"03 April 2017" Archive

GST Returns – An alternate, effective single return

Implementation of Goods and Service Tax in India is the biggest tax reform that tax fraternities across the world are keenly watching. The GST in India comes with several unique features like Dual Structure, Cross Empowerment, and Matching of Input taxes at transaction level, making it complex and a compliance heavy tax reform....

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Appellate Authority cannot Enhance Penalty: Punjab Excise Act, 1914

M/s Nirvair Singh Vs Financial Commissioner Taxation (Punjab and Haryana High Court)

Section 14 of the Punjab Excise Act, 1914 does not confer a power upon the appellate authority to pass an order more burdensome than the order appealed against. It does not entitle the appellate authority to enhance the penalty. ...

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ICAI Announcement for Students of CA Course

Board of Studies, being the students interface with the Institute, brings out a variety of educational inputs to assist the students in their learning process. These include Study Materials, Practice Manuals, Supplementary Study Papers, Select Cases in Direct and Indirect Tax Laws and Revision Test Papers....

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Transitional Provisions for Cenvat Credit & Taxes – part I

Transition of the unavailed Cenvat Credit as on the appointed day & eligible duties is one of the most crucial question for the Tax Payers as they want to ensure smooth carry forward / refund of the same. Below is the analysis of Transitional Provisions under CGST law as presented in Lok Sabha & transition Rules released on March 31st, 20...

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CBEC unveils 8 GST Rules and revised FAQs on GST

In order to engage with the stakeholders and invite comments from the public at large, the Centre has issued 8 Goods and Services Tax (GST) Rules viz. Composition Rules, Valuation Rules, Transition Rules, Input Tax Credit (ITC) Rules, Revised Invoice Rules, Revised Payment Rules, Revised Refund Rules and Revised Registration Rules, on Apr...

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Direct Tax Amendments to the Finance Bill 2017

The Lok Sabha on Tuesday, 21 March 2107 has passed 40 Amendments to the Finance Bill 2017. These amendments were made mainly to make the law in sync with the proposed changes in Finance Bill 2017 as well as Finance Bill 2016....

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CBDT notifies revised audit report format for claiming deduction U/s. 80JJAA

Notification No. 26/2017-Income TAx (03/04/2017)

Rule 19AB. Form of report for claiming deduction under section 80JJAA. Report of an accountant which is required to be furnished by the assessee along with the return of income under clause (c) of sub-section (2) of section 80JJAA shall be in Form No. 10DA....

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Financial Year in India and Around the World

In India Financial year comes to an end on 31st March. For all Tax payer, Business persons, Business Entity, Bank and for Professional like CA, CWA, CS this 31st March year ending plays a vital role as the Accounting or Financial year comes to an end....

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All about e-Form DIR-12 and DIR-11

e-Form DIR-12 is required to be filed for Appointment/Resignation or in case of Change in Designation of Directors of the Company by the Company pursuant to Sections 7(1) (c), 168 & 170 (2) of the Companies Act, 2013...

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Issues faced by Customers on increase in Minimum Average Balance by Banks on SB A/c

In fact general customers do not have any problem with any matter except when Bank raises MAB as after raising MAB, they start charging non maintenance charges i.e. in case anyone violates that requirement - which becomes very expensive for ordinary customers. ...

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