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Archive: 22 December 2016

Posts in 22 December 2016

Income Tax Dept Identifies 67.54 lakh Potential Non-Filers

December 22, 2016 5380 Views 4 comments Print

The Income Tax Department has conducted the fifth cycle of data matching which has identified an additional 67.54 lakh potential non-filers who have carried out high value transactions in the financial year 2014-15 but did not file return of income for the relevant assessment year i.e. A.Y 2015-16.

Interpretation of ‘And’ and ‘or’ in Tax Laws

December 22, 2016 19369 Views 0 comment Print

Any law and tax laws in particular, use many words and expressions in statutory provisions. Each word has importance as well as relevance in a statutory provision and it must be read as per the text as well as context.

Stock Market and Its Basics – Part One

December 22, 2016 4573 Views 3 comments Print

Understanding the Stock Market has always been a pain for the new comers who seek their future in the Stock Market as an investor.

Section 15 Value of Taxable Supply Under Revised GST Law

December 22, 2016 7261 Views 0 comment Print

The valuation of taxable supply has been specified to be transaction value provided that supplier and recipient are not related and price is the sole consideration for supply. Apart from this, certain inclusions and exclusions have also been provided in the transaction value which is discussed in the succeeding paragraphs.

Composition Tax under Revised GST Law

December 22, 2016 4435 Views 0 comment Print

Revised GST Law under Section -9 provides that small taxpayer can opt for the scheme of composition tax instead of opting for paying tax under the regular supply of goods. Here this should be noted that this option is not available to registered taxable person who is providing only service.

Digitising Section 44AD: A change for businessmen

December 22, 2016 11278 Views 7 comments Print

The change in the presumptive rate of 8% to 6% on digital transactions made by the govt. can be understood through the below examples

Endorsement: A Magical Tool After Demonetization

December 22, 2016 28405 Views 0 comment Print

In this tough time of demonetization where everyone is facing lack of liquidity and fear of having actual turnover shown in bank accounts as compared to past trends, one may use age old provision provided during the time of British colonial rule

Management of Non Performing Asset (NPA) The Wilful Defaulter Syndrome

December 22, 2016 3058 Views 0 comment Print

Reserve Bank of India introduced the scheme of wilful defaulter in pursuant of the instructions of Central Vigilance Commission during the year 1999 and subsequently modified as per the recommendations of the Working Group constituted by RBI in consultation with the Government in the year 2002.

Demonetization – Move or Break

December 22, 2016 1630 Views 1 comment Print

For the first time ever probably most of us would have come across the word demonetization. Demonetization is an act on taking back the status of legal tender to currency notes.

Fast Track Merger or Amalgamation U/s. 233 of Companies Act 2013

December 22, 2016 24559 Views 3 comments Print

Section 233 of Act (erstwhile no corresponding provisions in CA 1956) has been newly notified/inserted on 15th Dec, 2016. It talks about Fast track Merger or Amalgamation b/w between two or more small companies or between a holding company

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December 2016