As for specific issues, let me begin with the issue of exemption threshold under GST. In this regard, it was the suggestion of the Empowered Committee that the Centre should consider retaining the exemption threshold of Rs.1.5 crore (presently available under Central Excise) for goods while the CGST threshold for services and the SGST threshold for both goods and services would be Rs.10 lakh. It is fundamental to a dual GST that every transaction constituting a supply of goods and services receive similar treatment under CGST and SGST.
An individual should pay the government a part of his income, which is known as Income Tax returns. It can be regularly filed either in physical or electronic form. Tax is not just a source of income for the government in order to increase their revenues but a social obligation of a citizen. Payment of taxes ensures that government can perform all its obligation on time and through the proper way.
To begin with, next year, he suggested, the Centre will adopt a three-rate formula. While Mukherjee proposed that the rate of taxation for services be fixed at 8 per cent, a dual-rate regime for goods was recommended at the meeting of the empowered committee of state finance ministers. The Centre plans to keep a lower rate of 6 per cent for certain goods and maintain a standard rate of 10 per cent in the first year.
From now onwards, the Traffic Police cannot catch a motorist just to examine the driving license or vehicle documents.They can catch you only if you have violated any traffic laws or if you are driving drunk. Remember that when caught for traffic violation, the fine you pay must be limited to the violation. In other words, the police can’t bloat the bill saying that you have no insurance cover or emission certificate, etc.
A newly-constituted Division Bench at Bombay High Court will hear anew the petition filed by audit firm Price Waterhouse challenging the jurisdiction of capital market regulator SEBI to investigate its role in the multi-crore Satyam fraud.
A Sebi panel has suggested tax parity be introduced for shareholders who tender their shares in open offer and those who sell through the stock market. According to the Sebi Takeover Advisory Committee, the open offer only provides an opportunity to investors to exit the company and hence need not be treated as off-market transaction.
The results of the Chartered Accountants Final Examination held in May-2010 were declared recently.The details of percentage of candidates passed in the above said examinations are given below:CHARTERED ACCOUNTANTS FINAL EXAMINATION (Existing Course) HELD IN MAY-2010
“It’s a girl!” is the scream that gets stuck in your throat after a glance at the Chartered Accountancy final examination results, released by the Institute of Chartered Accountants of India (ICAI) on Monday. Sanjhi Agrawal, first ranker in the ICAI’s PE-II (Professional Examination-II) and Delhi University’s 2008 BCom (Hons) gold-medallist who studied in SRCC, would probably just shrug and smile.
The Central Board of Direct Taxes (CBDT) has constituted a three-member committee to inquire into income tax loss to Mumbai caused due to non-transmission of important information on unaccounted income to field officials concerned. The Central Information Branch (CIB) of I-T department in Mumbai had collected the information which could not be disseminated to the assessing officers for action, as they were locked up in the faulty computer system of the department.
# The fee for verification of answer books is Rs. 100/- per paper subject to a maximum of Rs. 400/- for all the papers of a group/ both groups.The application essentially in the candidate’s own handwriting indicating Roll No., address, and paper(s) to be verified should be submitted within a month from the date of declaration of result.
