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Archive: 19 August 2018

Posts in 19 August 2018

Auditors Resignations Raises Critical Eyebrow

August 19, 2018 30873 Views 1 comment Print

The resignation of an auditor can be a critical and highly exposed event with serious implications for the company and the auditors themselves. Resignation, particularly in debatable circumstances, can expose auditors to various risks, including the risk of litigation from creditors, investors and the company. Although auditors’ resignations have attracted substantial regulators attention in recent […]

Concept of Mixed Supply & Composite Supply under GST

August 19, 2018 17127 Views 4 comments Print

Concept of Mixed Supply & Composite Supply under GST is a new concept introduced in GST which will cover supplies made together whether the supplies are related or not. Supplies of two or more goods or services can be either ‘composite supply’ or ‘mixed supply’. The concept of composite supply in GST regime is similar […]

Download Form 15G & 15H with FAQs

August 19, 2018 1725639 Views 311 comments Print

Everyone is aware that Form 15G and form 15H are used for avoiding the TDS deduction while computing the interest earned during the financial year. In this article we are discussing important points to remember while submitting the Form 15G and Form

Taxability of Motor Accident Compensation & Interest

August 19, 2018 117318 Views 19 comments Print

In brief my family was met with an major accident in 2010 and my pretty daughter (minor) got 70% permanent disabilities., literally we have lost everything in that accident even my well established business also. Now the court has given my wife ( guardian and claimant of minor) accident compensation amount ( without deduction of any tax as it was recovered by the court thru attachment order because insurance people never came to deposit the amount by themselves) inclusive interest of last 7 years ( 2010 to 2017). Enhancement amount is 35 lacs and interest amount is 15 lacs. The amount was received in august 2011 in which 75% of the amount i.e. 40 Lacs has been fixed by the court in the name of disable minor for next 15 years. Court has given us one facility to take quarterly interes

How to Compute Turnover In Case of Future & Options, Speculation for Tax Audit

August 19, 2018 227985 Views 33 comments Print

Query I AM engaged in the buying and selling of shares. I take delivery of the shares purchased and also deliver the shares at the time of sale. In such a case, how is the turnover to be reckoned for the purpose of determining whether a tax audit under Section 44AB is to be done? Is it the aggregate amount of sale that has to be taken as the turnover?

What are the key highlights of the 4 GST Amendment Bills 2018?

August 19, 2018 7545 Views 0 comment Print

The GST Council has proposed 4 amendment bills on seventh August 2018 to the CGST Act-2017, IGST Act-2017, UTGST Act-2017, and GST (Compensation to States) Act-2017.

Composition Scheme Under GST and Composition Dealer

August 19, 2018 81183 Views 3 comments Print

Sec 10 of CGST Act 2017 explains the composition levy under Goods and Services Tax, according to which, a registered person, whose aggregate turnover in the preceding financial year did not exceed* may opt to pay, in lieu of the tax payable by him, an amount calculated at such rate as may be prescribed, but not exceeding,

Tax positions under GST on a few business transactions

August 19, 2018 13380 Views 11 comments Print

In this article various business transactions and tax positions under GST law on the same has been discussed. Following 4 business transactions has been discussed:  A. Freebies provided to customers B. Services provided by Employer to Employee C. Taxability of Ocean Freight and D. Supplies made outside India.

S.56 pertaining to gifts, deemed gifts / under-valuations

August 19, 2018 28919 Views 9 comments Print

It is the considered view of the Government that in the materialistic world in which we are living, gifts are not possible from non-relatives. In the past, frequently claims were successfully made  by individuals about receipt of  huge amounts as gifts from other individuals even though the donor and the donee were not related to each other but there was natural love and affection. Government has not accepted such situations

Intellectual Property Rights -Taxation Aspect

August 19, 2018 50575 Views 0 comment Print

Intellectual property rights (IPR) have become important in the face of changing trade environment which is characterized by the following features namely global competition, high innovation risks, short product cycle, need for rapid changes in technology, high investments in research and development (R&D), production and marketing and need for highly skilled human resources. Geographical barriers to trade among nations are collapsing due to globalisation, a system of multilateral trade and a new emerging economic order. It is therefore quite obvious that the complexities of global trade would be on the i

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