Articles

Solution to GST Return Errors- Blank Dashboard for Return

GST RETURN ERRORS-BLANK DASHBOARD FOR RETURN COMMON VALIDATION ERRORS WHEN THE RETURN DASHBOARD IS BLANK AFTER LOGIN: – 1. Name and Date of Birth mismatch with PAN data base – on promoter/partner and authorised signatory tab, taxpayer to verify name appearing in www.searchpan.in 2. Name mismatch with UIDAI data base – on promoter/pa...

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Applicability of GST Law On Co- Operative Housing Societies

This article has been written with a view to increase awareness of members of Housing Societies and Management Committee towards registration requirements and the services which are exempted and which attract GST. An attempt has been made to analyze the terms used in various sections of GST Act and provide some insight into its applicabil...

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Adjustments as required under ICDS – Clause 13 (e) of Form 3CD

Adjustments under ICDS will mean additions to arrive at total income in beginning and in later years same additions will have to be deducted in computation of Total income. The adjustments thus are in the nature of only timing difference - advancing the revenue collection - But Tax neutral in the long run. Disclosure with respect to ICDS ...

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Simplified E-Way Bill Under GST

The Government has notified E-Way Bill Rules vide notification no. 27/2017 dated 30.08.2017. The date of implementation of the e-way bill mechanism would be notified separately, but various sources said it is likely to come into force by 1st October, 2017....

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Interest on Input reversal when payment not done in 180 Days

Clause 2 of the GST draft ITC rules, read with section 16 of CGST Act, 2017, deals with such transactions. The rule requires to furnish the details of such supply and the amount of input tax credit availed of in form GSTR-2, in the following month of such transaction. It requires this shall be added to the output tax liability.The rule al...

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U S Taxation – Auditor’s responsibility: U S Audit Vs Indian Audit, a lively comparison

Not a day passes without reference to fictitious accounts opened for diverting funds either for income tax purposes or laundering of funds. Interestingly, many of these accounts carry the solemn auditor’s fairness opinion on the financial statements. It was a meeting of Chartered Accountants, some of them must be leading, judging by the...

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Cabinet Reshuffle: New Faces, New Challenges, New Frontiers

Prime Minister Narendra Modi has completed his cabinet reshuffle. Among the inspiring rejuvenations were Nirmala Sitharaman taking over as the first woman to be a full-time Defence Minister and Olympics Silver Medalist shooter Rajyavardhan Singh Rathore’s accession as the Sports Minister (Independent charge). ...

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IND AS and Income Tax Act – a complex interplay

The world is soon going to become a village; therefore, it is time to standardize business practices all over the world, and global uniform accounting standards and practices are the need of the hour. The Indian Accounting Standards or IND AS have also been designed accordingly. Transactions would be perceived differently with the advent ...

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Composition Scheme under GST- Brief Analysis

Composition scheme under the GST law is for small businesses where they can opt to pay a fixed percentage of turnover as tax in lieu of standard rate of tax and be relieved from the detailed compliance of the provisions of law. Section 10 of CGST Act deals with composition levy....

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