"09 August 2016" Archive

Interview of First CS Professional who produced a Bollywood Film

Imagine having a dream in your life, but you find that your education, your profession and your life have taken you down on a totally different path. Do you chuck everything you've built thus far so that you can pursue your passion? Or you just stay on course and vow to go after the dream later...

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Posted Under: CA, CS, CMA |

GST 2016 – Relief from Multiple Taxes

The introduction of Goods and Services Tax (GST) would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market. ...

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Posted Under: CA, CS, CMA |

GST In India – The Basic Study

Goods and Service Tax is a very important topic these days. The GST constitution amendment Bill is Now passed by both the Houses of Parliament. Now it will be presented in the State Legislative Assemblies for its approval by simple majority since it is required that before sending it to the President of India it has to be ratified by at l...

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Posted Under: CA, CS, CMA |

Is Section 79 of Income Tax Act a bane to E-commerce Start-ups?

Section 79:-According to the income tax provisions, a closely held company is not eligible to carry forward and set off its losses if 51 % or more of the voting power in the year in which the set-off is claimed is not beneficially held by the same shareholders who beneficially held 51% or more voting power on the last day of the previous ...

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Posted Under: CA, CS, CMA |

Home Loan Balance Transfer Procedure

You have decided to opt a Home Loan Balance Transfer and worried about the procedure, what are the steps involved? Most of us consider Home Loan Balance Transfers to enjoy reduced interest rates. Consider the pros and cons before you take the leap....

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Posted Under: CA, CS, CMA |

Will MCLR Impact Personal Loans in India?

From April 1st 2016 onwards, banks and NBFCs have been instructed by the Reserve Bank of India (RBI) to shift to a new system of setting loan rates. Termed as Marginal Cost-of-funds-based Lending Rate (or MCLR) system, under this system, the lending institutions link their loan rates to marginal funding costs....

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Posted Under: CA, CS, CMA |

Compounding Under FEMA

As per the Black’s Law Dictionary, to Compound means to settle a matter by a money payment, in lieu of other liability. This meaning clearly defines the concept of Compounding as a mechanism that provides the offender an opportunity to avoid prosecution from the offence committed by him after paying off monitory payment....

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Posted Under: CA, CS, CMA |

Sale in course of import for Leasing Transactions: CST

In a recently pronounced judgment in the case of Hewlett Packard Financial Services vs The State of Karnataka, The Deputy Commissioner of Commercial Taxes (Audit) (‘Revenue’), the Karnataka High Court dealt with the issue relating to entitlement of VAT exemption by virtue of Section 5(2) of the Central Sales Tax Act, 1956 (‘CST Act...

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Posted Under: CA, CS, CMA |

Lok Sabha passes GST Constitutional Amendment Bill with Rajya Sabha amendments

With a strong pitch for one nation one tax, the Hon’ble Finance Minister, Shri. Arun Jaitley presented, today, in the Lok Sabha, the Constitution (122ndAmendment) Bill, 2014 on GST , which was passed by the Rajya Sabha on August 3, 2016 with certain key amendments, that enables the GST in the country....

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All about TDS U/s. 194A, 194J & 193 of Income Tax Act,1961

ax deducted at source from interest other than interest on securities (Section-194A), from fees for professional services/technical services/royalty (Section-194J) and from interest on securities (section 193)...

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