"October, 2018" Archive - Page 12

How do I prepare for May 2019 CA Final / IPCC exams?

This is a general question of almost all the students who are going to appear in May 2019 for their CA Final attempt. Whether you are giving your 1st attempt or any 'n' number of attempts, I assure, reading this article, will make you immensely satisfied and wake you up!...

Read More
Posted Under: CA, CS, CMA |

Govt extends rectification facility for Shipping Bills to correct IGST refunds

Central Board of Indirect taxes and Customs (CBIC) has recently introduced several provisions and alternative procedures through which various errors due to the anomalies or mismatch between the Shipping Bill and the data recorded while GST return filing procedure with respect to the FORM GSTR-1 can be rectified in the system....

Read More
Posted Under: CA, CS, CMA |

Choose the Right Option

Choose the right OPTION   Everyone knows that India, currently, is one of the finest markets to invest into. The major reasons being the current as well as forecasted economic developments, high returns on investment, increasing consumption pattern, growth prospects, political scenario and outlook, budget deficit and proposed infrastruc...

Read More
Posted Under: CA, CS, CMA |

Circular on Procedure of GST return of time expired drugs or medicines: Analysis

Analysis of Circular 72/2018 dated 26-10-2018 on Procedure in respect of return of time expired drugs or medicines The Circular puts forth following options and persuant actions: Options Value Return by Normal Registered Person Return by Composition Dealer Return by unregistered Person Amount to be reversed by Manufacturer Return to be tr...

Read More
Posted Under: CA, CS, CMA |

Applicability of IND AS on NBFC

Notification Schedule III 12102018 (11//1/0/20)

It may be recalled that the Ministry of Corporate affairs (MCA) vide notification dated March 30, 2016, has notified that NBFCs having net worth of Rs. 500 crores or more shall be required to prepare Ind AS compliant financial statements for accounting periods beginning on or after April 1, 2018, with comparatives and NBFCs having net wor...

Read More
Posted Under: CA, CS, CMA |

Assessment reopened merely based on details already on record is invalid

DCIT Vs Yamaha Motor India Sales Pvt. Ltd. (ITAT Delhi)

There was no new tangible material evidence brought on record by AO. Assessment was reopened only on the basis of details available on record and wrongly interpreted by AO....

Read More

Applicability Of GST Audit – FAQS

Article discusses Turnover for GST Audit if a Dealer in Registered in more than one State, Inclusion of Turnover of April to June 2017 for Calculation of Turnover Limit for GST Audit and Applicability of GST Audit of Audit is been carried out under other statutes like Companies Act, Income-tax Act, Co-operative Societies Act, etc....

Read More
Posted Under: CA, CS, CMA |

Consultancy & support services are composite supply in GST

In re Five Star Shipping (GST AAAR Maharashtra)

In re Five Star Shipping (GST AAAR Maharashtra) In view of the above discussion, we hold that the entire gamut of services performed by the Appellant are in fact of the composite supply of the intermediary services, classified under the Service Accounting Code 999799, which is other miscellaneous services, and the accounting services unde...

Read More

ICAI Issue notices to Auditors in the matter of Amrapali Group

ICAI has issued suo moto notices to the statutory auditors of Amrapali Group for the period 2008-2015 and also for the latter period. The ICAI has issued suo moto notices to these auditors by treating as Information in terms of the provisions of the disciplinary mechanism as provided in the Chartered Accountants Act, 1949 and the Rules fr...

Read More
Posted Under: CA, CS, CMA |

Electoral Bond Scheme 2018 

Electoral Bond Scheme 2018  Sale of Electoral Bonds at Authorised Branches of State Bank of India (SBI)  Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 dated 02nd January 2018. As per provisions of the Scheme, Electoral Bonds may be purchased by a person (as defined in item No.2(d) of [...

Read More
Posted Under: CA, CS, CMA |