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Archive: 15 December 2018

Posts in 15 December 2018

IIM-Ahmedabad To Conduct Management Training Programmes For CAs

December 15, 2018 2889 Views 1 comment Print

The Institute of Chartered Accountants of India ( ICAI ) has signed a MoU with the IIM Ahmedabad with an object to co-host open-enrolment and customized training programs exclusively for Chartered Accountants. ICAI is a statutory body set up by an Act of Parliament namely, The Chartered Accountant Act, 1949. ICAI is the second largest accounting […]

Gvat Audit For Cases Where Taxable Turnover Exceeds Inr 25 Lakhs – Is It As Per Law ?

December 15, 2018 2406 Views 0 comment Print

Vide letter dated 07.12.2018 Ld. Joint Commissioner (Legal), Gujarat has clarified that even cases where taxable turnover exceeds INR 25 lakhs (wherein total turnover is less than INR 1 crore) for FY 2017-18 shall also be liable to obtain VAT Audit Report and submit the same. Our analysis in this regard is as under:

Recent Changes In GST Implementation (December, 2018-Part II)

December 15, 2018 11190 Views 1 comment Print

The next GST Council meeting (31st) is scheduled to be held on 22 December, 2018 in Delhi, perhaps the last one of 2018, wherein certain further rationalization steps may be taken. New functionalities on advance ruling, GST refund, appeal etc have since been added on GST portal.

Tax benefits for education

December 15, 2018 5910 Views 3 comments Print

In order to promote education, the government provides certain relief to the individual tax payers in respect of certain expenses incurred by them for education.  Let us discuss these tax benefits. Tax benefits on Tuition fee for children You can claim deduction upto Rs. 1.50 lakh every year for tuition fee paid for full time […]

GST Exemptions to Government (Central, State, Union Territory) & Local Authorities

December 15, 2018 45033 Views 5 comments Print

The GST Act had given various exemptions specifically to Central Government , State Government , Union territory or local authorities vide exemption notification no.12/2017 , Central Tax Rate , dated 28/06/2017 as amended by subsequent notifications. These exemptions have been summarized as under:

Extend due date of filing Form GSTR 9 & 9C: ICAI

December 15, 2018 2208 Views 0 comment Print

We would like to draw your attention to the fact that around 90 Lacs registered persons are required to furnish the Annual Return in Form GSTR 9 and out of them approximately 20 lacs would be required to submit the Reconciliation Statement in Form GSTR – 9C before the due date i.e. 31st December 2018.

ITC eligibility on works contract and construction activities

December 15, 2018 101946 Views 11 comments Print

It is important to determine whether property is movable or immovable as it is first and foremost thing which include or exclude the activity from the scope of works contract or construction activity and will have impact of ITC eligibility or otherwise. The term has not been defined in GST law.

Draft Notice of First AGM & Director’s Report for Private Companies (Other than Small Company & OPC)

December 15, 2018 86319 Views 1 comment Print

Draft Notice of First Annual General Meeting & Director’s Report – As per Provisions of Companies Act, 2013 – (For the Private Companies (Other than Small Companies & OPC)

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