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

  • Clarification of Some Important Accounting Terms

    Provisional Balance sheet, Projected Balance sheet, Estimated Balance Sheet and Final Balance Sheet

    Provisional Balance Sheet: - Provisional Balance Sheet is prepared for the Period which is already started and Completed but finalisation of Accounts not done.

    Estimated Balance Sheet:

  • Deduction Under Chapter VIA of Income Tax  Act for Financial Year 2017 -18 (Assessment Year 2018-19)

    Deduction under Chapter VIA of Income Tax Act will be allowed either based on Investment or based on expense done as per specified in Income Tax Act. All subsections of sec 80 are covered under Chapter VIA. Deduction under Chapter VI A of Income Tax Act is restricted to Gross Total Income (other than Income from Capital Gain and Wining from Lottery or horse race etc) and No

  • Tax Treatment of Allowances Received by Salaried Employees

    ·        Sec

  • Step by Step Guide to E-Way Bill System

    E-Way Bill is Replacement to old system of Delivery Challan System. E-Way Bill is fully online Process from Registration to E-Way Bill Generation. E-Way bill works on Android and Web Based system. E-Way Bill works in four types of methods such as Web System, SMS System, Bulk Generation System and API System.

    Registration Process

  • Analysis of Negative List in GST

    As Per the Schedule III of Central Goods and Service Tax (CGST) Act 2017 certain service are excluded from Preview definition of Supply of Goods or Service i.e. those certain service are neither treated as Supply of Service or Supply of Goods.


  • Statement of Financial Transaction (STF) in Income Tax – Form 61A

    As per the Sec 285A of the Income Tax Act 1961 certain specified reporting persons required to furnish Statements of Financial Transactions in Form 61A.


  • Step by Step GSTR 3B Online Return Filing Procedure Guide

    Say for e.g. If a person has entered into a transaction of supply of goods, then there must be someone who would be the recipient of the supply of goods. Supplier of the goods would be originating point of the transaction and he would specify, in his return, details of the supply along with the recipient to whom supply has been effected. The return for the inward supplies of the recipient of the supply

  • All About Accounts and Records Under GST

    The article explains about the requirements of CGST Act and corresponding CGST Rules with respect to Accounts and records to be kept under Goods and Services Tax Law. Record keeping is an important aspect for every business and its an integral part of every legal framework. Records are important for furnishing information to Government in the form of Returns, Paying taxes, carrying out reconciliations

  • E-way bill system – Time to relax penal provisions

    It has been more than a year since India made the historic transition from the traditional
    indirect taxation regime comprising of central excise duty, service tax, VAT, etc., to an all-new
    integrated indirect taxation regime i.e. Goods and Services (GST). The government while
    implementing GST on the midnight of 30th June, 2017 declared the

  • FAQ on Registration- GST

    Q 1. What is advantage of taking registration in
    Ans. Registration under Goods and Service Tax (GST)
    regime will confer following advantages to the business:
    • Legally recognized as supplier of goods or services.
    • Proper accounting of taxes paid on the input goods
    or services which can be utilized

  • Step By Step Guide For GSTR-5A on GST

    GSTR-5A is a return form to be filed by non-resident Online Information and Database Access or Retrieval (OIDAR) services provider for the services provided from a place outside India to a person in India to unregistered person or non-taxable customers.
    It has to be filed by 20th of the month succeeding the tax period to which the return relates to or by the date as may be extended by

  • Details on Credit & Debit Notes- Section 34 of CGST Act 2017

    Section 34 - Credit and Debit notes.
    (1) Where one or more tax invoices have been issued for supply of any goods or services or both and the taxable value or tax charged in that tax invoice is found to exceed the taxable value or tax payable in respect of such supply, or where the goods supplied are returned by the recipient, or where goods or services or both supplied are found to be deficient, the registered person, who has supplied

  • Company Vs Partnership Vs LLP

    Regulations in India allow for several types of entities using which business can be carried out in India. These entities include but are not limited to Proprietorships, Association of Persons, Trusts, Partnerships, Private Limited Companies, Limited Liability Partnerships, One Person Companies and Public Limited Companies.

    Of these the three most relevant and common entity types for a multi-person business

  • All about Reverse Charge under GST

    1. What is Reverse Charge?

    Normally, the supplier of goods or services pays the tax on supply. In the case of Reverse Charge, the receiver becomes liable to pay the tax, i.e., the chargeability gets reversed.


  • How can I create, submit and file details in Form GSTR-7?

    To create, submit and file details in Form GSTR-7, perform following steps:
    A. Login and Navigate to Form GSTR-7 page
    B. Enter details in various tiles
    C. Preview Form GSTR-7
    D: Payment of Tax
    E. File Form GSTR-7 with DSC/ EVC
    F. View Debit entries in Electronic Cash Ledger for tax payment...

  • Procedures For Surrender DIN

    There are many people who hold a valid DIN and find that the new initiative of KYC verification of the DIN holder is problematic as they did not use the DIN or is no longer a director in any company or LLP. The legal position is that the DIN can be voluntarily surrendered in case it has never been used Surrender or Cancellation of DIN

  • Important Sections covered in Income Tax Returns Filing

    Sec 139(1):-  As per Sec 139(1) of Income Tax Act  Every Company or Firm and other than Company or Firm if their gross total Income basic exemption limit have file Their income Tax Return before due.

    Due Dates:- Due Date is 30th September of assessment year whose  accounts required to get audited including partners of firm whose accounts are required to get audited and due date is 31st July

  • Defective Return in Income Tax Reasons and Solutions

    Sec 139(9):-  Income Tax Return is treated defective return under section 139(9) of income tax act if Income Tax Return is filed without complete information or documents.

     Defective return should be rectified within 15 days of Receipt of Notice under section 139(9) otherwise return become void ab initio. 

    Reasons for Defective Returns: -

    1. Assessee fails to file his/her return in correct format or correct form

  • Who is Liable & Not Liable to get Registered under GST?

    Are you liable to register for GST?
    GST registration is mandatory for-

    Any business whose turnover in a financial year exceeds Rs 20 lakhs (Rs 10 lakhs for North Eastern and hill states).
    [Note: If your turnover is supply of only exempted goods/services which are exempt under GST, this clause does not apply.]

    Every person who is registered

  • Income Tax Slab Rates for Financial Year 2017-18

    Individual Tax Payers - Male Less Than 60 Years Old 

    Income up To Rs. 250000 - Nil Rate

    Income More then Rs. 250000 upto Rs. 500000 - 5%

    Income More then Rs. 500000 upto Rs. 1000000. - 20%

    Income Exceeding Rs. 1000000 - 30%

    In Addition to Tax Surcharge and Education Cess is Applicable

    Surcharge at the Rate of 10% on Tax Amount if Total Income excced Rs. 50 Lakh upto Rs. 1