Remember one thing, when we prepare for exams we think it’s the most difficult part in the life of CA but in fact it is not. To be very frank it is the easiest part in the career of CA. Why because, either to start your OWN practice or to get placed in a top […]
Navigate the complexities of Income Tax scrutiny selection based on AIR (SFT) information. Explore how the department leverages data from financial institutions, scrutinizing transactions to ensure compliance. Understand the implications for taxpayers and stay informed to address potential inquiries.
Introduction Blockchain is an accounting technology. It is concerned with the transfer of ownership of assets, and maintaining a ledger of accurate financial information. The accounting profession is broadly concerned with the measurement and communication of financial information, and the analysis of said information. Using blockchain provides clarity over ownership of assets and existence of […]
Have You Done High Value Transactions in F.Y. 2017-18 but haven’t filed ITR Yet? HERE’S A CHANCE TO SEE THE ISSUE & RESPOND ONLINE Many persons who have done high-value transactions in F. Y. 2017-18, but not yet filed Income Tax Return for the corresponding Asst. Year 2018-19, have been identified. For transparency and to reduce compliance […]
APPEALS AND REVISIONS UNDER INCOME TAX ACT, 1961 The Constitution of India gurantees the citizens of the country certain fundamental rights. Therefore , under any system of rule of law, the right to appeal for redressal of one’s grievances is generally in built. Under the Income Tax Act, 1961 following two alternatives are available to […]
Background: The current tax system needs to be replaced due to the loopholes present. Presently, only 3% public of India pay Income Tax and rest 97% public regularly find newer ways to evade it because the burden of the tax is high. Straightaway one-third percent of a person’s income goes to govt. in form of […]
Then take up this opportunity to know about Term Insurance. Term Insurance is one of the best and affordable insurance for all low and high-income people. It also provides tax- free lump sum of money for a financial safety net. 1. What is Term Insurance? Term insurance is a life insurance policy that pays out […]
Reference to the above, Every Company, who get supplies of goods or services from Micro and Small Enterprises and whose payments to Micro and Small Enterprises Suppliers exceeds 45 days from the Date of Acceptance or the Date of Deemed Acceptance of the goods or services. (hereafter referred to as ‘Specified Company’). Specified Companies as […]
As per GST Law 20th October was the last date to add/modify/correct/delete any details of outward supplies or inward supplies pertaining to previous financial year. So that means any rectification in already filed return of July 2017 to March 2018 is possible on or before 31.10.2018 (being due date for filing GSTR 1 as per relaxation given by Govt).
Introduction For the purpose of computation of GST on second hand goods let us divide the second hand goods into 2 parts:- 1. Second hand vehicles 2. Other Second hand goods Concept of Margin Scheme under GST In GST law the outward tax is always payable on the Sale Value of goods sold, like in […]
