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Analysis of Union Budget 2017 provisions of Income Tax Service Tax Excise Duty Custom Duty with Budget Highlights Commentary Speech, Notification, News & Articles.

Articles

Other Comprehensive Income with regard to IndAS 16

Other comprehensive income comprises items of income and expense (including reclassification adjustments) that are not recognized in profit or loss as required or permitted by other Ind ASs....

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Cash Receipt!! Is it really a Receipt??

Central Government is putting all efforts to curb use of cash which is focused on un-accounted transactions. As we all know, not all transactions that are transacted in cash hold the colour of un-accounted money, the contrary is that all the un-accounted transactions takes place in cash....

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Key takeaways of 10th GST Council meeting:

Prospects of Goods and Services Tax (GST) becoming a reality from July 1, 2017, brightened further with the GST Council clearing the legally vetted draft of the GST Compensation Bill, in its 10th meeting, held on February 18,t 2017 at Udaipur....

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Anti-Profiteering measure under GST to bring relief to consumers

The 10th GST Council Meeting which concluded on 18.02.2017 at Udaipur has approved the anti-profiteering Measure as illustrated by section 163 of the Revised Draft of Goods and Services Tax Law. But what it is exactly here we illustrate for you:...

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Equalisation Levy: Impact and consequences

It’s been almost eight months since the equalisation levy was imposed on payment for specified service which includes online advertisement, any provision for digital advertising space or any other facility or service for the purpose of online advertisement and includes any other service as may be notified later, provided by a Non-reside...

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GST Moves Forward: Summary of 10th GST Council Meeting

GST Council met for the tenth time at Udaipur on 18th February, 2017, its first meeting out of Delhi and at Udaipur (Rajasthan). This meeting being at Udaipur for only few hours, being of one day and then due to air connectivity, people were reaching till 12.00 p.m. of same day....

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Central excise demands on Industrial Promotion Subsidy received under PSI 2007

Recently, the central excise department has started issuing SCNs for recover of central excise duty on the Industrial Promotion Subsidy received by assessees in Maharshtra state....

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TAKE or PAY long term commodities contracts- Ind-As/ IFRS

There would be many instances where a long term commodity purchase or sale agreement are being entered between the parties where there is a quantity to be delivered which is mentioned in the contract and it gives certain flexibility to avoid (if required) taking agreed quantity by paying cash (adjustment of movement in commodity values to...

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LLP v/s Private Limited Company – Taxation Comparison

After the announcements made in the Finance bill 2017 it is important to discuss the comparison between an LLP and Private limited company from a taxation point of view. ...

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Provisions applicable to “Composition Scheme Dealers” under GST

A registered taxable person can opt for the composition scheme only if his aggregate turnover in the preceding financial year did not exceed Fifty Lakh Rupees (i.e. upto Fifty Lakh)...

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