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Archive: September, 2017

Posts in September, 2017

GST after 75 Days

September 13, 2017 6009 Views 0 comment Print

In all my session at The institute of Chartered Accountant on GST on the topic of Challenges in implementation I use to highlight the numerous challenges before GSTN . Now the same challenges surfaced as glitches in the GST Network — the IT backbone of the Goods and Services Tax (GST).

Implementation of VAT in GCC (Gulf Cooperation Council) countries

September 13, 2017 2763 Views 0 comment Print

VAT is an indirect tax charged at each stage of economic activity throughout the supply chain. VAT would be applicable on majority of the business transactions with some relief or exemption. A significant milestone in the GCC was achieved when UAE along with Saudi Arabia, Bahrain, Qatar, Kuwait, and Oman announced the adoption of indirect tax system, namely VAT (Value Added Tax).

Guide to VAT refund for visitors to the EU (European Union)

September 13, 2017 4398 Views 0 comment Print

A visitor is any person who permanently or habitually lives in a country outside the EU. Your address as shown in your passport or other identity document will be taken as the place where you permanently or habitually live.

Significance of Bank Reconciliation Statement (A forensic approach)

September 13, 2017 7326 Views 0 comment Print

There are numerous reasons to analyze BRS prepared by an entity. One major reason why should an auditor has to be vigilant while performing BRS audit is discussed below. BRS is a statement prepared to reconcile or tally the balance shown in cash book of an entity with that of bank statement.

Aadhaar Card: Everything You need to know about Online Registration

September 13, 2017 3927 Views 0 comment Print

From filing your taxes to opening a bank account to making an investment, Aadhaar today has become an integral part of our financial lives. For those who have not applied for an Aadhaar Card yet, it is advisable to do so immediately, especially since the completion of the entire process may take 15 days to 3 months.

Analysis of disqualification of director U/s. 164(2) of Companies Act, 2013

September 13, 2017 72681 Views 5 comments Print

Has not filed financial statements or annual returns for any continuous period of three financial years; or Has failed to repay the deposits accepted by it or pay interest thereon or to redeem any debentures on the due date or pay interest due thereon or pay any dividend declared and such failure to pay or redeem continues for one year or more,

Major Decisions In GST by GST Council on 9th September, 2017

September 13, 2017 5235 Views 0 comment Print

GST Council (GSTC) which met at Hyderabad on 9th September, 2017 for 21st time took may decisions, major ones being hike in Compensation Cess on automobiles (motor cars) and extension of return filing dates for July, 2017.

5 tips to Hit Right Track to your Financial Goals: Coasting to Cruising

September 13, 2017 1584 Views 0 comment Print

A dream is just a dream. A goal is a dream with a plan and a deadline, says Harvey Mackay. This quote is inspiring and is very appropriate for all of us who have financial goals to achieve in our lifetimes.

Income Computation and Disclosure Standard I- Accounting Policies

September 13, 2017 7893 Views 1 comment Print

This ICDS deals with application of significant accounting assumptions and policies in computation of income for the purposes of the Act. Financial statements of an Assessee reflect his state of financial affairs. They form the base for computation of taxable income under the Act. The income for a particular year is significantly affected by the accounting assumptions and policies followed in the preparation of the financial statements.

TDS on interest under Capital Gains Accounts Scheme of deceased depositor

September 13, 2017 4053 Views 0 comment Print

It has been brought to the notice of CBDT that in cases of deceased depositor who has made deposits under the Capital Gains Accounts Scheme, 1988; the banks are deducting TDS on the interest earned on such deposits in the hand of the deceased depositor and issuing TDS certificates in the name of the deceased depositor, which is not in accordance with the law

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