"02 October 2017" Archive

Defective return notice asking to file B/S and P/L in Presumptive Income Cases

There are various sections in the Income Tax Act, 1961 (Act) e.g., 44AD, 44AE, 44ADA etc., (popularly known as Presumptive Income sections) according to which, the profits and gains from eligible / prescribed businesses / professions carried by the prescribed categories of assessee (known as eligible assessee) are required to be computed...

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Posted Under: Income Tax | ,

Appointment as Internal Auditors of IFCI Limited

IFCI Ltd. was set up in 1948 as first Development Financial Institution of the country named as The Industrial Finance Corporation of India, a Statutory Corporation to provide medium and long term finance to industry. After repeal of IFCI Act in 1993, IFCI became a Public Limited Company registered under the Companies Act, 1956...

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Posted Under: Income Tax |

GST Dassehra : firing out problems in GST!

Arjuna, Yesterday itself we have celebrated Dassehra. On the Dassehra we do combustion of Ravan i.e. of evil activities. Similarly there are certain troublesome and difficult provisions in the GST. They are to be combust by the Government and taxpayers should be freed from the tragedy. ...

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Posted Under: Income Tax |

Exposure Draft Guidelines for Independent Assessment of Statutory Actuarial Valuation

The insurers carrying out Life, General and Health insurance business need to value their insurance business liability every year by Appointed Actuary of the insurer. This is also applicable to the Reinsurers operating reinsurance business. As per the existing Assets, Liabilities and Solvency Margin Regulations the Appointed Actuaries of ...

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Posted Under: Income Tax |

15 Recent FAQs on GST – Replied by GOI

1. Due individual freelancers working for US client require GST Registration? Yes, as it is a interstate supply, registration is compulsory under section 24(i) of CGST Act, 2017 2. Service provided, GST on which is to be paid by receiver under RCM in which column this amount to be reported in GSTR-3B? You are not […]...

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