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Archive: 17 September 2018

Posts in 17 September 2018

GST Practitioners -How to Register for Exam, Pattern & Syllabus

September 17, 2018 72174 Views 21 comments Print

GST Practitioners will be a Computer Based Exam. The registration for this exam can be done by the eligible GSTPs on a registration portal, link of which ( will also be provided on NACIN and CBIC websites.

Extension of time to submit declaration in FORM GST TRAN-1

September 17, 2018 1830 Views 0 comment Print

Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117(1A) of the Central Goods and Service Tax Rules, 2017  till 31st January, 2019, for the class of registered persons who could not submit the said declaration by the due date on account of technical difficulties on the common portal and […]

What, if proposal to remove HUF as tax unit is implemented?

September 17, 2018 2742 Views 4 comments Print

Law Commission has suggested for abolition of the Hindu Undivided Family (HUF) as a tax entity. This has stirred a hornet’s nest in the country. Let us discuss in detail what is the exact proposal and what are the consequences if the suggestion finds place in the law book.

HEDGE Accounting – WHAT is allowed to be hedged?

September 17, 2018 6105 Views 0 comment Print

In continuation to our earlier article on ‘Risk Management Strategy vs. Risk Management objectives’, let’s understand what is allowed to be hedged as per the Accounting Standard. WHY do we hedge? Simple answer is to mitigate all expected losses or adverse effect on fair values of any balance sheet items (e.g. Investments etc) or an […]

Blockchain Technology adoption trends & Implications for Accountancy Profession

September 17, 2018 7134 Views 0 comment Print

Worldwide emerging technologies are going mainstream and drastically changing business landscape. Blockchain is one such revolutionary technology, and Indian government in the 2018 Union Budget has shown interest in exploring use of blockchain technology proactively for ushering digital economy.

Embracing Robotic Process Automation – Opportunities & Challenges for Accountancy Profession

September 17, 2018 6816 Views 0 comment Print

ICAI Concept Paper on Embracing Robotic Process Automation Opportunities and Challenges for Accountancy Profession EMBRACING ROBOTIC PROCESS AUTOMATION Introduction The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No.XXXVIII of 1949) for regulating the profession of Chartered Accountancy in […]

TCS Liability from 1st October 2018 on E-commerce Operators under GST

September 17, 2018 23817 Views 9 comments Print

Recently, the Government vide Notification No. 51/2018, dated 13-9-2018 has made effective TCS provisions given under section 52 of Central Goods and Services Act, 2017(hereinafter referred to as CGST Act) from 1-10-2018. As a result, e-commerce operators will have to collect the tax from those suppliers who are selling goods or providing services on/through their sites while making payments to such suppliers.

Taxation of Non-Residents

September 17, 2018 1623 Views 0 comment Print

ICAI released an e-book on Taxation of Non-Residents  based on the law as amended by the Finance Act, 2018. The book contains following topics- Chapter 1. Residential Status Chapter 2. Income Deemed to Accrue or Arise in India Chapter 3. Income not to be included in the total income Chapter 4. Presumptive Taxation Chapter 5. […]

HC upheld penalty for Cash Loan exceeding Rs. 20000 Taken & repaid

September 17, 2018 1989 Views 0 comment Print

These appeals are against an order dated 31-3-2016 passed by the Income Tax Appellate Tribunal B Bench, Chennai, allowing the appeals, being I.T.A.Nos.262 and 263/Mds/2015, in relation to the assessment years 2008-2009 and 2012-2013 filed by the respondent Revenue and restoring the penalty imposed by the Assessing Officer under Sections 271E and 271D of the Income Tax Act, 1961 (hereinafter referred to as the IT Act).

S. 234E Late Fee cannot be imposed without passing of Speaking Order

September 17, 2018 2802 Views 0 comment Print

Origins Build-Tech Pvt Ltd Vs ACIT (ITAT Ahemdabad) adjustment in respect of levy of fees under section 234E was indeed beyond the scope of permissible adjustments contemplated under section 200A. This intimation is an appealable order under section 246A(a), and, therefore, the CIT(A) ought to have examined legality of the adjustment made under this intimation in […]

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