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Archive: 09 August 2017

Posts in 09 August 2017

What to do if you failed to file your income tax return before the due date of filing?

August 9, 2017 6406 Views 2 comments Print

The last date to file income tax return for the assessment year 17-18 was 31 July, 2017. However, the due date for filing the income tax return extended to 5th of August, 2017 by the government. In fact, the income tax return filing within the deadline is very crucial especially for the Financial Year 2016-2017 in […]

Practice Pointer Queries and Solutions on GST

August 9, 2017 11871 Views 12 comments Print

What will be the GST implication if a manufacturer were to deliver goods by road to the customers using his own vehicle and charges freight in his bill that freight will be part of value of goods and GST payable on total value at same rate as of goods

GST in a Nutshell

August 9, 2017 15156 Views 0 comment Print

GST (Goods & Services Tax), a single unified tax system aims at uniting Indias complex taxation structure to a One Nation- One Tax regime. It is the biggest tax reform since India’s independence.

GST- A Big Fish to eat Fisheries?

August 9, 2017 20181 Views 0 comment Print

But with the introduction of the GST in India, it is going to change the commercial tax scenario prevailing in the fishing sector. Stakeholder are of the view that it is will hit hard. Almost all the items related to fisheries sector are subject to GST.

CAG Report on Levy & collection of Service Tax on Entertainment Sector

August 9, 2017 4527 Views 0 comment Print

We conducted a Performance Audit on levy & collection of Service Tax on Entertainment Sector, to seek an assurance regarding adequacy of Service Tax rules and regulations relating to entertainment sector and systems in place to ensure compliance to the same. The. audit was conducted in 17 selected. Commissionerates, including one division and one range in each. Commissionerates and examination of records relating to 307 assessees. The audit covered the three years period from 2013-14. to 2015-16.

Payment of tax by certain companies U/s. 115JB- CAG Report

August 9, 2017 4476 Views 0 comment Print

Several companies that were having large profit from business and distributing substantial portion of the income to their shareholders as dividend, were reducing their tax liability by availing various deductions and exemptions available in the Act.

Compounding fee for permissible deviation of building plan is allowable

August 9, 2017 18951 Views 0 comment Print

Keerthi Estates (P) Ltd. Vs. DCIT (ITAT Hyderabad) The assessee has paid compounding fine to regularize the building plan. The payment of such compounding fine is penalty in the nature of an offence or which is prohibited by law. We have noticed that the decision on this count is divided among the various courts. The […]

ICAI System to provide updated Study Material at Students door step

August 9, 2017 11952 Views 3 comments Print

Through this system, students after completing registration/conversion of any level will get automatic notification (email/ SMS alert) regarding their login id and password (with the option to change password).

Indian Economy: Critical Milestones during 70 years

August 9, 2017 957 Views 0 comment Print

India’s economic history over the past 70 years has been marked by several critical milestones amongst which are the crisis years of 1966, 1981 and 1991 and Indias emergence from the economic crisis as the fastest growing major economy of the world.

India’s Changing Transport Landscape

August 9, 2017 726 Views 0 comment Print

The progress of a country is closely linked to the efficiency with which it transports its man and material. A good transport system aids economic growth by providing essential connectivity between available resources, centres of production and the market.

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August 2017