"25 January 2017" Archive

Benami Property- Simplified Meaning

As the name indicates Benami property means a property without a name. In such kind of a transaction, the person who pays for the property does not buy it under his/her own name and motive behind such a transactions of this nature is to evade payment of tax....

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Posted Under: Income Tax |

How to E-Sign GST Enrollment Application using Aadhar Number?

The GST Enrollment Application can be signed either by using Digital Signature (DSC) or by E-Signing. The use of DSC is mandatory for Company & LLP and optional for others. Any person other than Company & LLP can E-Sign the application....

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Posted Under: Income Tax |

Whether Provision of SARFAESI Act applicable to Jammu & Kashmir State?

The SARFAESI (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, 2002, was enacted by the Parliament to regulate securitization and reconstruction of financial assets. Further, it also provides enforcement rights to the financial institutions in respect of security interest created on Financia...

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Posted Under: Income Tax |

What real estate industry expect from budget 2017

The budget 2017-18 is going to be unique in many aspects. For the very first time the Railway Budget will be merged with the General Union Budget. Also the Union Budget will be presented one month in advance on 1st February, 2017....

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Posted Under: Income Tax |

Revised union Bugdet date: Is it advantageous situation for government & public?

Government of India on Tuesday finally announced that Union Budget will now be presented on 1 February, in order to depart from old-era tradition of presenting Union Budget on last working day of February. The announcement has come a day before the beginning of the month-long Winter Session of Parliament, to be held from 16 November to 16...

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Posted Under: Income Tax |

GST: Approach for selection of Registrations for issuance of Provisional IDs

Once the list of registrations in ST to be issued Provisional IDs is selected (including both Centralized and Non-Centralized), this would be checked with the list of registrations selected for Provisional IDs for CE. All ST registrations where the combination of ‘State’ and ‘PAN’ is same as that used in any of the CE registration...

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Posted Under: Income Tax |

Definition of Common Working Days under Revised Model GST Law

Common working days in respect of a State shall mean such days in succession which are not declared as a gazetted holiday by the Central Government or the concerned State Government;...

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Posted Under: Income Tax |

TDS- Paper intimation only for Latest processed correction statement

If deductor filed multiple correction statements during the quarter then paper intimation of latest processed correction statement will be sent....

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Posted Under: Income Tax |

How Income Tax Base can be widened

Under the present system of limited scrutiny under CASS (Computer Aided Scrutiny Selection) Income Taxes Cases are selected for hearing under various parameters and assessments are made basing on the books of account and evidences produced. Further notices are sent to assessees basing on information collected from the Annual Information R...

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Posted Under: Income Tax |

Agriculture accounting – Ind-As/ IFRS

India being an agriculture based economy, many activities are being carried out in way to raise live animals, crop harvesting & selling etc and apart from its dealing within an unorganized sector, there are many corporate sector (either listed or not) which directly or indirectly operate into such agricultural activities in India....

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Posted Under: Income Tax |