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Service Tax Internal Audit CENVAT Companies Act LLP Basic concept GST GST Registration GST Returns GST Rates Income Tax Salary Income Housing property Business Income Presumptive Income Capital Gain Other Income TDS Return Case Laws Partnership Firm Accounting Definitions Accounting Standards CA Notes IPCC Notes CA Final Notes Rankholder's Interview Management TopCA's Interview

  • Implication of Securities Transaction Tax (STT)

     

    Securities Transaction Tax (STT): -Securities Transaction Tax is type of Tax levied on Purchase or Sale of Securities (Equity Shares, Equity Oriented Mutual Fund, and Option Contracts in Securities and Futures in Securities etc.)  through recognized stock exchange. Any Assesse

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  • Different Assessment Under Income Tax Act

    Assessment: -Assessment means Assessing Taxable Income of Assessee and Tax Liability their on by Assessee himself/herself or by Assessing Officer. Assessment includes reassessment.

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  • GST: A major indirect tax reform

    The introduction of GST in India is now a reality,
    with the Government stepping on the speed
    button to bring in GST live with effect from
    July 2017. A thorough preparedness of the
    organization before the actual implementation
    of GST is the need of the hour. GST proposes
    to

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  • Amendments in CGST Rules Since 1 Year Of Implementation of GST & Analysis of Amendment Acts 2018

    Notification No.

    Date

    Amendment in CGST Rules

    Changes In

    3/2017-CT

    19th June, 2017

    Introduction of

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  • Presumptive Incomes Under Income Tax Act

    Presumptive Income means Calculation of Incomes on Basis predefined Percentage of Receipt  i.e Certain Portion of Receipt is Treated as Income and Rest of Receipt Treated as Demeed Expenditure irrespective of Expenditure is done or not. Assessee may declare Income more then Income as per Calculation based presumptive Income. When assessee declare Income equal to or more then Income defined as Presumptive

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  • Different Special  Tax Rates  in Income Tax

     Rate of Tax on Long Term Capital Gain

    When Security Transaction Tax (STT) is Paid: - Any Long Term Capital Gain arises on Sale of Securities (not held as Stock in Trade) through Stock Exchange on which STT is Paid then Rate of Tax will NIL (Exempted from Tax) for Gain Up to Rs. 1 Lakh and Any Long Term Capital Gain arises on Sale of Securities (not held as Stock in Trade) through Stock Exchange on which STT is Paid exceeding Rs. 1

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  • Ind AS, IFRS and Indian GAAP: A snapshot of critical areas

    There are many areas of differences between Indian GAAP (the standards issued by the Institute of Chartered Accountants of India [ICAI] and the guidelines issued by the RBI) and Ind AS because current Indian GAAP is driven by “form” in a number of areas rather than “substance,” which is the focus under Ind AS. Certain critical areas that would have a transformational impact on the transition to Ind AS are summarized hereunder:

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  • NPS Tax Benefits and Tax Treatment at Maturity (Latest)

     

    NPS Tax Benefits (Latest)
    This part has not been affected by the latest budget. Only contribution to Tier-I NPS account is eligible for income tax benefits.

    Investment up to Rs 1.5 lacs into NPS in a financial year is eligible for deduction under Section 80CCD(1). Please note this deduction comes under the overall ceiling of Rs 1.5 lacs for deduction under Section 80C. In

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  • Handbook on One Person Company(OPC)

     

    1. Definition of One Person Company (OPC)
    2. No. of Persons Required for formation of OPC
    3. Mandatory Conditions for formation of One Person Company (OPC)
    4. Nominee for OPC
    5. Change of Nominee
    6. Management
    7. Financial Statement of OPC
    8. Meetings...

  • What is Nidhi Company Registration in India

    What is Nidhi Company Registration

    “Nidhi” is a Hindi word, which means finance or fund. Nidhi means a company which has been incorporated with the object of developing the habit of thrift and reserve funds amongst its members and also receiving deposits and lending to its members only for their mutual benefit.

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  • Handbook on Niti Aayog

    NITI Aayog stands for National Institution for Transforming India. It is a Government of India initiative to replace Planning Commission. NITI Aayog involves inputs from both the central and state governments in policy-making processes. The Prime Minister is the Ex-officio chairman of NITI Aayog. NITI Aayog also consists a governing council. Chief Ministers of all the states, chief ministers of Delhi and Puducherry, Lieutenant

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  • Standard on Auditing (SA) 701 Communicating Key Audit Matters in the Independent Auditor’s Report

    Introduction


    Scope of this SA
    1. This Standard on Auditing (SA) deals with the auditor’s responsibility to
    communicate key audit matters in the auditor’s report. It is intended to address both
    the auditor’s judgment as to what to communicate in the auditor’s report and the form
    and content of such

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  • Handbook on E-Way Bill Under GST

    Introduction

    E-waybill under GST is a document containing details or/and instructions relating to the shipment of a consignment of goods. The details include name of consignor, consignee, the point of origin of the consignment, its destination and distance to be travelled. Electronic Way Bill is a compliance wherein by way of a digital interface, the person causing the movement of goods uploads the relevant

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  • Guide on GSTR-4

    What is GSTR-4 Annual Return?

    Taxpayers Registered under composition scheme is required to file GSTR-4 Annual Return with effect from 1st April, 2019, on annual basis, for each financial year. Despite of filing Quarterly return under composition scheme taxpayer now require to file GST-4 only at once, Annual basis. Under this return taxpayer is required to file the details of its business regarding summary of outward supplies, Inward

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  • Job Prospects for CA- Comparison CA Vs MBA

    Below The article describes best career advice for CA and its comparison to MBA Students.

    The training for CAs is a highly elaborate procedure. Aspiring chartered accountants should pass the intermediate exam within ten years of the commencement of their practical training. During the training period candidates would be required to work in different areas learning the basics of auditing and taxation. This enables them to learn the

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  • Handbook on Companies Fresh Start Scheme 2020-21

    The entire economy of the nation is stagnant due to the current lockdown announced by the ruling in order to protect people from the COVID-19 pandemic. All the government authorized regulatory bodies are doing their best in providing relief to the individuals residing in India. One such organization is the Ministry of Corporate Affairs (MCA) that has come up with a

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  • Deemed Income Under Income Tax Act

    Deemed Income means Income which is actually not earned or received by Asseessee but Income Tax Act consider such as Income deemed to be received in India.

     

    Deemed Income on basis of Certain Past allowances of Deduction but Received Subsequently

    As per sec 59 of Income Tax Act where assessee had claimed any Deduction or allowance in any previous years but in current financial year Asseessee Received any amount of

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  • Eligibility, Functions, Enrollment and Filing of Returns- GST Practitioner

    The Goods and Services Tax law provides for appointment of GST tax practitioners (tax return preparer) to file GST returns on behalf of taxpayers. The taxpayer can authorize any tax practitioner approved by Government to perform GST filing activities on behalf of the taxpayer.

    In this article, we will discuss the functions of tax practitioner, eligibility criteria, registration procedure, authorization of tax

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  • Sahaj & Sugam - Simple Returns Under GST

    Small Taxpayers
    The quarterly GST return filing option would be available for small taxpayers. Small taxpayers have been defined as a person having GST registration and who had a turnover of upto Rs.5 crores in the last financial year. The option to file quarterly or monthly GST return would be given to the taxpayer at the beginning of the year. During the course of the year at the beginning of a quarter, the

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  • Full Guide on MGT-7

    What Is Form MGT 7?
    MGT-7 is an electronic form provided by the Ministry of Corporate affairs to all the corporates in order to fill their annual return details. This e-form is maintained by the Registrar of Companies via electronic mode and on basis of the

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