.5 Cr.) GSTR -1 10-08-2018 2. Return by Non-Resident Foreign Taxpayers for the month of July […]
Key points of 29th Meeting of GST Council held on 4th August 2018
Summary of GST meeting 4th August 2018: 1. GOM for MSME Issues: a. GST Council constitutes a Group of Ministers (GoM) to look into issues of MSME’s. b. Finance Minister’s of Assam, Delhi, Punjab & Kerala will be part of this GoM. c. Finance Minister of State – Shri Shiv Pratap Shukla ji will be […]
Key Features of Draft GST simplified returns formats issued by CBIC on 30th July 2018.
The GST Council in its 28th GST Council Meeting held on July 21, 2018 under the Chairmanship of Shri Piyush Goyal, Union Minister for Railways, Coal, Finance & Corporate Affairs has approved the new return formats. The Council had earlier approved the basic principles of GST return design and directed the law committee to finalize the […]
An Overview of Tax Audit U/s 44AB of Income tax Act.
Tax Audit under section 44AB was introduced by Finance Act 1984, w.e.f. 1st April 1985 (A. Y. 1985-86). The main objective of the tax audit was to ensure that Books of accounts and other relevant records are properly maintained by the assessee and to compute the taxable income according to the law and to maintain […]
How to File Income Tax Return for F&O Trading and Speculative transactions in FY 2017-18 (AY 2018-19)
Most of Salaried Employees are involved in derivative trading (trading in future and options or F&O on stocks, currencies, and commodities) But due to little knowledge about how these trades are taxed, those who have losses from futures & options skip reporting it in their income tax return, which is not right. If you are […]
Rates of Income tax for FY 2018-19 (Assessment year 2019-20)
Rates of Income tax for Financial year 2018-19 i.e. Assessment year 2019-20 (A) Income tax Rates for Individual, HUF, AOP & BOIs Income tax rates for resident senior citizen who is 60 years or more at any time during the previous year but less than 80 year on the last day of the previous year […]
Deadline for filing Income tax return extended till August 31, 2018
The finance ministry in a tweet has announced the extension of income tax return filing deadline by a month to August 31. The tweet says “Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 […]
Updates of 28th GST Council meeting held on 21st July 2018
28st GST Council meeting held on 21st July 2018 and we are presenting here the key decisions taken in this meeting . Some of the decisions will be given effect by way of issuing Notifications and few are to be placed in Parliament to amend the GST Laws. Key Decisions:- Return Simplification. Quarterly returns for […]
28th GST Council meet on Saturday i.e. 21st July 2018: Return simplification, law tweaks, setting up of tribunal on table
28th GST Council meet on Saturday i.e. 21st July 2018: Return simplification, law tweaks, setting up of tribunal on table The proposed amendments to the goods and services tax (GST)-related laws, simplification of GST returns, the creation of GST appellate tribunal and the revenue position of states will be among the key items slated for […]
Income tax due dates for FY 2018-19 (AY 2019-20)
Due Dates of Income tax as applicable for FY 2018-19 (AY 2019-20) (A) Due date for filing Income tax Return Category Sub-Category Due date Individual & HUF whose accounts are required to be audited u/s 44AB (ITR-3) 30th September 2019 A working partner where the firm in which he is a working partner has to […]
Income tax due dates for FY 2017-18 (AY 2018-19)
Due Dates of Income tax as applicable for FY 2017-18 (AY 2018-19) (A) Due date for filing Income tax Return Category Sub-Category Due date Individual & HUF whose accounts are required to be audited u/s 44AB (ITR-3) 30th September 2018 A working partner where the firm in which he is a working partner has to […]
Rates of Income tax for FY 2016-17
Rates of Income tax for Financial year 2016-17 i.e. Assessment year 2017-18 (A) Income tax Rates for Individual, HUF, AOP & BOIs Income tax rates for resident senior citizen who is 60 years or more at any time during the previous year but less than 80 year on the last day of the previous year […]
Rates of TCS for FY 2017-18
Rates for Tax Collection at Source (TCS) (FY 2017-18 & AY 2018-19) Following given are the rates at which tax is to be collected at source during financial year 2017-18 (AY 2018-19). Section Receipts Type Basic Rate of TCS (excluding Surcharge, EC & SHEC) 206C Sale of Alcoholic liquor for human consumption 1% 206C Sale […]
Rates of TDS for FY 2017-18
Rates for Tax Deducted at Source (TDS) (FY 2017-18 & AY 2018-19) Following given are the rates at which tax is to be deducted at source during financial year 2017-18 (AY 2018-19). Section Payment Type Basic Rate of TDS (excluding Surcharge, EC & SHEC) Condition(if any) 192 Salary At normal slab rate applicable If estimated […]
Rates of Income tax for FY 2017-18
Rates of Income tax for Financial year 2017-18 i.e. Assessment year 2018-19 (A) Income tax Rates for Individual, HUF, AOP & BOIs Income tax rates for resident senior citizen who is 60 years or more at any time during the previous year but less than 80 year on the last day of the previous year […]
GST important Due dates for Financial year 2018-19
GST important Due dates for Financial year 2018-19 (A) Due date for payment of GST (From 01-04-2018 to 31-03-2019) Taxpayer Periodicity of GST Payment Due Date for payment of GST Taxpayers with Annual Turnover upto Rs. 1.5 Crore (filing GSTR-1 on quarterly basis) Monthly 20th of Next month after the month in which Time of […]
Due date Calendar for July 2018
Due dates for the month of July 2018. GSTR-3B (Jun 2018)-Jul 20th, 2018 GSTR-5 (Jun 2018)-Jul 20th, 2018 GSTR-6 (Jul’17 – Jun’18)- Jul 31st, 2018 GSTR-4 (Apr-Jun, 2018)-Jul 18th, 2018 GSTR-5A (Jun 2018)-Jul 20th, 2018 Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores- GSTR-1 (Apr-Jun, 2018)-Jul 31st, 2018 Turnover exceeding […]
Due date Calendar for June-2018
(A) Due dates for Compliances under GST for the Month of June 2018 10-06-2018– Due date for filing GSTR -1 for the Month of May 2018 – Applicable for taxpayers with Annual Aggregate turnover More than 1.50/- Crore (Rs. One Crore Fifty Lacs only) 20-06-2018– GSTR-3B for the Month of May 2018 Pay due Tax till this […]
Reverse Charge Mechanism further postponed till 30.09.2018 for Unregistered Person.
Section 9 (4) of the Central Goods and Services Tax, 2017 (CGST Act in short) and Section 5(4) of Integrated Goods and Services Tax, 2017 (IGST Act in short) provides that tax in respect of the supply of taxable goods or services or both by a person, who is not registered, to a registered person […]
Have you done financial planning for 2017-18 before the deadline 31st March 2018 – Check out what you missed?
Financial year 2017-18 is reaching to its ends in few weeks. 31st March is an important deadline with reference to tax Planning, missing it may result in higher tax liability. We are required to complete our tax planning before 31st march 2018, as we are required to file Income tax return for FY 2017-18 during […]
Job Work under GST: Taxability & Compliance
What is Job Work? Any treatment or process undertaken by a person on goods belonging to another registered person is called as Job Work. The registered person on whose goods job work is performed is called Principal and the person who treats or processes the goods sent by the principal is called Job Worker. For […]
E-Way Bill: All about compliance requirement of E-Way Bill w.e.f 1st April 2018.
What is E-Way Bill? E-way bill is an electronic document generated online from E-way bill portal (https://ewaybillgst.gov.in/) which is required to be carried by the person-in-charge of conveyance for movement of goods from one place to another. E-way bill document contains 12 digit EWB number. Section 68 of the Central Goods and Services Tax Act, […]
Important GST updates vide recent GST notifications dt. 28th March 2018
Important GST updates vide recent GST notifications dt. 28th March 2018: Due date for filing GSTR-6 for the period of July 2017 to April 2018 has been extended to 31st May 2018. Due date for filing trans-2 form has been extended to 30th June 2018. Due date for filing GSTR-1 for the quarter ending on […]
Is it right time for the privatisation or consolidation of public sector banks?
Current market share of public sector banks is 70% which is reducing very rapidly i.e. approximately 4% a year. After 5 year, Estimated the market share of public and private sector bank will be in the ratio of 50:50. Infosys chairman Nandan Nilekani said that market share of public sector bank may reduce to something […]
GST due dates for FY 2017-18
GST important Due dates for Financial year 2017-18 (A) Due date for payment of GST (From 01-07-2017 to 31-03-2018) Taxpayer Periodicity of GST Payment Due Date for payment of GST Taxpayers with Annual Turnover upto Rs. 1.5 Crore (filing GSTR-1 on quarterly basis) Monthly 20th of Next month after the month in which Time of […]
Fraud prone Indian Banking & RBI: Recent Steps to strengthen Banking.
After recent scam of 12646 crores in PNB done through fraudulent issuance of letter of undertaking (LOU) , RBI have to take necessary steps to prevent such fraud in future. Market share of public sector bank is 70%, But after scam of 12646 crores in PNB the shares of public sector banks have lost their […]
26th Meeting of GST Council: E-Way bill mandatory w.e.f. 1st April & GSTR-3B continued.
26th Meeting of GST council held today i.e 10th March 2018 in New Delhi under chairmanship of Sh. Arun jaitley. GST return filing process was expected to be simplified but GST council could not reach a decision and current system of GST return filing is continued and GSTR-3B is decided to be continued for three […]
Government Simplifies E-Way Bill Rules just two days before 26th meeting of GST Council.
Under GST regime, an e-waybill needs to be generated and carried for movement of goods above rupees 50000. Previously on the Recommendation of GST Council,1st February 2018 was fixed as the date from which provisions related to e-way bill shall come into force w.r.t. interstate movement of goods. But due to technical glitches the same […]
Income Tax Dept. probes Rs. 1000 crore tax refund fraud by Govt. and PSU employees.
Belated or revised income tax return for the financial year 15-16 or 16 17 can be filed up to 31st March 2018. As per IT officials, some assessees do not show any income under the head income from house property in their original return but claimed losses under the head house property in there revised […]
UIDAI directs telecom companies to inform users about Aadhaar linking status
More than 120 crore residents have already been enrolled with Aadhaar and with such a large data Aadhaar data is the world’s largest biometric database.UIDAI notices instances of misuse of the Aadhaar data for issuing new SIM to subscribers other than Aadhaar holder. After above notices, UIDAI has instructed telecom companies to ensure that their […]
Paytm received approval from SEBI to become Registered Investment Advisor.
Business of E-wallet companies are affected by RBI guidelines for mandatory KYC in E-wallet. Last date for updation of KYC in E-wallet was 28th Feb. 2018. However those who have not updated KYC in their E-wallet are not going to lose their money in E-wallets. They are allowed to use money already available in E-wallet […]
E-Way bill for movement of Goods: Target Dates
Under GST regime, an e-waybill needs to be generated and carried for movement of goods above rupees 50000. Previously on the Recommendation of GST Council,1st February 2018 was fixed as the date from which provisions related to e-way bill shall come into force w.r.t. interstate movement of goods. But due to technical glitches the same […]
Updates about PNB Fraud case of Rs. 12700 crore.
Some Updates about PNB fraud case of Rs. Rs.12700 crore:- Axis Bank’s MD, Shikha Sharma and ICICI Bank’s MD Chanda Kochhar along with some senior officer of 31 banks summoned by Serious Fraud Investigation Office (SFIO) for questioning regarding extension of loans to Gitanjali Groups. Central Bureau of Investigation (CBI) has registered two cases in […]
RBI to Infuse Rs. 1 Lakh crore in the banking system in the month of March
To manage additional demand of liquidity, RBI decided to Infuse Rupees 1 lakh crore in the banking system through special auctions in the month of March i.e. before close of the financial year 17-18. RBI decided to conduct four variable-rate term repo auctions in March 2018. The amount in each auction would be Rs 25000 […]
File Your Income tax Return for FY 15-16 & 16-17 before 31st March 2018
31st march 2018 is the last date for filing belated income tax return for FY 2015-16 if you have not filed earlier. But if you have filed ITR for 2015-16 on time but want to revise the same then 31st march-2018 is the last date for the same. Further 31st March 2018, is also the […]
On 1st March 2018, Cabinet cleared "Fugitive Economic Offenders Bill 2018"
The Cabinet today cleared Fugitive Economic Offenders Bill which targets big defaulters involved in economic crime of over Rs. 100 crores. “Fugitive Economic Offenders Bill 2018” has been brought to confiscation of properties of such fugitives. There will also be the provision to confiscate those assets outside India but co-operation of that country will be […]
On 1st March 2018, Cabinet approved setting up NFRA as regulator for Auditors
Today on 1st March 2018, The Cabinet approved setting up of the National Financial Reporting Authority (NFRA), which will be an independent regulator for the auditing profession. After Rs 12700 crore fraud at Punjab National, Government find timing and reason to amend Companies Act, 2013 for setting up separate independent regulator for auditing profession i.e. […]
SBI & ICICI increased MCLR on 1st March 2018
Today on 1st march 2018, SBI increased the one-year MCLR by 20 basis points (bps) from 7.95% to 8.15%. And ICICI Bank also increased the one-year MCLR from 8.2% to 8.3% and overnight MCLR rate from 7.8% to 7.95%. This decision of increasing MCLR is taken just one day after increasing the deposit rate by […]
Priority Sector Lending Targets for FY 2018-19 for Foreign Banks with 20 or more Branches.
RBI announced Priority Sector Lending Targets for FY 2018-19 for Foreign Banks with 20 or more Branches in notification dated 1st march 2018. As per RBI notification, Lending target are:- Sub-target of 8% of ANBC (Adjusted Net Bank Credit) or CEOBE (Credit equivalent Amount of Off-Balance Sheet Exposure), whichever is higher to small and marginal […]
SBI increased Interest Rate for Domestic Term Deposits.
Today on 28-2-2018, State Bank of India (SBI) increased retail deposit rates by 10 to 50 basis points across various maturity baskets. It may also be followed by other banks. With effect from 28th February 2018 the revised interest rate on retail domestic term deposit below Rupees 1 crore is as follows: 7- 45-day : […]
On 28-02-2018, RBI revised limit of "exchange traded currency derivatives".
RBI revised limit of “exchange traded currency derivatives” without having to establish underlying exposure for resident in India and FPI.Currently, persons resident in India and FPIs are allowed position in USD-INR upto USD 15 million per exchange and positions in EUR-INR, GBP-INR and JPY-INR pairs, all put together, upto USD 5 million equivalent per exchange. […]
Update KYC in E-wallet before 28th Feb. 2018: RBI
Update KYC in E-wallet as deadline is very close. As per RBI guidelines issued in October 2017 as revised, E-wallet companies must convert all the E-wallet or other instruments issued by them to full KYC by 28th February 2018. Full KYC made mandatory to keep them functioning in normal manner otherwise sever restrictions would be […]
E-way bill may start from 1st April-2018:Meeting of GOM
On 24-02-2018, in the meeting of GoM (Group of Ministers), it is decided to start the inter-state movement of goods worth more than Rs. 50000/- through E-way Bill mechanism from 1st April 2018. The GoM meet, however, remained inconclusive on how to simplify the GST return filing process. However final decision will be taken in […]
On 23rd February 2018, Reserve Bank of India launched the Ombudsman Scheme for NBFC
Good News for customers of NBFC like Bajaj Financial Services Limited, LIC Housing Finance, PNB housing finance, Indiabulls group, Muthoot Finance, Reliance Capital, Sundaram Finance, GIC housing Financial Services etc. as they will get expedite and cost-free resolution for their complaints. Reserve Bank of India launched the Ombudsman Scheme for NBFC on date February 23, […]
RBI constituted an Expert Committee to look into the reasons for high divergence observed in asset classification and provisioning by banks.
In view of large divergences observed in asset classification and provisioning in the credit portfolio of banks as well as the rising incidence of frauds in the Indian banking system, RBI decided to constitute an Expert Committee under the chairmanship of Shri Y H Malegam, a former member of the Central Board of Directors of […]
Link your Adhaar with Various Financial products and mobile number before 31st march 2018
On 15-02-2018, Government issued a notification to require all postal Life Insurance holder to provide their Aadhaar detail.The notification also makes Aadhaar mandatory for all new insurance policies that will be issued in the future. This notification does not specify any deadline for linking of Aadhaar with Postal Life Insurance policies. Constitutional Validity of Aadhaar […]
RBI issued Revised framework for Stressed Assets.
On 12th Feb 2018, RBI issued a revised framework for the resolution of stressed assets providing for early identification & reporting of SMA (special mention accounts) and Timelines for referral under IBC (Insolvency and Bankruptcy code)2016. Download
Investment Decisions: Are your Investment decisions destroying your Wealth?
Every investor wants to create huge wealth by taking the best investment decisions. But sometimes decisions taken to create wealth become responsible for the destruction of wealth itself. Generally, investors are unaware of the Break-even rate of return which is a minimum return to catch up with inflation and meet our tax responsibilities. At a […]
Date of Compulsory E-Way Bill Postponed.
To facilitate easy inter-state movement of goods throughout the country, National E-way bill was made compulsory w.e.f. 01-02-2018 for consignment value more than Rs. 50000/- replacing separate way-bill for each state with the line “One Nation, One E-way Bill’ But the same is postponed till further order due to technical glitches. E-Way bill portal
Important Highlights & Tax Proposals of Finance Budget 2018-19
Important Highlights & Tax Proposals of Finance Budget 2018-19 The Finance Minister, Sh. Arun Jaitley presented his fifth Union budget 2018 in Parliament today i.e. 01-02-2018. Following are important proposals made therein:- Direct Taxes Proposals No changes in Personal Income tax slab. No Changes in Limit of deduction u/s 80C. Benefit of exemption for withdrawal […]
Long Term Capital Gain is made taxable @ 10% w.e.f 1st April 2018
As proposed in budget 2018, w.e.f. 01-04-2018 Long term capital gains (from equity or units of MF) exceeding Rs. 1 lakh shall be taxed at the rate of 10% without allowing the benefit of any indexation. However, all gains up to 31st January, 2018 will be grandfathered. Read Highlights of Budget 2018
Indian Accounting Standards (IND-AS): Whether applicable to your company or not?
Indian Accounting Standards (IND-AS): Whether applicable to your company or not? After a long converging process of Accounting standards(AS) and IFRS, Ministry of corporate affairs has come up with new standards name as Indian Accounting Standards(Ind-AS) which sum of AS and IFRS. Hundred percent adoption of IFRS was not possible in Indian Scenario, hence Necessary […]
Composition Scheme in GST: Updated with 23rd meeting of GST Council
Composition Scheme in GST: Updated with 23rd meeting of GST Council Composition Scheme is introduced to give relief to small taxpayer i.e. taxpayer having limited value of aggregate turnover. It is very difficult for small taxpayer to comply with complete procedure established by the law. They may have to incur higher percentage of their earnings for […]
23rd GST Council meet: Only these 50 items under 28% slab w.e.f 15th November 2017
23rd GST Council meet held on 10th November 2017 in Guwahati. This 23rd meeting came up with new decisions to ease tax rates and compliance issues. GST Council lowered tax rates on 177 items from 28% to 18%. The panel also decided to move 13 items from the 18% tax slab to 12%, another six from […]
Due Date for Filing GST Return and making Payment Under GST: Updated with 23rd meeting of GST council held on 10th November 2017
Due Date for Filing GST Return and making payment of GST We have received many queries regarding GST Return and Payment , here in this article we will try to show a clear picture of GST Return and payment for a taxpayer (except composition supplier) registered under GST law. There are various GST Returns, which […]
Works Contract in GST Regime
Works Contract in GST Regime As we all know, GST is going to be implemented w.e.f 01-07-2017, We have already explained “calculation of Service tax on Works Contract“. But w.e.f 01-07-2017, Service Tax along with other indirect taxes like Excise duty, CST, Sales Tax, CVD, SAD, Extry tax etc. are going to be replaced by […]
GST Concepts/Basic Features of GST
GST Concepts/Basic Features of GST GST Law as going to be implemented in India w.e.f 01.07.2017, have following features:- State-wise single registration for Taxpayer: One PAN-One State-One Registration, it means for one PAN only one single GST Registration number for one state will be there. If a person does business in 5 states then he […]
Critical Analysis of Benefits of GST
Critical Analysis of Benefits of GST Government is advertising benefits of GST since few months. Here in this blog we have analyzed some of the benefits of GST which are advertised by government. Let’s Discuss benefits of GST, one by one:- Simpler Tax Regime: In place of many forms of indirect taxes only one […]
Making of GST Law in India
Making of GST Law in india As we all are aware that Government has decided to implement GST w.e.f 1st July 2017. I received many email asking questions about GST. I request the reader to ask their questions under “Ask free Questions” tab. What is GST? GST stands for Goods and Service Tax. As we […]
Proposed Changes in Income Tax in Union Budget 2017
Proposed Changes in Income Tax in Union Budget 2017 In the Budget Speech, Finance Minister, Mr. Arun Jaitley proposed following changes in Income tax in Union Budget 2017: Tax Rate for first Slab of 2.5 lakh to 5 lakh reduced to 5% from 10%. And introduction of Surcharge @ 10% on individual having income above […]
Highlights of Union Budget 2017-18
Key Highlights of Union Budget 2017-18 Today on Date 1st February 2017, Finance Minister, Mr. Arun Jaitley presented Union Budget 2017 in parliament. Opening remarks of budget speech were: Massive war against black money has been launched. Government now seen as a trusted custodian of public money. We will focus on energizing youth to reap […]
Universal Basic Income (UBI): A substitute of social welfare schemes to reduce poverty
Universal Basic Income (UBI): A substitute of social welfare schemes to reduce poverty What is concept of Universal Basic Income (UBI)? As per the concept of Universal Basic Income (also known as Unconditional Basic Income, Social Dividend, Citizen’s Income), the government have to pay a unconditional sum of money to every citizen on periodical basis. […]
Payment Banks: Revolutionising the Banking Sector
Payment Banks: Revolutionising the Banking Sector In September 2013, the Reserve Bank of India constituted a committee headed by Dr Nachiket Mor to study Comprehensive financial services for small businesses. The committee submitted its report to RBI in January 2014.One of the key suggestions of the committee was to introduce specialised banks or ‘ Payment […]
Secret Informer of Tax Department and Annual Information Return
Secret Informer of Tax Department and Annual Information Return (AIR): To curb black money, government need secret informer and to motivate people to provide information of black money, a reward of 10% of tax collected was paid to informer. Apart from this, some Specified entities are bound to file Annual Information Return (AIR) in respect […]
UPI: Unified Payment Interface – A step of India towards Cashless Economy
UPI: Unified Payment Interface – A step of India towards Cashless Economy RBI Governor, Sh. Raghuram Rajan (born 3 February 1963) who became governor on 04th September 2013 by replacing Sh. D. Subbarao, now going to be replaced by Sh. Urjit R Patel on date 04th September 2016. Sh. Urjit R. Patel (born 28 October […]
File your Income tax Return: FAQ AY 2016-17
Income tax Return AY 2016-17 Q 1. What are the modes of filing return of income? Return of income can be filed in paper mode or in e-filing mode. If return of income is filed through electronic mode, then the assessee has following three options: (1) E-filing using a Digital Signature (2) E-filing without a […]
Payment of Bonus Act, 1965 Amended to increase Minimum Bonus
Payment of Bonus Act, 1965 In India, Payment of bonus is governed by “Payment of Bonus Act, 1965” as amended from time to time including latest amendment act of 2015 i.e. “Payment of Bonus (Amendment) Act, 2015 (applicable w.e.f. 01.04.2014)” . Key points regarding payment of bonus are given below: Applicability of Payment of Bonus […]
Cabinet approves Implementation of the recommendations of 7th Central Pay Commission
Cabinet approves Implementation of the recommendations of 7th Central Pay Commission The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the implementation of the recommendations of 7th Central Pay Commission . It will come into effect from 01.01.2016. 7th CPC recommendations are being implemented within 6 months from the due date, […]
Accounting code for payment of KKC
Accounting code for payment of KKC notified by CBEC The CBEC vide Circular No. 194/04/2016-ST dt. 26 May 2016 has notified “Accounting code for payment of KKC” by the assessees, as under: Chapter VI of the Finance Act, 2015 is effective from 1st June, 2016, i.e. KKC is leviable on all taxable services, other than services […]
Things to know about Goods and Service Tax(GST):Model GST Law
Things to know about Goods and Service Tax(GST) On June 14, 2016 the Finance Ministry has released the ‘Model GST Law’. It outlines the structure of the Goods and Service Tax regime. Further, the draft of ‘Integrated GST Bill, 2016’ is also released along with such Model GST laws. It also provides the framework for […]
History of Service tax Rates and How to find which rate will apply?
History of Service Tax Rates History of Service Tax Rates since 01-07-1994 till date… From TO Rate EC on ST SHEC on ST SBC on Service Value KKC on Service Value Effective Rate 01-07-1994 13-05-2003 5% 0 0 0 0 5% 14-05-2003 09-09-2004 8% 0 0 0 […]
Provident Fund in India, Its Taxability and TDS on Provident Fund
Provident Fund in India, Its Taxability and TDS on Provident Fund What is the Provident Fund(PF)? Provident Fund is a retirement saving scheme in India that is similar to the United State’s Social Security program. Its purpose is to provide financial support to members. To understand the scheme of the provident fund, we can discuss […]
Necessary skills for your child to build career in 21st Century
Necessary skills for your child to build career in 21st Century In the Twenty first century, Students need to develop skills as per need of time to build a successful career. In this post, we are discussing above such Necessary skills for your child to build career in 21st Century. Technology is changing very fast […]
Krishi Kalyan Cess (KKC) @ 0.5% introduced (from 1st June 2016)
Krishi Kalyan Cess (KKC) @ 0.5% introduced (from 1st June 2016) It is the time to face new cess named as Krishi Kalyan Cess (KKC) @0.5% on the value of all taxable services as introduced by Budget 2016 w.e.f 1st June 2016. Many of us have some questions about introduction of this new cess. In […]
Calculation of Service Tax on Works Contract
We have received many queries regarding Calculation of Service tax on Works Contract Service. Here in this blog, a short summary for service tax on works contract is given: W.e.f 01-07-2012, All services are taxable except services in negative list and exemption list. To remove doubt a list of declared service is given which are […]
Minimum Wages Rate in India Vs. USA
Minimum Wages Rate in India Vs. USA Below is some short analysis of comparison of minimum wages rates in India and USA: Minimum wage in USA In USA, there is dual minimum labor wage system: Federal Minimum Labor Wage. State Minimum Labor Wage. In the 50 states and one DC (District of Columbia), separate minimum […]
Money is the Best Motivator
Money is the Best Motivator Just ask yourself what keeps you motivated. After reading this post you can say that money is the best motivator which motivate us for: doing a job which you don’t like. rising early in the morning when you want to sleep. staying in a remote or such area where you […]
What is difference between Pledge, Mortgage and Hypothecation?
What is difference between Pledge, Mortgage and Hypothecation I have received some queries asking the difference between Pledge, Mortgage and Hypothecation. This question is normally asked in interviews in banking and even bankers are found confused about the little difference between these terms. To understand the difference between these terms first find the similarity in […]
India-Mauritius Tax treaty revised to curb Black Money
India-Mauritius Tax treaty revised to curb Black Money On date 11-05-2016, India getting Mauritius to sign a revised India-Mauritius tax treaty after a decade-long effort since 1996, was an attempt to curb black money generation. Under the revised treaty, from April 1, 2017, companies routing funds into India through Mauritius will have to pay short-term […]
Things That Should Be Taught In Every School
Things That Should Be Taught In Every School Be honest and review our education system, you will find a messed up education system. I mean, by passing through different classes/grades of our education system we just even unable to find a stable job. Technology developing so fast that robots will be doing two third of […]
How to obtain Digital Signature?
Digital Signature Certificate can be obtained from any of the Certification Agency: What is a Digital Signature Certificate (DSC)? The Information Technology Act, 2000 provides for use of Digital Signatures on the documents submitted in electronic form in order to ensure the security and authenticity of the documents filed electronically. This is the only secure […]
Basics of Letter of Credit(LC)
Basics of Letter of Credit(LC)/Documentary Credit What is Letter of Credit? How does it work? What are different Types of LC? Is there any law governing LC? What is Documentary Credit? Importance of LC in International Trade. These are the questions ringing in the mind of people starting new business or people dealing with finance […]