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Archive: 28 June 2016

Posts in 28 June 2016

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 9 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7380 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Guide for students looking for higher education abroad

June 28, 2016 6133 Views 0 comment Print

There has been a recent trend towards students opting for studying in foreign countries. Generally, it’s because it improve the student’s employment prospects. But like all things in foreign, even the cost of education is also very high. But that doesn’t meant that you cannot have access to these courses abroad. Most lenders look at […]

Queries related to Selling/buying of goods & services in excess of Rs. 200,000/-

June 28, 2016 17494 Views 6 comments Print

Vide Finance Act 2016, tax at source is required to be collected by a seller at the rate of 1%, if consideration for goods/services in cash exceeds INR 2,00,000/-. The said provisions have raised a lot of flak considering the ambiguity involved in the drafting and forced CBDT to issue time to time clarification on various issues involved. This article tries to capture and compile all the possible questions revolving the aforesaid provisions and best possible answers to such issues.

Deduction for Hypothetical Tax – Is it Fair??

June 28, 2016 17794 Views 0 comment Print

An individual is usually accustomed to the tax rates and tax structure of his/her home country. Tax rates are different in different countries. If an employee is deputed from his home country to another country certainly his net income will be impacted because of difference in tax rates. e. g. If an Indian employee (effective tax rate is about 25%) is deputed to Saudi Arabia (zero tax) he will be very happy because his net take home will increase by 25%. But the same employee will be unhappy if he is deputed to some of the European countries where tax rates are very high. The concept of tax equalization came up so that the employee is “neither better off nor worse off” because of deputation to another country.

A person registered as FSD not required to take registration as an importer, and vice versa

June 28, 2016 3574 Views 0 comment Print

In pursuance of sub-rule (2) of rule 9 of the Central Excise Rules, 2002, the Central Board of Excise and Customs hereby specifies that‑ (i) a person who is registered as a first stage dealer shall not be required to take registration as an importer; or (ii) a person who is registered as an importer shall not be required to take registration as a first stage

Common registration & return for First Stage Dealer & Importer

June 28, 2016 5953 Views 1 comment Print

An assessee who conducts business both as an importer and a First Stage Dealer may take only one registration as he has been exempted from the requirement of taking a second registration. It may be noted that the facility is optional and any assessee needing separate registration for his own business purposes, may so register.

CIT cannot revise assessment for issues already examined by AO

June 28, 2016 3259 Views 0 comment Print

ITAT Mumbai held that CIT cannot revise assessment for making afresh examination of an issue already examined by the AO who has taken one of the possible views because there has been no erroneous order which could ordered to be revised.

Services by Government to Business Entity- effect of changes

June 28, 2016 6520 Views 0 comment Print

As per section 68(2) person liable to pay service tax shall be the person notified under rule 2(1)(d) of Service Tax Rules 1994. Rule 2(1)(d) specifies the cases where the service tax is required to be paid by service receiver under the reverse charge mechanism(either under full reverse charge or under partial reverse charge).

Brexit- All you want to know

June 28, 2016 12958 Views 0 comment Print

Brexit was the United Kingdom’s decision to discontinue with the EU Regime. The Brexit is an abbreviation of British exit which mirrors the term Grexit, refers to Britain’s withdrawal from European Union.

Who is required to file Income Tax Return

June 28, 2016 64792 Views 8 comments Print

The due date for filing Income Tax return is very close, in this situation everyone must be aware whether they are required to file ITR or not.

CBI court convicts DSP, CBI for evasion of customs duty

June 28, 2016 1687 Views 0 comment Print

The Special Judge for CBI cases, Chennai has convicted Sh. G. Vinod Kumar Gollapudi & Sh. Natha Venkata Vathsa Vardhan, both private persons and Sh. K.A.A. Salaam, DSP, CBI for evasion of customs duty. Sh. K.A.A. Salaam has been sentenced to undergo two years Rigorous Imprisonment with fine of Rs.20,000/- and Sh. G. Vinod Kumar Gollapudi & Sh. Natha Venkata Vathsa Vardhan(both private persons) to undergo two years RI with fine of Rs.10,000/- each.

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