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Archive: 06 December 2018

Posts in 06 December 2018

SC allows Reopening of Income Tax Case of Sonia & Rahul Gandhi

December 6, 2018 2163 Views 0 comment Print

Soniya Gandhi Vs ACIT (Supreme Court of India) Supreme Court of India has allowed Income Tax Department to reopen tax case against Congress leaders Sonia Gandhi and Rahul Gandhi for A.Y. 2011-12 in connection with National Herald case. Hon’ble Supreme Court has held as follows:- “For certain reasons, it is not possible to take up […]

No TDS on Interest to Senior Citizen if not exceeds Rs. Fifty Thousand

December 6, 2018 1716 Views 0 comment Print

Income-tax Act provides that no tax deduction at source under section 194A shall be made in the case of Senior Citizens where the amount of such income or, the aggregate of the amounts of such income credited or paid during the financial year does not exceed fifty thousand rupees.

Guide to Standard on Auditing (SA) 230, Audit Documentation

December 6, 2018 48174 Views 0 comment Print

Implementation Guide to Standard on Auditing (SA) 230, Audit Documentation (Revised 2018) The Institute of Chartered Accountants of India  (Set up by an Act of Parliament) New Delhi  Foreword Standards on Auditing are critical in ensuring and enhancing quality in audits of financial statements. It is therefore necessary that the auditors properly understand and implement […]

Capital Asset holding period on conversion : Rule 8AA & Sec. 115JG(1)

December 6, 2018 1347 Views 0 comment Print

In the case of a capital asset which became the property of the Indian subsidiary company in consequence to conversion of a branch of a foreign company referred to in subsection (1) of the section 115JG, there shall be included the period for which the asset was held by the said branch of the foreign company and by […]

CBDT notifies revised provisions U/s. 115G for Unabsorbed depreciation, set off / carry forward of losses, tax credit

December 6, 2018 2124 Views 0 comment Print

CBDT notifies revised provisions related to Unabsorbed depreciation, set off or carry forward and set off of losses, tax credit in respect of tax paid on deemed income relating to certain companies and the computation of income in the case of foreign company referred to in sub-section (1) of section 115JG of the Act and […]

Scope of Principal-Agent Relationship Under GST

December 6, 2018 10830 Views 0 comment Print

Scope of Principal-agent relationship in context of Schedule I of  CGST Act: Before discussing this first we need to discuss the definition of supply Supply is defined in sec7 of CGST act Supply includes all forms of supply of goods or services or both such as sales,transfer,barter,exchange,license,rental,lease or disposal by a person for consideration in […]

Issues in Filing GST Refunds of Inverted Duty Structure

December 6, 2018 42231 Views 21 comments Print

he application for filing refund has to be made in form GST RFD-01A along with which invoice wise details of inward and outward supplies have to be furnished electronically in Statement 1A.

Recent Changes In GST Implementation – Part I

December 6, 2018 16974 Views 4 comments Print

Following are some of the updates on filings and procedures in implementation of GST : Result of Examination of GST Practitioners held on 31.10.2018 declared by NACIN. Due to Assembly elections on 7th December, 2018, the examination of GST Practitioners to be held on 7th December, 2018 postponed to 17th December, 2018. GST Practitioners Confirmation exam postponed to 17.12.2018

Debt – A Hurdle in Growth

December 6, 2018 948 Views 0 comment Print

India is developing nation which is steadily progressing on planned track of development.  India is continuously facing some basic hurdles .i.e. External Debt, Poverty, Excessive population, etc. however we belong to the country having sufficient and appropriate resources but as we know “A money in saving account is immaterial until it Invest” . We are facing the crucial issue of debt weather internal or external, almost unable to manage it despite of having sufficient resources. External Debt of India is steadily increasing as the age of India.

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