Adoption of ICAI Software on Allotment of Statutory Bank-Branch Audit by Banks As you know, we have over the years expressed our concern on the appointment of auditors of public sector banks by Banks’ Board themselves and on the autonomy given to them. To address this, as you are very well aware, ICAI had developed […]
Central Goods & Services Act, 2017(hereinafter to be referred as ‘CGST Act, 2017’) and Integrated Good & Services Act, 2017(hereinafter to be referred as ‘IGST Act, 2017’) vide Section 9(4) and Section 5(4) respectively levied GST on all supplies from unregistered dealer to registered dealer in the hand of registered dealer under reverse charge mechanism […]
GST Amendment laws becomes effective from 1 February, 2019 except some specified provisions Various amendments under the CGST, IGST, UTGST and GST (Compensation to States) Amendment Acts had received the Presidential assent on 29 August 2018. Based on decision taken by the GST Council in its 31st meeting held on 22 December 2018, the CBIC […]
Introduction:- In India, partnership firm is a very popular method for doing business. The income tax Act has recognised the firm as a type of assessee and has incorporated many provisions with regard to taxation of firm and its partners. Taxation on partner at the time of admission:- The partner at the time of joining […]
Latest Budget amendments: 1. Income tax will be virtually nil for slab between 2.5 to 5 Lakhs tax slab by way rebate not straight. 2. Capital gain against property can be invested into 2 units instead of 1 currently. 3. Deemed rent in self-occupied will be go up from 1 to 2 units hence if […]
Shambhubhai Mahadev Ahir Vs ITAT (Gujarat High Court) 1. The petitioner has challenged the decision of the Income Tax Appellate Tribunal recalling an earlier order in exercise of powers for rectification. 2. Brief facts are as under: Petitioner is an individual. Petitioner was subjected to search on 11.10.2006 pursuant to which, the petitioner was required […]
Transfer of shares means the voluntary handing over of the rights and possibly, the duties of a member (as represented in a share of the company) from a shareholder who wishes to not be a member in the company any more to a person who wishes of becoming a member. Thus, shares in a company […]
What does failure mean to you? If you google it, the first rectangular box says: To be unsuccessful in achieving ones goal. Robert Kiyosaki’s book Rich Dad Poor Dad has an amazing theory on failure The book reads “Success is a poor teacher, we learn the most about ourselves when we fail….so don’t be afraid […]
Recently the Finance Minister declared the Interim Budget for 2019-20. No such changes were proposed under GST. Earlier the recommendations were made to amend certain provisions. Some of the provisions are now made applicable from 1st Feb, 2019. Most of the taxpayers being unware of the same, let’s discuss them.
Article contains Amendments in GST Law from 01st February 2019, Proposal of 32nd GST council meeting, Budget Update, Important cases decided on GST, GST Compliance calendar for February 2019, Customs Changes for the month of February 2019, Important cases decided on Custom Law and Important cases decided on Central Excise & Service Tax. A. Amendments […]
