Monthly Archives: September 2016

Interest rates cut on PPF and Sukanya Scheme for 3rd quarter by Govt

By | September 30, 2016

Govt. cuts interest rates on PPF and Sukanya Scheme for 3rd quarter Download Notification of Interest rates on PPF and Sukanya Scheme for 3rd quarter of FY 2016-17 F.No. 1/04/2016-NS.II Government of India Ministry of Finance Department of Economic Affairs (Budget Division) North Block, New Delhi Dated- September 29, 2016 OFFICE MEMORANDUM Subject: Revision of… Read More »

Auto firms seek GST relief for e-vehicles

By | September 30, 2016

Auto firms seek GST relief for e-vehicles Manufacturers of electric vehicles have written to the government seeking exemption for their products from goods and services tax, as they fear the new tax system will nullify the benefits that they are now getting. The industry is concerned that even if electric vehicles are brought into the… Read More »

GST Refunds – Analysis of Draft Rules released by Govt of India

By | September 29, 2016

GST Refunds – Analysis of Draft Rules released by Govt of India Key Points about Draft Rules Related to GST Refunds 10  Forms (Form GST RFD-01 to GST RFD-10) pertain to GST refund are released. A common GST refund application is prescribed for all refunds arising on various instances including refund of unutilised input tax credits… Read More »

What is GST Council in India ?

By | September 29, 2016

Q  What would be the role of GST Council? Ans. A GST Council would be constituted comprising the Union Finance Minister (who will be the Chairman of the Council), the Minister of State (Revenue) and the State Finance/Taxation Ministers to make recommendations to the Union and the States on (i) the taxes, cesses and surcharges… Read More »

Category: GST

Who will decide rates for levy of GST ?

By | September 29, 2016

Q  Who will decide rates for levy of GST? Ans. The CGST and SGST would be levied at rates to be jointly decided by the Centre and States. The rates would be notified on the recommendations of the GST Council. Education Guide on Goods & Service Tax (GST)   S. No. Title of the Post… Read More »

Category: GST

What is IGST?

By | September 29, 2016

Q  What is IGST? Ans. Under the GST regime, an Integrated GST (IGST) would be levied and collected by the Centre on inter-State supply of goods and services. Under Article 269A of the Constitution, the GST on supplies in the course of inter-State trade or commerce shall be levied and collected by the Government of… Read More »

Category: GST

What will be benefits from GST to India

By | September 29, 2016

Q  What are the benefits which the Country will accrue from GST? Ans. Introduction of GST 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 and allowing set-off of prior-stage taxes, it would mitigate the… Read More »

Category: GST

Why is Dual GST required in india

By | September 29, 2016

Q . What type of GST is proposed to be implemented? Ans. It would be a dual GST with the Centre and States simultaneously levying it on a common tax base. The GST to be levied by the Centre on intra-State supply of goods and / or services would be called the Central GST (CGST)… Read More »

Category: GST

Taxpayer can generate GST challan in multiple sittings?

By | September 29, 2016

Q  Can a taxpayer generate challan in multiple sittings? Ans. Yes, a taxpayer can partially fill in the challan form and temporarily “save” the challan for completion at a later stage. A saved challan can be “edited” before finalization. After the tax payer has finalized the challan, he will generate the challan, for use of… Read More »

Category: GST

Validity period of GST challan ?

By | September 29, 2016

Q . Is there a validity period of challan? Ans. Yes, a challan will be valid for fifteen days after its generation and thereafter it will be purged from the System. However, the taxpayer can generate another challan at his convenience. Education Guide on Goods & Service Tax (GST)   S. No. Title of the… Read More »

Category: GST

GST Certificate Download

By | September 29, 2016

GST Certificate Download Here is the procedure and frequently asked question on GST Certificate Download from GST portal Q Can the registration certificate be downloaded from the GSTN portal? Ans. In case registration is granted, applicant can download the Registration Certificate from the GST common portal. www.gst.gov.in When will Provisional Registration Certificate be issued? The… Read More »

Can GST challan generated online be modified?

By | September 29, 2016

Q Can a challan generated online be modified? Ans. No. After logging into GSTN portal for generation of challan, payment particulars have to be fed in by the tax payer or his authorized person. He can save the challan midway for future updation. However once the challan is finalized and CPIN generated, no further changes… Read More »

Category: GST

GST Draft Rules and Formats Released

By | September 29, 2016

The last major development on GST was the approval of Union Cabinet for the formation of GST council and enforcement of all sections of the 101st Constitutional Amendment Act. The GST Council has fixed the annual turnover threshold of Rs. 10 Lakh for North eastern states and Rs 20 Lakh for the other regions. Latest… Read More »

Category: GST

Club /Society members needs to pay GST

By | September 29, 2016

Club /Society members needs to pay GST As per the following FAQ’s on GST by CBEC (Meaning and Scope of Supply) , Club/ Society member needs to pay GST on the Services availed by them from such Society or Club. Thus the govt has overridden the Mutuality concept under which services provided by club /… Read More »

Arrest how made : Section – 46 -Code of Criminal Procedure 1973

By | September 29, 2016

Code of Criminal Procedure, 1973 Section – 46 Arrest how made. 46. (1) In making an arrest the police officer or other person making the same shall actually touch or confine the body of the person to be arrested, unless there be a submission to the custody by word or action: 1[Provided that where a… Read More »

Section 100 of Code of Criminal Procedure 1973 -search of closed place

By | September 29, 2016

Persons in charge of closed place to allow search. Section – 100, Code of Criminal Procedure, 1973 100. (1) Whenever any place liable to search or inspection under this Chapter is closed, any person residing in, or being in charge of, such place, shall, on demand of the officer or other person executing the warrant,… Read More »

IFRS Guidebook: 2016 Edition Kindle Edition

By | September 29, 2016

IFRS Guidebook: 2016 Edition Kindle Edition International Financial Reporting Standards (IFRS) are the basis for financial reporting. The original IFRS documents span thousands of pages, and so are difficult to research. The IFRS Guidebook solves this problem by condensing the key elements of IFRS into a single volume. This book describes each accounting topic, how… Read More »

Scanner -Advanced Auditing & Professional Ethics (CA-Final for Nov. 2016 Exams) (2nd Edition, June 2016)

By | September 29, 2016

Scanner -Advanced Auditing & Professional Ethics (CA-Final for Nov. 2016 Exams) (2nd Edition, June 2016) BUY Scanner -Advanced Auditing & Professional Ethics (CA-Final for Nov. 2016 Exams) (2nd Edition, June 2016) Incorporating *More than 730 Question and Case studies along with answers *All questions from Nov. 2008 to May 2016 *All amendments (including CARO,2016) applicable… Read More »

Scanner -Auditing & Assurance -CA-Intermediate(IPC)-(July 2016 Edition)

By | September 29, 2016

Scanner -Auditing & Assurance [CA-Intermediate(IPC)] (July 2016 Edition for Nov. 2016 Exams) Paperback – 2016 BUY Scanner -Auditing & Assurance [CA-Intermediate(IPC)] (July 2016 Edition for Nov. 2016 Exams) Paperback – 2016 [CA-Intermediate(IPC)] Paperback: 280 pages Publisher: Taxmann Publications Pvt. Ltd.; 2016 Edition edition (2016) Language: English

Scanner-Company Accounts & Auditing Practices (CS-Executive) (August 2016 Edition)

By | September 29, 2016

Scanner-Company Accounts & Auditing Practices (CS-Executive) (August 2016 Edition) Paperback – 2016 BUY Scanner-Company Accounts & Auditing Practices (CS-Executive) (August 2016 Edition) Paperback – 2016 Incorporating : Scanner-cum-Exam Guide , Chapter wise summary with Formulas for quick revision, Fully Solved theoretical and practical question pf last 20 exams, All answers are as per latest applicable… Read More »

Scanner -Industrial Labour & General Laws (CS-Executive) (August 2016 Edition)

By | September 29, 2016

Scanner -Industrial Labour & General Laws (CS-Executive) (August 2016 Edition) Paperback – 2016 BUY Scanner -Industrial Labour & General Laws (CS-Executive) (August 2016 Edition) Incorporationg : Scanner-cum-Exam-Guide, Chapter wise summary for quick revision, Fully solved MCQs of all past exams, Additional MCQs for Practice Paperback: 328 pages Publisher: Taxmann Publications Pvt. Ltd.; 2016 Edition edition… Read More »

Scanner -Capital Markets & Securities Laws (CS-Executive) (August 2016 Edition)

By | September 29, 2016

Scanner -Capital Markets & Securities Laws (CS-Executive) (August 2016 Edition) Paperback – 2016 BUY Scanner -Capital Markets & Securities Laws (CS-Executive) (August 2016 Edition) Incorporating : Scanner-cum-Exam-Guide, Chapter wise summary with Formulas for quick revision, Fully solved theoretical and practical questions of last 20 exams, All answers are as per latest applicable provisions. Paperback: 316… Read More »

Scanner-Economic & Commercial Laws (CS-Executive) (July 2016 Edition)

By | September 29, 2016

Scanner-Economic & Commercial Laws (CS-Executive) (July 2016 Edition) Paperback – 2016 BUY Scanner-Economic & Commercial Laws (CS-Executive) (July 2016 Edition) Incorporating :- Scanner-cum Exam Guide, Chapter-wise summary of theory for revision, Fully Solved questions of last 20 exams, Updated as per latest applicable law Paperback: 352 pages Publisher: Taxmann Publications Pvt. Ltd.; 2016 Edition edition… Read More »

Scanner-Cost & Management Accounting (CS-Executive) (July 2016 Edition)

By | September 29, 2016

Scanner-Cost & Management Accounting (CS-Executive) (July 2016 Edition) Paperback – 2016 BUY Scanner-Cost & Management Accounting (CS-Executive) (July 2016 Edition) Incorporating : Scanner-cum Exam Guide, Chapter Wise Summary with Formulas for Quick Revision, Fully Solved MCQs of All Past Exams, Addditional Theoretical and Practical MCQs for Practical along with Hints Paperback Publisher: Taxmann Publications Pvt.… Read More »

Scanner -Company Law (CS-Executive) (June 2016 Edition)

By | September 29, 2016

Scanner -Company Law (CS-Executive) (June 2016 Edition) 2016 BUY Scanner -Company Law (CS-Executive) (June 2016 Edition) 2016 Incorporating *Scanner-cum-exam Guide *All fully colved question of last twenty exams *Questions covered as per Companies Act 2013 Paperback: 328 pages Publisher: Taxmann; June 2016 Edition edition (2016) Language: English

Jurisdiction of Debts Recovery Tribunals in Maharashtra and Goa Notified

By | September 29, 2016

MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 26th September, 2016 S.O. 3065(E).—In exercise of the powers conferred by section 3 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993) and in supersession of all earlier notifications in so far as they relate to jurisdiction of the… Read More »

Understanding Your IRS Notice or Letter

By | September 29, 2016

Understanding Your IRS Notice or Letter Your notice or letter will explain the reason for the contact and give you instructions on how to handle the issue. Why was I notified by the IRS? The IRS sends notices and letters for the following reasons: You have a balance due. You are due a larger or… Read More »

Category: USA

Extension Filers ? IRS Reminder-Adjusted Gross Income Amount required

By | September 29, 2016

IRS Has a Reminder for Extension Filers: Prior-Year Adjusted Gross Income Amount May Be Needed to File Electronically IR-2016-124, Sept. 22, 2016 WASHINGTON — The Internal Revenue Service has an important reminder for taxpayers who filed for an extension and face an Oct. 17 filing deadline: the adjusted gross income (AGI) amount from your 2014 return… Read More »

Category: USA

Earned Income Tax Credit under USA Taxes

By | September 29, 2016

Earned Income Tax Credit If you earn a low to moderate income, the Earned Income Tax Credit (EITC)  can help you by reducing the amount of tax you owe. To qualify, you must meet certain requirements and file a tax return, even if you do not owe any tax or are not required to file.… Read More »

Category: USA

Confiscated property restoration norms notified by Govt under Prevention of Money laundering

By | September 29, 2016

Prevention of Money laundering (Restoration of Confiscated Property) Rules, 2016. BUY MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 26th September, 2016 G.S.R. 913 (E).— In exercise of the powers conferred by sub-section (1) and clause (x) of subsection (2) of section 73, read with sub-section (8) of section 8 of the Prevention… Read More »

Why not to delay GST Registration ?

By | September 29, 2016

Why not to  delay GST Registration ? Timely GST Registration will give you ITC on Stock  held preceding the date from which Taxable person becomes liable to pay tax As per the following FAQs on GST (ITC) released by CBEC Q 5. What is the ITC entitlement of a person who has applied for registration under the… Read More »

GST – Arrest Guidelines for Officials

By | September 29, 2016

GST – Arrest Guidelines for Officials As per FAQs on GST released by CBEC , Question No 23 and 24 on -Inspection, Search, Seizure and Arrest gives the following guidlines for Arrest under GST Q 23. What are the precautions to be taken during arrest? Ans. The provisions of the Code of Criminal Procedure, 1973 (2… Read More »