"04 December 2016" Archive

Should we paint entire journalist profession with same brush?

Dear AajTak Team, Kudos to your team for identifying (presumably) a professional with not so strong ethics. I have very consciously used the word ‘presumably’ because the footage shown is yet to be tested and the correctness of the same is still to be established....

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Posted Under: CA, CS, CMA |

Practical Aspects in Income Tax Scrutiny proceedings

Scrutiny assessment refers to the examination of a return of income by giving an opportunity to the assessee to substantiate the income declared and the expenses, deductions, losses, exemptions, etc. claimed in the return with the help of evidence....

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Risk Based Auditing In Information Technologies Environment

Every organization in pursuit of its Objectives encounters Risks & Perils that hamper growth & sustainability, which have to be contained to meet desired goals. Business, Technological, Operational & Other Risks are its components .Risk management, thus, is as important as the core operations....

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Posted Under: CA, CS, CMA |

Inter-linking provisions in Customs, Central Excise & Service Tax

Inter-linking provisions in Customs Act, 1962, Central Excise Act, 1944 & Finance Act, 1994. Introduction You might have noticed that at times, a statute may have certain provisions, which borrow provisions from other statutes. At times, borrowed provisions of other statutes may be specifically mentioned in the borrowing provision. So...

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Posted Under: CA, CS, CMA |

Organizational Set Up of CBEC after Cadre Restructuring

The Central Board of Excise and Customs is headed by Chairman and consists of six members. The details of Member (CBEC) are as under:-...

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Posted Under: CA, CS, CMA |

6 Suggestions on Revised Model Draft GST Law

As per draft law (revised draft),input tax credit to receiver shall be available only when the supplier has paid the tax on supplies made to receiver and the same get matched (i.e. matching of output supplies with input supplies declared by supplier and buyer respectively).Once the credit get matched it will reflect in electronic credit l...

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Posted Under: CA, CS, CMA |

Transitional Provisions under Revised Model GST law

There are 33 Sections [ Earlier 22 Sections ]under transitional provision of Revised GST Law when all major indirect tax Act’s going to subsumed under the GST Law....

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Posted Under: CA, CS, CMA |

Approach to Regulation of Tax Professionals

Regulating a profession by imposing conditions for admission inevitably reduces the supply potential of professionals. Therefore, a rough balance between supply and demand for professional services should be maintained. Regulation of Tax Professionals should be similar to that of consumer protection....

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Posted Under: CA, CS, CMA |

Guidance Note on FATCA and CRS updated till 30.11.2016

This Guidance Note is for providing guidance to the Financial Institutions, Regulators and officers of the Income Tax Department for ensuring compliance with the reporting requirements provided in Rules 114F to 114H and Form 61B of the Income-tax Rules, 1962...

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Posted Under: CA, CS, CMA | ,

Income Tax Investigations Unearth Mis-use of Jan-Dhan Accounts

Investigation being conducted by the Income Tax Department across India into the sudden surge in cash deposits in Jandhan accounts have revealed various inconsistencies....

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Posted Under: CA, CS, CMA | ,