"01 December 2018" Archive - Page 2

Issues In Allowing Exemption U/S 54 & 54F- Long Term Capital Gain

Long term capital gain on purchase of residential house is exempt u/s 54 & 54F. The author do not wish to go in the procedure of calculating capital gain. The subject addressed in this article is connected with various issues which are concerned with the allowability or otherwise of the long term capital gain invested in the purchase of r...

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Posted Under: Income Tax |

Input GST Credit Available Only on Receipt of Goods

When the goods are dispatched through vehicles, Delivery to transporter by supplier is sufficient to take input tax credit. The expression “any other person “and the expression “otherwise” implies “the person on the behalf of recipient i.e. Transporter” and “by way of transportation contact “respectively. Section 39(1) o...

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Posted Under: Income Tax |

Set-Off & amp; Carry Forward – A Complete Summary

Do you have Losses?? Have you also faced the losses in past years as well?? It’s sad to know that you have to confront the losses.! But do you know that there are some uses of these losses too? And these losses can somehow be used to make you benefited. Enough of Quizzes.! Right?? But […]...

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Posted Under: Income Tax |

Things You must know about HUF

I believe you must have heard of Hindu Undivided Family (HUF). Most of the people think that this is a person which are created by some kind of Agreements etc. Well, if you are also one of them then it's time to bust your myth about that. Because the fact is something far different from that. So, Let's understand the concept in a bit deta...

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Posted Under: Income Tax |

Determination & Accounting of Deferred Tax Asset and Liability

IND AS 12, prescribe the accounting treatment of current and future tax consequences. It is possible that recovery of carrying value of assets or settlement of carrying value of liabilities may result into larger or shorter future tax payments. This Standard requires an entity to recognize a Deferred Tax Liability (DTL) and Deferred Tax A...

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Posted Under: Income Tax |

GSTR 9 (Checklist) – Before you file Annual Return

GSTR 9 has been prescribed for filing vide Notification No. 39/2018 – CGST dated 4th September 2018. GSTR 9 is not merely a compilation of data of monthly returns. It requires disclosure of data filed in the monthly returns in a new format along with certain additional disclosures. In the enclosed file, you will find […]...

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Posted Under: Income Tax |

E-book | How to be Future Proof

This e-book is on 'How to be Future Proof' which contains: a. Are we becoming redundant? b. Are we heading towards a mass 'work extinction'? c. How to tackle Present to be Future ready? d. Step Plan to be Future Proof etc...

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Posted Under: Income Tax |

Implementation Guide on Resignation/ Withdrawal from an Engagement to Perform Audit of Financial Statements

Large number of mid-term resignations by auditors this year has become matter of concern for various stakeholders. To examine the reasons and circumstances leading to resignation of auditors, a Group was constituted and it was decided to issue guidance for the members on the matter. The task of developing guidance for the members was entr...

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Posted Under: Income Tax |

Insolvency Professionals to act as Interim Resolution Professionals and Liquidators (Recommendation) (Second) Guidelines, 2018

Section 16(3)(a) of the Insolvency and Bankruptcy Code, 2016 (Code) requires the Adjudicating Authority (AA) to make a reference to the Insolvency and Bankruptcy Board of India (Board) for recommendation of an insolvency professional (IP) who may act as an interim resolution professional (IRP) in case an operational creditor has made an a...

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Posted Under: Income Tax |

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