"October, 2017" Archive

CBDT Order on extension of due date of ITR / TAR to 7th Nov 2017

F.No. 225/270/2017/ITA.II 31/10/2017

CBDT further extends the 'due-date' for filing income-tax returns and reports of audit pertaining to Assessment Year 2017-2018 from 31st October, 2017 to 7th November, 2017...

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ITR / Tax Audit Due date extended to 7th November 2017

Income Tax Department has extended tax audit due date for ay 2017-18 and Income Tax Return filing due date for ay 2017-18 vide its notification dated 31st October 2017. Extended due date for filing of Tax Audit Report and Income Tax Return for AY 2017-18 fot those Assessee who filing date for same was 30th […]...

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Why no Tax Audit / ITR Due Date Extension?

As we all know Extended due date to file Tax Audit Report and related ITR for A.Y. 2017-18 is 31st October 2017, which the Taxpayers and Tax Professionals across the country were demanding to be further extended till 30th November 2017. One of the Major Arguments and reason for asking the extension was additional workload […]...

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Things You Should Know About Term Insurance Plans

If you are among those who start fretting at the thought of dealing with financial plans, you don’t have anything to fear about. Unlike many insurance and investment alternatives, term insurance is simple and easy. You know the premium amount which you will pay for next 20-25 years (as per your requirement) and you know […]...

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Posted Under: Income Tax |

Society allowing Loan to non-members cannot claim deduction U/s. 80P

The Income Tax Officer Vs. Shri Bapooji Pattin Souhard Sahakari Niyamit (ITAT Bangalore)

The only issue in the present appeal is whether the respondent- assessee co-operative society is entitled for deduction u/s. 80P of the Act. The respondent- assessee is registered under the Karnataka Co-operative Societies Act. According to the respondent- assessee, the primary activity of the assessee is only to provide credit facilities...

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Amendments in “Constitution of India” for Implementation of GST

Might be this is not a right time for this article because nowadays everyone is struggling for successful implementation of GST whether it would a Government, Professional or Businessman....

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Posted Under: Income Tax |

How to spot a fake GST bill

GST has brought several issues for the taxpayers in form of changed bill formats and higher tax burden. Businesses are still unable to understand the details that need to be put in the invoice....

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Posted Under: Income Tax |

Role of CMA- GST Era

Non-controversial: needs and truths; effective implementation of GST for Nation building, thrust and role of professionals for the same. Yes the entire word is looking at India for the desired success of getting it's implemented achieving the desired benefits...

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Posted Under: Income Tax |

Treatment of Stores, Spares and Servicing Equipment as Per IND AS 16

As Per sub section (1) of Section 128, Every Company shall keep at its registered office, the books of accounts and book or papers including Financial Statements with respect to every financial year including that of its branch office or offices and explain the transactions effected both at the registered office and branches....

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Posted Under: Income Tax |

Constitution of Board of Directors of Multi State Co-operative Society- Election Process

There is an interesting mode of constituting Board of Directors of MSCS. MSCS is required to conduct election for constituting its board of directors who will hold its office till five years....

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Posted Under: Income Tax |

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