An NBFC-MFI is defined as a non-deposit taking NBFC (other than a company licensed under Section 25 of the Indian Companies Act, 1956) with Minimum Net Owned Funds of Rs.5 crore (for NBFC-MFIs registered in the North Eastern Region of the country, it will be Rs. 2 crore) and having not less than 85% of its net assets as qualifying assets.
Leasing of vehicles purchased and leased prior to 1st July, 2017 would attract GST at a rate equal to 65% of the applicable GST rate (including Compensation Cess). In order to provide relief to old/existing leases of motor vehicles, GST Council in its 22nd Meeting held on the 6th October, 2017 in the national capital […]
Fixed deposit has remained the most favored investment option as it not only preserves your capital but also provides surety of returns that are going to be only profitable. Even though the trend is changing and investors are moving on to other preferred modes of investment the old world charm of a fixed deposit remains […]
While processing income-tax returns filed in Form ITR-1, doubts have arisen regarding the nature, extent and scope of comparison of information as contained in the return of income with the three Forms which might lead to issuance of intimation proposing adjustments to the returned income.
To reduce the cascading of taxes arising on account of non-inclusion of petrol, diesel, ATF, natural gas and crude oil in GST and to incentivise investments in the E&P (exploration and production) sector and downstream sector, the GST Council in its 22nd meeting held on 6th October, 2017 has made the following recommendations for GST […]
PFRDA rolls-out Aadhar Powered Digital on Boarding into APY through eNPS platform for wider reach; Benefits of APY@eNPS include paperless registration; No need to visit Bank Branch & to have Banking Id and 24*7 Online En-rollment at the customer’s convenience. Pension Fund Regulatory and Development Authority (PFRDA) has embarked upon several digital friendly steps for […]
Addition of new field i.e. Goods and Service Tax Number (GSTN) under form page of TDS/TCS statements -15 digit alpha-numeric value to be entered under this field. Applicable for regular and correction statements pertains to all forms and FYs.
Depreciation was allowable @10% on public highway road treating the same as building. It was held assessee was granted license for construction against which it had right to use and collect license fee to use of the land. It had right to restrict the people without non payment of toll tax. It was not only road, they had to construct toll booth and provide facilities for the staff for the purpose of their accommodation.
The Institute of Chartered Accountants of India (ICAI) has recently written a letter to the Ministry of Corporate Affairs, Government of India seeking its intervention in designating Chartered Accountancy qualification as equivalent to Post-graduation and CA-Intermediate to be treated equivalent to Graduate degree in the University education system.
The last date for filing GSTR-1 for the month of July, 2017 is 10th October, 2017. An extension of two months has already been given. There will be no further extension given to taxpayers for filing their GSTR-1 return for July. Taxpayers who have not yet filed their GSTR-1 for July are advised to do […]
