Daily Archives: October 10, 2016

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

By | October 10, 2016

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

By | October 10, 2016

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 »

TCS-Section 206C – Complete Guide

By | October 10, 2016

COLLECTION OF TAX AT SOURCE [SECTION 206C] Applicability of section  206C [Tax Collected at Source] For applicability of section 206C following conditions should be satisfied, namely :— The assessee is a ‘buyer’ of ‘specific goods’ in any sale, by way of auction, tender or any other mode; or, he is a lessee or licensee in relation… Read More »

Authorities prescribed under Income Tax Rules

By | October 10, 2016

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 »

Analysis of Model GST Law of India

By | October 10, 2016

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

By | October 10, 2016

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 »