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Archive: 21 July 2018

Posts in 21 July 2018

Calculation of Marginal Relief in case of Individuals

July 21, 2018 248259 Views 4 comments Print

Understand how to calculate marginal relief in case of individuals with income exceeding a certain limit. Learn how to limit tax liability and surcharge.

All About Blockchain, ICO & Cryptocurrency Development

July 21, 2018 1299 Views 1 comment Print

What is Blockchain? Through Blockchain one will digitally establish possession of currency, objects, and information. Sort of a regular dealings ledger, Blockchain could be a digital record of a transaction. The transaction will embody something sort of a movement of cash, purchase, and movement of products, service, information or something that involves price. Data hold on during a Block chain is secure because it is troublesome for anyone to add, delete or build changes once the transaction is initiated. Blockchain applications are completely redistributed and every one of the transactions is time sealed.

Enable smooth operation of E-way Bill scheme: CBIC Chairman

July 21, 2018 990 Views 0 comment Print

Grievance Redressal Officers have been notified under the provisions of the E-way Bill Rules and they are required to provide prompt support to the trade and industry, including transporters. All Zones may hold outreach programmes to sensitize the trade and industry to enable smooth operation of the E-way Bill scheme.

GSTR-1A: What it is and How to file

July 21, 2018 9411 Views 0 comment Print

FAQs > GSTR-1A Q 1. What is GSTR-1A? Ans: GSTR-1A is an addendum to Form GSTR-1 i.e. Outward supplies statement of the supplier. It is always generated on the basis of details added/ modified/ rejected by the counterparty taxpayer (B2B Transactions) in their Form GSTR- 2/4/6. The details of these forms are then auto-populated to […]

Significant Beneficial Ownership under Companies Act, 2017

July 21, 2018 2139 Views 0 comment Print

Section 90 of the Companies Amendment Act, 2017 has replaced the provision relating to Significant Beneficial Owners to remove the difficulties on regulatory authorities to verify the identity of individuals who ultimately owned and controlled the company.

Most Important task – Filling of Income Tax Return

July 21, 2018 1557 Views 0 comment Print

Filling of Income Tax return on due date is one of the important task of each individual falling criteria in filling of income tax return. This is duty of every citizen as responsible citizen to file return within due date, as Direct tax is one of important source of revenue collection of Govt, base on this govt get data on collection of revenue from direct Tax.

Section 234F Fee for delayed Furnishing of Income Tax Return– When Leviable & When Not

July 21, 2018 45168 Views 2 comments Print

According to the Section 234F of the Income Tax Act a fee for non filing (or late filing) of the Income Tax Return within due date prescribed under section 139(1) of the Act is leviable. The same is leviable in respect of the I T returns for the Assessment Year 2018-19 and onwards.

Pass percentage & Toppers of CA Final / Foundation May 18 & CPT June 18

July 21, 2018 82311 Views 12 comments Print

Declaration of Result for CA Final Examination held in May, 2018, Foundation Exam Held in May 2018 and CPT held in June, 2018. The Institute of Chartered Accountants of India (ICAI) today announced the following results: 1. Chartered Accountants Final Examination (Existing/Revised Scheme) held in May, 2018 2. Foundation Examination held in May, 2018 3. […]

ICAI clarifies on Ind AS 115 – Recognition of revenue

July 21, 2018 5727 Views 0 comment Print

ICAI would like to clarify that the Ind AS 115 does allow recognition of revenue using Percentage of Completion Method (POCM) and has explicit and specific requirements to recognise revenue, where performance obligation is satisfied over a period of time.

GST Charcha: Compliances of E-Way Bill – Alarming Bells!!

July 21, 2018 13605 Views 3 comments Print

Do E-Way Bill system is to check tax evasion or to confer arbitrary powers on authorities to impose heavy penalties in case of missing details for a technical fault even when apparently there is no ill intention to evade taxes.

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