"21 February 2018" Archive

The way I see it…(A big bank fraud)

With the latest Rs. 11,000 crore scam by a world-renowned jeweler Nirav Modi and his firms, several questions arise in our minds. This is a willful scam carried out by few bank officials and the jeweler. Having said that the involvement of top politicians and RBI officials cannot be ruled out....

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Posted Under: Fema / RBI |

Residential Status under Income Tax Act,1961 – Revisited !

Determination of Residential Status of an Assessee under the Income Tax Act Residence in India – is determined by Section 6 of the Income Tax Act 1961 the Act Residence in India – is determined by Section 6 of the Income Tax Act 1961 the Act To determine the residential status of an individual, section 6(1) prescribes two tests....

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Posted Under: Fema / RBI |

Are Provisions of EPFO Act Applicable to ICAI?

We all seem to have the basic understanding of the Provident Fund Provisions. However, being a Fellow Member of the esteemed Institute of Chartered Accountants of India (ICAI), one question has always made me curious i.e. whether the provisions of EPFO Act are applicable to an autonomous regulatory body like ICAI....

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Posted Under: Fema / RBI |

Disclosure of Beneficial Ownership & Control under Companies Act, 2013

The Companies Act 2013 and further major amendments noted in the Companies (Amendment) Act 2017 related with Section 89 and 90 of the Companies Act, which governs and spell out provisions of the Beneficial Ownership. ...

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Posted Under: Fema / RBI |

Budget Excerpts 2018 – A brief Analysis !

No change in the in the slab rates of income tax for FY 2018-19. However, Education Cess on income-tax and Secondary and Higher Education Cess on income-tax of 3% shall be discontinued. New Cess Health and Education Cess is introduced levied at the rate of 4% of the income tax including surcharge (wherever applicable)...

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Posted Under: Fema / RBI |

How to save income tax (For Salaried Individuals)

This article mainly deals with the understanding of some common ways to save income tax of a salaried individual...

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Posted Under: Fema / RBI |

GST: How to File Payment Related Grievances (PMT-07)

Grievances can be submitted either before or after logging-in to the GST Portal, however, payment related grievances can only be submitted by registered users or Taxpayers, since they are required to mention the GSTIN....

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Posted Under: Fema / RBI |

FAQs on Filing GST Payment Related Grievances (PMT-07)

All grievances related to Payments are handled by the GST Portal. Based on the CPIN and Bank name entered by Taxpayer in the Grievance Form, an on demand call will be sent to the concerned bank. Based on the response from the bank, the Electronic Cash Ledger will be updated with appropriate comments and the grievance will be closed....

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Posted Under: Fema / RBI |

Amendments in ANFs 4F & 4G of Handbook of Procedures 2015-20

Public Notice No. 63/2015-2020-DGFT (21/02/2018)

Amendments have been made in Ayat Niryat Forms (ANF) 4F & 4G of Handbook of Procedures 2015-2020 in light of implementation of GST and non-issuance of EP copies of Shipping Bills by Customs Authorities....

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Change in procedure of filing GSTR 3B wef 21.02.2018

There was a slight change in procedure of filing GSTR 3B from today i.e. 21.02.2018 what GSTN termed as ‘Filing GSTR 3B is now made more user friendly. This write the highlights of the changes made in procedure and also detail walk through by way of screenshots of the changed procedure....

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Posted Under: Fema / RBI |
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