"17 April 2017" Archive

What is ‘willful defaulter’ and how to check list?

Failing to pay your dues such as loans EMI, cards bill or any other credit outstanding is termed as default. The default literally bleeds your CIBIL score and credit worthiness. So you should always plan your loans and try to make payments before time. It not only helps you build your credit score but also makes you credit ready for futur...

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Posted Under: Finance |

Audit of taxable person as per Central Goods and Service Tax Bill, 2017

Like existing provision of law every taxable person shall self-assess the tax in the Goods and Service Tax regime also. The tax departments dont have direct control over supply of goods or services. The departments through audit conduct verification of accounts, returns and other records related to production, clearance or provision of se...

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Posted Under: Finance |

GST Special – Major differences in laws of VAT and GST

Krishna, Honorable President of India has given ascent to the GST and so it seems that GST will come into force from 1st July 2017 and the landmark is set for further steps. Presently VAT is applicable to all the business dealers and now GST will be levied, so please explain the difference between VAT and GST?...

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Posted Under: Finance |

Revised Ind AS Transition Facilitation Group Clarification Bulletin 5

It may be noted that if an entity does not have an unconditional right to defer the settlement of a liability then, the same shall be classified as current liability. In the given case, although it is expected that most of the customers will not surrender their connection and the deposit need not be refunded, but surrendering of the conne...

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Posted Under: Finance |

Throw proposed Anti Lawyer bill of Law Commission in Dustbin: BCI

The Joint meeting of Bar Councils has rejected the recommendations and the proposed bill of Law Commission in toto. The Bar Councils demand the Government to throw the recommendations and bill of Law Commission in Dustbin. ...

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Posted Under: Finance | ,

Govt notifies applicability of Amendments to Indian Trusts Act, 1882

Notification No. S.O. 1185(E) (17/04/2017)

Central Government hereby appoints the 17th day of April, 2017 as the date on which the provisions of Part I of Chapter VI of the Finance Act, 2017 (7 of 2017) shall come into force....

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All about ITR-7 as applicable for A.Y. 2017-18

ITR 7 Form for A.Y. 2017-18 can be used by persons including companies who are required to furnish return U/s. 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)....

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Posted Under: Finance |

Indian Trusts (Amendment) Act, 2016 applicable from 17/04/2017

Notification No. S.O. 1184(E) (17/04/2017)

Central Government hereby appoints 17th day of April, 2017 as date on which provisions of Indian Trusts (Amendment) Act, 2016 (34 of 2016 shall come into force....

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Aayakar Sewa Kendras in Pr.CCIT regions during F.Y. 2017-18

F. No. 48/1/2017/ASK/P.VIII/DOMS/ (17/04/2015)

It is requested that 4-5 suitable offices may kindly be identified at the earliest so that DOMS can finalize the list for the approval of the Board within the stipulated time frame and process the proposal for administrative approval and financial sanction....

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Certification of Origin of Goods for EU-GSP & List of Local Users

Trade Notice No. 03 (17/04/2017)

Inclusion of details / clarification on the Certification of Origin of Goods for European Union Generalised System of Preferences (EU-GSP) - as notified vide Public Notice No.51 dated 30.12.2016...

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