kaushala1's Posts - Page 2

Video: Happiest profession post GST implementation

Any person who is in reverse charge is the happiest man or woman. There life is in good shape. They can take holidays. They can spend good time with their friends and families for 30 days in a month....

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Best GST tax invoice format with explanation

The GST tax invoice is the most important document in GST regime. This is grand father of all document. This document can be panacea of indirect tax. Govt. thinks this document shall end corruption when filed in GST Network. Computers will work overnight to match invoice with invoice. This system hopes to weed out bad eggs....

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There is no law to fix MRP

MRP simply means that price of goods cannot exceed the displayed price. GST is not levied on the basis of MRP. GST is levied on that price on which goods are actually transacted. GST is levied on invoice price. Suppose MRP of any goods is Rs. 100 and it is sold at Rs 80. GST shall be levied on Rs. 80. This is the law. Even if goods are so...

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What happens after 3 months of implementation of GST

Friends as you all know GST has been made effective w.e.f 1-7-2017. GST has been welcomed by all and specially Chartered Accountants for a simple reason that it will create biggest opportunity of all time for them. CA's are most enthusiastic and they should be....

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Most dangerous section of GST

Section 9(4) shall force every service provider who is providing services to business entity to get itself registered even if their turnover do not exceeds Rs. 20 Lakhs. Chartered Accountant, company secretaries and cost accountant will need immediate registration under GST on the first day of start of practice. Even supplier of goods sha...

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Finance Act 2017: Cash transaction compliance a must w.e.f 1-4-2017 or face heavy penalty

Section 269SST includes within its sweep all types of cash receipts from any person of whatever nature whether as donations or gifts or compensation, encashment of securities/instruments etc. A penalty equal to the amount of such receipt shall be imposed u/s 271D....

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Budget 2017: Filing of return for AY 2018-19 and consequences of late filing u/s 234F

Vide Budget 2017consequences of late filing of return has been changed drastically. It basically forces the assessee to file the return of income in time. It allows late filing of return albiet with a fees. Even the time of filing of revised return has been reduced by 1 year....

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Computation of tax as per slab rate for AY 2017-18

Finance bill 2017 has reduced the lowest slab rate to 5% from 10%. This is a welcome step. The assessee shall get maximum benefit of Rs. 12,500 across all levels of income. ...

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MCQ Strategy : Ethical Code to cheat

Very useful for students appearing in CA, CS, CMA, UPSC and other competitive exams. 1. Accelerate your mind before the start. … 2. Read the questions cautiously and then answer. … 3. Do not try to solve everything in one go. … 4. Take half to one minute breaks if possible. … 5. Learn as […]...

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Carry forward of loss only when return is filed in time u/s 139(3)

Section 139(3) If a person has sustained a loss under the head Profits and gains of business or profession or under the head Capital Gains and claims that such loss should be carried forward under section 72 or section 73 or section 74 or section 74A, then he may furnish a return of loss within the time prescribed under section 139(1) and...

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