At the beginning of every year, you get tensed about how to cut on tax and save more and more without tilting your financial balance. Loads of suggestions, options and contradictory advice coming from your surrounding make the task lot difficult for you to decide on something particular. Here we are discussing some basic investment […]
MCA has has issued Companies (Auditor’s Report) Order, 2016 on 29th March 2016 which has replaced the CARO, 2015.This article is a summary of the new reporting requirements and clause wise changes.
On June 14, 2016 the Finance Ministry has released the ‘Model GST Law’. It outlines the structure of the GST regime. Further, the draft of ‘Integrated GST Bill, 2016’ is also released along with such Model GST laws. It also provides the framework for levy and collection of CGST and SGST. CGST is the tax levied under the Central Goods and Services Tax Bill, 2016.
Krishna, July month has started. It is said that income tax return has to be filed in this month. So whoare required to file income tax return before 31st July and what care they should take before filing it? Arjuna, every person whose annual income exceeds the basic exemption limit i.e. exceeds Rs.2.5 lakhs, then he will be required to file income tax return compulsorily. Income tax return of F.Y. 2015-16 shall be filed before 31st July.
Non-filers with potential tax liabilities- It is seen that a large number of non-filers relating to AY 2010-11 onwards identified in various NMS cycles have not filed return/ submitted response and these cases have not been closed by the field formations. These open cases are available on i-taxnet(NMS cycle 1 and 2) and Actionable Information Monitoring System (AIMS) (NMS cycle 3 and 4).
The Hon’ble Supreme Court in Ram Laxman Sugar Mills vs. CIT [1967] 66 ITR 613 observed that a HUF is undoubtedly a Person with in the meaning of section 2(31), it is however not a juristic person for all purposes and cannot enter in to an agreement of partnership either with another HUF or Individual.
In the below PPT Authors have tried to give over all view of major clauses of Model GST Law, 2016 so that one can understand about GST Model law and its provisions. Read / Download PPT Download PPT on GST Model Law and GST Business Reports Read PPT
Number of queries are being received from the students with respect to the proposed change in the curriculum of Education and Training of CA course as to what will happen if registration is done under the Existing Scheme.
The basic purpose of Indian Stamp Act, 1899 is to raise revenue for Government, and government would like to earn more money either by imposing a tax or by charging Duty and in that Duty includes the Stamp Duty, the matter is not relevant but the money is more important for government in the present scenario.
In this write up I tried to analyse:- 1. Scheme of Input Tax Credit under Model GST Law 2. About various returns under GST and 3. Matching concept of input tax credit in GST.
