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Archive: 19 October 2016

Posts in 19 October 2016

More than one Business & Filing of Tax Audit Report with Return

October 19, 2016 15727 Views 1 comment Print

While filling the required details in Form No. 3 CD for assessees, who are subject to Compulsory Audit under various sections, the correct details could not be furnished if the assessee has got income from more than one business and separate books are maintained for such businesses.

GST Council and GST Rate Slabs

October 19, 2016 13273 Views 2 comments Print

Advocate Anandaday Misshra On 18th October 2016, the Central Government has proposed various rate slabs in GST Council. It must be noted that the GST Council is meeting from 17th – 19th October 2016 to finalise GST rate slabs, Cess & concessions along with compensation to various states. GST Rate Slabs – The proposed GST rates  are as […]

Cost inflation index for Transfer of capital asset acquired by inheritance

October 19, 2016 5736 Views 1 comment Print

Where an assessee sells an inherited capital asset, the capital gain is computed with reference to the period of holding and cost of acquisition incurred by the previous owner.

GST- A Nightmare or a Sweet Dream

October 19, 2016 4801 Views 2 comments Print

Union Government has finally unveiled the Model Goods and Service Tax Law (MGL) for comments from Public and interested parties on 14th of June, 2016. It is single most important tax reform since 1947 and has been subject to so many restraints and hesitation from state governments over the loss of power to levy and collect indirect taxes and also the concerns over the loss of tax revenue for the state.

GST workforce, nay workhorse!

October 19, 2016 2935 Views 0 comment Print

Now that the new tax revolution in the from of Implementation of Goods and Services Tax is going to occupy prime time space from April 2017 (not that it is not being trumpted now), the officers feel neglected not (only) because they were not consulted but because they were not taken into confidence all through while coming out with the law.

Learn More About Financial Bubbles & Crashes

October 19, 2016 5299 Views 2 comments Print

Financial Bubbles & Crashes in the stock market is the period of unusual positive & negative returns due to rises or fall in the prices of the stocks which is caused by panic buying & selling, neither of which is based on the fundamentals of the companies and economy. Most famous Bubble & crashes were 2008 US subprime lending crisis, Dot-Com Bubble (1995-2001), Black Monday – Stock Market Crash of 1987.

No incriminating material unearthed during search – no addition could be made on matters which were examined earlier during original assessment

October 19, 2016 771 Views 0 comment Print

Since no incriminating material was unearthed by AO during the course of search operation under section 132, therefore, no addition could be made during the relevant assessment year under section 153A by reopening the assessment on the matter which was examined earlier during original assessment.

Wrong marketing of ICAI course by private colleges/institutes

October 19, 2016 3874 Views 0 comment Print

General public are advised not to be swayed by the misleading advertisements/information by some of the colleges/educational institutions/private organizations/institutions which are representing themselves as college of finance/accountancy, offering admission for chartered accountancy course

Tax on distributed income of Domestic Company for Shares Buy-Back

October 19, 2016 3355 Views 0 comment Print

Rule 40BB. Amount received by the company in respect of issue of share- Where the share has been issued by a company to any person by way of subscription, amount actually received by the company in respect of such share including any amount actually received by way of premium shall be the amount received by the company for issue of such share.

Mutual Fund Transaction via Stock Exchange Infrastructure

October 19, 2016 1519 Views 0 comment Print

It has been decided to allow SEBI Registered Investment Advisors (RIAs) to use infrastructure of the recognised stock exchanges to purchase and redeem mutual fund units directly from Mutual Fund/Assets Management Companies on behalf of their clients, including direct plans.

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