"12 September 2016" Archive

Vacancy For CA Having Experience in Statutory Audit with IFRS

Job Description – Candidate is expected to work closely with the Director / Partner to build client relationships. – Work with the Audit practice to execute Statutory Audit / Indian GAAP / IFRS / US GAAP accounting services – Have the ability to work under deadlines and demanding client conditions. – Be willing to ...

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Posted Under: CA, CS, CMA | ,

Cabinet approves creation of GST Council and its Secretariat

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has approved setting up of GST Council and setting up its Secretariat as per the following details: (a) Creation of the GST Council as per Article 279A of the amended Constitution;(b) Creation of the GST Council Secretariat, with its office at New Delhi;...

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Posted Under: CA, CS, CMA |

Unpaid/ Unclaimed Dividend- Companies Act, 2013 & IEPF Rules

Once dividend transferred in Dividend Account but not has not been claimed by the shareholder within 30 days of declaration of dividend. The Company shall transfer such unpaid amount within 37 days from the date of declaration in a special account ‘Unpaid Dividend Account’....

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Posted Under: CA, CS, CMA |

How to Deduct TDS on Property Sale u/s 194IA

As per the Income Tax Act, tax must be deducted at source by the buyer of a property from payments made to a seller who is resident in India. TDS must be deducted on sale of all types of property, except where the property sold is an agricultural land. TDS is applicable when receipts are of more than Rs 50 lakh....

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Indirect Tax collections upto August 2016 shows 27.5% increase

The figures for indirect tax collections (Central Excise, Service Tax and Customs) upto August 2016 show that net revenue collections are at Rs 3.36 lakh crore which is 27.5% more than the net collections for the corresponding period last year. Till August 2016, 43.2% of the Budget Estimates of indirect taxes for Financial Year 2016-17 ha...

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Posted Under: CA, CS, CMA |

Direct Tax collections up to August, 2016 shows 15.03% Increase

The figures for direct tax collections up to August, 2016 show that net revenue collections are at Rs. 1.89 lakh crore which is 15.03% more than the net collections for the corresponding period last year. Till August 2016, 22.30% of the Budget Estimates of direct taxes for Financial Year 2016-17 has been achieved....

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Posted Under: CA, CS, CMA |

American Taxation– How to file returns- Individual Tax Return

It was surprisingly a warm day in 2009 in Minnesota, Minneapolis, USA which ranks among the coldest states, when I got a telephone from a young lady, by her talk, I presumed, that her checking account with a local bank in California, USA was frozen by local tax authorities....

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Posted Under: CA, CS, CMA |

Income from letting out assessable as business income if such letting out is assessee’s primary business object

DCIT vs. M/s. Alexandria Knowledge Park Pvt. Ltd. (ITAT Hyderabad)

When the object of assessee’s business is to develop and let out the properties then even when it is also providing other facilities to tenants still the assessee’s income will be assessable as business income....

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How NRIs can make use of Recurring Deposits?

For NRIs looking forward to make huge savings with small monthly investments, the Recurring Deposits seems to be an excellent option. A recurring deposit account is one that enables the depositor to save by paying an agreed fixed monthly sum for a required period. This type of an account goes well with people with fixed income groups....

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Posted Under: CA, CS, CMA |

Alternative Tax Compliance Scheme 2016 for Contractors in Haryana

Notification No 19/ST-1/ H.A. 6/2003/S.59A/2016 (12/09/2016)

Governor of Haryana hereby provides for an Amnesty Scheme namely, the Haryana Alternative Tax Compliance Scheme for Contractors, 2016, for the recovery of tax, interest, penalty or other dues payable under the said Act, for the period upto the 31st March, 2014, from such contractors and for such business as provided in the Scheme,...

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