CA Vijay Bansal

Goods and Service Tax – Concise Note for better understanding

Goods and Services Tax - Goods and Services Tax would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market....

Draft Gold Monetization Scheme

Goods and Services Tax - Seeking to mobilise idle gold worth up to Rs 60 lakh crore held by households and institutions within country, government proposed a new scheme offering tax-free interest on depositing the yellow metal (Gold) with banks. This scheme will allow the depositors of gold to earn interest in their metal accounts and the jewellers to obtain loan...

Section 147: Power of Review V/s Power to Re Assess

Goods and Services Tax - The provisions of section 147 empower the Assessing Officer, to reopen an assessment if he has reason to believe that income has escaped assessment. The important words under section 147 are ‘has reason to believe’ and these words are stronger than the words ‘is satisfied’....

Quick Revision of Schedule II of companies Act, 2013 – Changes in Depreciation

Goods and Services Tax - With the introduction of the revamped Company Law, changes have been brought about in quite a few areas of interest. We’re focusing on the changes in depreciation in this article. Schedule XIV of the erstwhile Companies Act prescribed minimum SLM (straight line method) and WDV (written down value) rates for depreciation. The Companies c...

Wait is over!! CARO 2015 Notified, but should it be more comprehensive??

Goods and Services Tax - MCA has notified the Companies (Auditor’s Report) Order, 2015 (CARO, 2015) on 10th April, 2015. There was a lot of debate amongst professionals as to whether CARO will be applicable for the audit of the financial year 2014- 15. MCA has finally ended the debates by notifying CARO. ...

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