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Archive: 17 March 2018

Posts in 17 March 2018

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 3036 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Sec. 14A – End of controversy relating to strategic investments & stock-in-trade

March 17, 2018 6627 Views 2 comments Print

In case of group of companies, normally a company hold shares in various subsidiaries / group companies. The dividend paid by these group companies is exempt in the hands of the parent company under section 10(34) of the Income-tax Act, 1961 (Act).

Club or an Association- Relevance of Concept of Mutuality under GST

March 17, 2018 35910 Views 12 comments Print

Levy of GST is on an event called “supply”. In case of an association or club, can it be said that an association or club is supplying services to its own members ? As an illustration to understand the issue let us assume that a housing association is formed by the resident members to facilitate […]

How GST will impact States in coming years

March 17, 2018 1491 Views 0 comment Print

The Goods and Services Tax (GST) was implemented by the government of India on 1/7/17. India joined the likes of Australia, Brazil. The Government claims that it is a historical tax reform since independence. It was hailed by Flipkart’s chairman as a step which will financially unite the country.

CBI Arrests Kolkata Based Private Company directors in Bank fraud case

March 17, 2018 3939 Views 2 comments Print

The Central Bureau of Investigation has today arrested two Directors of Kolkata based private company in an on-going investigation of a bank fraud case to the tune of Rs.515.15 crore(approx).

Empanelment for concurrent audit with Gopalganj Central Co-operative Bank

March 17, 2018 1905 Views 0 comment Print

The Gopalganj Central Co-operative Bank Ltd., Gopalganj, At- Post office Chowk, P.o+Distt- Gopalganj invites sealed tender under two bid system from Chartered Accountant Firm for concurrent audit for F.Y.- 2018-19 of its 16(sixteen) branches, 1(One) extention counter along with Head Office on following terms & Conditions:-

Refund of Transitional Credit under GST Regime

March 17, 2018 41001 Views 15 comments Print

Consider a scenario wherein a registered person under GST have availed transitional credits. Such person might have availed credits either in respect of closing balance of June return’s u/s 140(1) of the Central Goods & Services Tax (‘CGST’) Act, 2017 or in respect of stocks as on 30.06.2017 u/s 140(3) of the CGST Act, 2017.

How to Legally Register a One Person Company

March 17, 2018 3768 Views 0 comment Print

While starting your own business, the very first question that comes to mind is that, How to form a company? For starting a business in single person’s name, a sole proprietorship registration can be done but if one wants central registration with separate legal entity and benefits of company form of organization

Statutory branch audit of branches of PSU banks- In wake of recent developments/ irregularities in PNB

March 17, 2018 29982 Views 29 comments Print

Environment created after change in policy of appointment of branch statutory auditors (giving autonomy to bank management) has not yielded desired results for the banking industry. Our regulatory body, the Institute of Chartered Accountants of India (ICAO has been opposing this change from the very beginning.

Govt detects 2926 cases where Taxes collected but not deposited by Service Providers

March 17, 2018 1593 Views 0 comment Print

The Government is aware of instances where taxes are collected by many service providers, hoteliers, traders etc. from the customers but are not deposited in the Government’s account. Based on specific intelligence collected, detailed investigations are carried out and the due tax amount is either recovered or quasi-judicial proceedings are initiated. The details of such losses are as below:

Report of RBI Working Group on Fin Tech an& Digital Banking Companies

March 17, 2018 714 Views 0 comment Print

Ecosystem for Fin Tech Companies The Reserve Bank of India (RBI) had set up an inter-regulatory Working Group (WG) to look into and report on the granular aspects of Fin Tech and its implications so as to review and reorient appropriately the regulatory framework and respond to the dynamics of the rapidly evolving Fin Tech […]

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