Daily Archives: October 10, 2016

Audit under GST (India) :- Analysis with Flow Chart

Audit under GST Meaning of Audit under GST [ section 2(14)] “Audit” means detailed examination of records, returns and other documents maintained or furnished by the taxable person under this Act or rules made thereunder or under any other law for the time being in force to verify, inter alia, the correctness of turnover declared, taxes paid, refund… Read More »

Rectification of Mistakes u/s 154 of Income Tax : Analysis

RECTIFICATION OF MISTAKES [SECTION 154 of Income Tax Act ] What mistakes can be rectified Any mistake apparent from the record Who can rectify mistakes The following income-tax authorities can rectify mistakes: (a)          the CBDT              (b)             Principal Directors-General/Principal Chief Commissioners/Directors- General/Chief Commissioners (c)        … Read More »

GST loopholes highlighted by Central excise officials

The senior officials of the central excise department have prepared a report on some major loopholes in the Goods and Services Tax (GST) as sought by the Union government to fine tune and improve the law. The report would be submitted to the concerned ministry in a week. “We have raised some key points and… Read More »

Category: GST

Authorities prescribed under Income Tax Rules

AUTHORITIES PRESCRIBED UNDER INCOME-TAX RULES Buy Latest Income Tax Ready Reckoner Rule Relevant section of the Income-tax Act Prescribed authority 2C(1) 10(23C)(iv)/(v) Chief Commissioner or Director General 2CA 10(23C)(vi)/(via) Chief Commissioner or Director General or Central Board of Direct Taxes 2D(1) 10(23F) Director of Income-tax (Exemptions) 2DA(1) 10(23FA) Central Government 2E 10(23G)[Omitted with effect from… Read More »

Due Date chart of Income Tax -Oct 2016 to Dec 2016

Due Date chart of Income Tax Oct 2016 to Dec 2016 Friday, October 7, 2016 Due date for deposit of tax deducted/collected for the month of September, 2016. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is… Read More »

Analysis of Model GST Law of India

Analysis of Model GST Law of India Analysis of Model GST Law : General Points Need for GST Taxes Subsumed in GST Model GST Law Empowered Committee of State Finance Ministers has released the ‘Model Goods and Services (GST) Law’ on 14th June 2016 The GST would extend to whole of India The concepts of… Read More »

Composition Scheme under GST : Complete Analysis

Composition Scheme under GST Key Points about Composition Scheme under GST [ Read Composition Scheme under GST Analysis after CGST act 2017 ] Coverage : Section 8 of Model GST Law cover Composition Scheme. Eligibility :- Composition Scheme under GST can be availed by  Registered taxable person and Does not effects inter-State supply (i.e both, output &… Read More »

Time of Supply under GST- Analysis

Time of Supply under GST of India Time of Supply under Model GST Law (MGL)  Section 12 of Model GST Law  deals with Supply of Goods section 13 of Model GST Law  & 14 deals with Supply of Services.   A solds goods to B for Rs.100000/-. Various events of sale transactions are as under:… Read More »