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Limit for maintenance of books of accounts for Businessmen /Professional w.e.f 01.04.2017

Limit for maintenance of books of accounts for Businessmen /Professional w.e.f  01.04.2017 Summary :As per Finance Bill 2017 , w.e.f 01.04.2017 FY 2016-17 (AY 2018-19) under Section 44AA of Income Tax Act , every person carrying on any business or profession (other than specified profession of medical, legal, etc.) is required to maintain books of account… Read More »

Financial Reporting Book For CA Final by G Sekar

Padhuka’s Student Guide On Financial Reporting For CA Final May 2017 by CA G Sekar (Author) This Financial Reporting Book For CA Final Contains :-  1 Complete Coverage of the CA Final Syllabus. 2 Content Update on Schedule III with more Practical Questions. 3 Summary of all Accounting Standards. 4 Summary of Comparison with IFRS / US… Read More »

Income Tax Slab Rates – Assessment Year 2018-19 as per Budget 2017-18

Income Tax Slab Rates AY 2018-19 Income Tax Slab Rates AY 2018-19 (Financial Year 2017-18) for different category of Persons as per Finance Bill 2017 (Budget 2017-18) are as follow:- Income Tax Slab Rates AY 2018-19 in case of Individual(resident or non-resident) or HUF /AOP/BOI/AJP  In case of an Individual(resident or non-resident) or HUF or Association of Person… Read More »

Budget 2017-18 -Key Highlights

Budget 2017-18 -Key Highlights —- we are updating this page further…….. Finance Bill proposes ban on cash transactions above 3 lakhs 2001 shall be the base year for calculating the capital gains instead of existing 1981. Capital Gains: Holding period for immovable property is reduced to 2 years Presumptive income under Section 44AD for digital… Read More »

Budget Glossary- 29 Budget Terms You must know

Budget Glossary 1. Union Budget Union Budget is the most comprehensive report of the Government’s finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government’s accounts for the next fiscal year called Budgeted Estimates. 2. Direct and Indirect Taxes Direct taxes are the… Read More »

Trade Marks Act 1999 -Bare Act (2017 Edition) by Taxmann

Trade Marks Act 1999 -Bare Act (2017 Edition) by Taxmann (Author) Trade Marks Act 1999 -Bare Act  Incorporating : TRADE MARKS ACT Trade Marks Rules 2002 Trade Marks (Applications and Appeals to the intellectual Property Appellate Board) Rules 2003, Trade Marks (Removal of Difficulties) Order 2004, Intellectual Property Appellate Board (Procedure) Rules 2003 You can buy Trade… Read More »

CA inter IPCC result of Nov 2016 – Rank holders List and Pass Percentage

The Institute of Chartered Accountants of India (ICAI) today announced the result for Chartered Accountants Intermediate (IPC) Examination held in November, 2016. The top three rank holders on all India basis of Chartered Accountants Intermediate (IPC) Examination held in November, 2016 are from Pune, Kolkata and Chennai respectively and their details along with the marks… Read More »

RBI removed Limits on Cash withdrawals from ATMs / Current Accounts / CC /Overdraft

Limits on Cash withdrawals from Bank accounts and ATMs – Restoration of status quo ante Limits on Cash withdrawals from ATMs and Bank accounts (Exept Saving bank accounts) has been removed by RBI by following Notification dated 30.01.2017.  RBI/2016-17/217 DCM (Plg) No. 2905/10.27.00/2016-17 January 30, 2017 The Chairman / Managing Director / Chief Executive Officer, Public… Read More »

CPE Hour Credit – Link to upload and check CPE Hours -ICAI members

CPE Hour Credit -ICAI Members Check Structured and Unstructured Learning Activities Link to upload and check  CPE Hour Credit  The members are required to submit their Self-declaration in the form once in a year on or before 31st May, to avail the CPE Hours Credit for the ULAs undergone by them in the previous calendar… Read More »

Suspension of Circular on Indirect Transfer provision under Income Tax Act 1961

Clarification on Indirect Transfer provision under the Income Tax Act, 1961   Circular No. 41/2016 was issued on 21 December, 2016 which dealt with clarification on Indirect Transfer provisions. After the issue of the aforementioned circular, representations have been received from various FPIs, FIIs, VCFs and other stakeholders. The stakeholders have presented their concerns stating… Read More »

Video Lectures on Insolvency and Bankruptcy Code 2016

 Insolvency and Bankruptcy Code 2016 Video Lectures -1 on Insolvency and Bankruptcy Code 2016 Video Lecture 2A on Insolvency and Bankruptcy Code 2016 Video Lecture 2B on Insolvency and Bankruptcy Code 2016 Video Lecture 2C on Insolvency and Bankruptcy Code 2016 Video Lecture 2D on Insolvency and Bankruptcy Code 2016 Video Lecture 3A on Insolvency… Read More »

The Citizenship (Amendment) Bill 2016 -Video Discussion

The Citizenship (Amendment) Bill 2016 Published on Oct 28, 2016 Hindus, Jains, Sikhs, Buddhists, Parsi, and Christian community members who are minorities in Afghanistan, Pakistan and Bangladesh may become Indian citizenship more easily. The citizenship amendment bill 2016 empowers and simplifies the stringent criteria granting citizenship to group. Now the proposals will enable them to… Read More »

CA Exam -How to get certified copies / inspection of evaluated answer books ? FAQ

How to get Certified copies/inspection of evaluated answer books of CA Exam Frequently Asked Questions on, supply of certified copies/inspection of evaluated answer books Please note that this paper is merely an attempt to provide answers to questions on the subject, posed to us, by the candidates from time to time, to the extent possible… Read More »

Service Tax Exemption – notification No. 25/2012-ST Amended

Seeks to amend notification No. 25/2012-ST dated 20.06.2012 so as to (i) withdraw the exemption from service tax for services provided or agreed to be provided by a person located in non-taxable territory to a person located in non-taxable territory by way of transportation of goods by a vessel from a place outside India up… Read More »

MVAT- Date Extended for Audit Report in Form e-704 -2015-16

Office of the Commissioner of Sales Tax 8th floor, Vikrikar Bhavan, Mazgaon, Mumbai 400 010. TRADE CIRCULAR No.VAT/MMB- 2015/72/Adm -8  Trade Circular No. 3 T of 2017 Mumbai, dated:- 11/01/2017 Sub: Filing of the VAT Audit Report in Form 704 for year 2015-16. Ref: Letter received from FD No. VAT 1517/CR 1/Taxation-1 dated 11.01.2017. Section… Read More »

SPICe ( INC-32 ) FAQ’s

SPICe (INC-32) Vide the Companies (Incorporation) Amendment Fifth Rules, 2016 dated 29th December 2016, INC-2 is deprecated and INC-7 shall be used for incorporating Part I Companies and companies with more than seven subscribers only. The revised INC-7 shall be made available on the portal for filing purposes w.e.f 15th January 2017. For incorporating OPCs… Read More »

GST #Issue11 Manufacturer under Revised GST Law from Repealed Act ?

Manufacturer under Revised Model GST Law, Definition of Manufacturer under Revised Model GST Law Section 2(63) of the Revised Model GST Law provides that :- (63) “manufacturer” shall have the meaning assigned to it by the Central Excise Act, 1944 (1 of 1944); Revised Model GST Law, :Repeal and saving Further, Section 164 of the Revised Model GST… Read More »

m-Parivahan App – Check details of car and owner

m-Parivahan Ministry of Road Transport and Highways will launch mobile apps  m-Parivahan –  during the week  from 9th to 15th January 2017. m-Parivahan is a citizen centric app that will facilitate access to various transport related services. The app provides for virtual driving license and registration certificate through back end connection to Transport National Register. … Read More »

Indian Govt. amends rules for Special Economic Zone

SPECIAL ECONOMIC ZONES (AMENDMENT) RULES, 2016 – SUBSTITUTION OF RULE 5A NOTIFICATION NO. GSR 2(E) [F.NO.C.2/1/2016-SEZ], DATED 26-12-2016 In exercise of the powers conferred by section 55 of the Special Economic Zones Act, 2005 (28 of 2005), the Central Government hereby makes the following rules further to amend the Special Economic Zones Rules, 2006, namely:—… Read More »

Registration & Submission of Form V for Reporting under Pradhan Mantri Garib Kalvan Deposit Scheme

DGIT(S)-ADG(S)-2/e-filing notification/106/2016 Government of India  Ministry of Finance Central Board-of Direct Taxes Directorate of Income Tax (Systems) Notification No. 14 of 2016 New Delhi, 30thDecember, 2016 Procedure for Registration and Submission of Form V for Reporting under Pradhan Mantri Garib Kalvan Deposit Scheme (PMGK), 2016 In exercise of the powers conferred by Subsection (c) of… Read More »

Do’s and Dont’s for CA’s – Recent Decisions of Ethical Standards Board of ICAI

Recent Decisions of Ethical Standards Board of ICAI for Chartered Accountants A chartered accountants in practice cannot become Financial Advisors and receive fees/commission from Financial Institutions such as Mutual Funds, Insurance Companies, NBFCs etc. A chartered accountant cannot exercise lien over the client documents/records for non-payment of his fees. It is not permissible for CA… Read More »

Railways -5% Discount for booking of Retiring Room through digital means

Indian Railways Measures to Promote Digital Payments In pursuance of this announcement made by Government of India for promotion of  Digital & Cashless Economy, Ministry of Railways has initiated some additional following package of incentives and measures. This shall be made effective from 1st January 2017. 1.      Ministry of Railways has decided to instruct Yatri… Read More »

Reserve Bank of India -RBI offices in India

The Reserve Bank of India has offices at 31 locations. 1. SRINAGAR Reserve Bank of India, Srinagar office, Amir Manzil, 1-C, Rajbagh, Srinagar(Jammu and Kashmir)190 008 Tel No. 0194-2312685, 2312899 Fax No. 0194- 2454249 2. JAMMU [The Jurisdiction of this RBI office is the State of Jammu & Kashmir ] Rail Head Complex, Jammu –… Read More »

Govt proposed jail to people holding old notes

 Holding demonetized notes of Rs 5,00 and 1,000 ? Govt of India to bring Ordinance The Union Cabinet has approved an ordinance to impose penalty and a jail term for people holding demonetized notes of Rs 5,00 and 1,000. Only specified category of people will be allowed to keep demonetized notes. However, anyone can possess… Read More »

Identity Certificate Format for Passport for Govt Employees , Spouse , Children < 18 years

As per the new Passport Amendment Rules 2016 Notified by Govt of India in 23.12.2016 ANNEXURE ‘A’ ALL CENTRAL GOVERNMENT EMPLOYEES, STATE GOVERNMENT EMPLOYEES, EMPLOYEES OF STATUTORY BODIES AND PUBLIC SECTOR UNDERTAKINGS, THEIR SPOUSE AND CHILDREN UPTO THE AGE OF 18 YEARS ARE REQUIRED TO PRODUCE AN IDENTITY CERTIFICATE (STRIKE OUT OPTIONS THAT ARE NOT… Read More »

Drafting Pleading And Conveyancing- Book

Drafting, Pleading And Conveyancing This book on Drafting Pleading And Conveyancing deals with the principles of and procedure for drafting various notices, plaints, written statements, civil applications, marriage petitions, petitions under succession law, consumer law, criminal complaints and applications, appeal and revision and writ petitions. Link to Buy Drafting, Pleading And Conveyancing Paperback: 570 pages Publisher:… Read More »

Demonetization impact on Audit Report for FY 2016-17

 Demonetization impact on Audit Report for FY 2016-17 In one of the historical reforms of the economy of India, Rs 500 and Rs 1,000 notes were banned effective from Tuesday midnight i.e on midnight of 08.11.2016 Demonetization impact on Audit Report : Notifications of Govt of India Before Audit , Auditor needs to have read… Read More »

Press in India Report 2015-16 -Key highlights -Know What India is reading

Press in India Report 2015-16 Shri Naidu  released the Press in India Report 2015-16 prepared by Registrar of Newspapers of India. on 22.12.2016 The highlights of the Press in India Report is given below: 1 The Total Number of Registered Publications i)       Newspaper category (Daily, Tri/Bi-weekly periodicities) ii)    Periodicals category (other periodicities) 1,10,851 16,136 94,715… Read More »

Know how to transact using UPI apps (English Video)

Know how to transact using UPI apps (English) Did you know that the you can pay with your name! Create your Virtual Payment Address (VPA) (eg. yourname@abcbank) on any Unified Payments Interface (UPI) app of your choice and start transacting today. [Related Post How to do Cashless Transactions -SBI Pay App- Payment without cash] Now You… Read More »

TDS not deducted on Payment to Non Resident – Notice to be issued in Reasonable time

Facts of the Case In engaging the non- resident entities for interconnections, some charges were accrued – which were paid by the Petitioner to those foreign entities.. The respondents issued the Show Cause Notice dated 31.03.2011, for the period F.Y. 2001-2002 to 2010-2011, to the Petitioner asking it to show cause as to why it… Read More »