"01 December 2016" Archive

Key changes in Revised Model GST Law

Taking into consideration majority of the concerns raised by the Trade and Industry, the Government has, on November 26, 2016, released the Revised version of the Model GST Law along with Draft GST Compensation Bill. ...

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Demonetisation and its eEffect on Income Tax

Demonetization is the act of stripping a currency unit of its status as legal tender. In order to curb and remove the menace of corruption the government has initiated the move of Demonetisation in order to kick start the pursuit of a Corruption Free India with stringent penalty introduced....

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Never quit : Winners never quit Quitters never win

An expectation has no end. From teens to now every moment gives some lessons and also motivates to do something better than the previous one. As a human being, we have the desire to do something better but we can’t do it just because the situation is not favourable. ...

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A shift from Conventional Internal Audit to Risk Based Internal Audit

Current Internal Audit across mid-sized and smaller organisation involves a dry review of Purchase, Sales, Operations, Finance and Payroll functions with results or outcome more likely to reveal inefficiencies in the process, authorisation and non adherence to documented policies....

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Composition Levy Under GST

Under composition levy scheme, a registered taxable person is eligible to pay, in lieu of tax payable by him, an amount calculated at such rate as may be prescribed, but not less than 2.5% in case of a manufacturer and 1% in any other case of the turnover in a state during the year i.e. the min. rate of tax payable by a manufacturer is 2....

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Getting Started with GST – Step by Step

The Government has initiated the process of transferring the Assessees into the much awaited indirect tax reform GST. The question at present with the Assessee’s is how to start the process. Whether anything is required to be done at present or when it needs to be started....

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Taxation & Legal Rumors on Social Media – Avoid In Financial & National Interest

Social Media has been a revolution in last few years. The Time taken for information sharing across domains of social media have been reduced to seconds or minutes because of various Apps availalble. The Updates helps many in decision making, knowledge sharing and awareness....

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Provisions Related to Related Party Transactions

The parent Section under the Companies Act, 2013 related to the related party transactions, i.e. Section 188 read with the relevant Rules made there under, specifies as...

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Incorporation of wholly owned subsidiary in India

In case of WOS of foreign company, foreign company wants to use same prefix as per their foreign company of incorporation of Indian company, NOC form the foreign company on their letter head required to use prefix. ...

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Suggestions to Tackle Demonetization

Demonetization has affected every Indian to some or large extent. Huge queues outside banks and post offices shows the merciful position of people of India. This drastic step has been taken by Government of India to tackle black money which is in abundance in Indian market and society....

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