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

    Notification No.


    Amendment in CGST Rules

    Changes In


    19th June, 2017

    Introduction of

  • 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

  • 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

  • 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:

  • 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

  • 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.

  • 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

  • Handbook on Bank Audit 2021- Tips For BaNCS

    For a banking sector, composite system / software which handles transactions, customer relations, regulatory compliances, MIS/ reports request is the need of the hour. Core Banking Systems (CBS) provide the solution for the same. There are number of Core Banking Software’s available in the market. More prominent and used in India are FINACLE, FLEXCUBE and

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


    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

  • Handbook on E-Way Bill Under GST


    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

  • 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

  • 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

  • All About ROC Compliance Calendar For FY 2021-22

    Companies and LLPs in India are required to comply with annual filings under the Companies Act, 2013 and the Limited Liability Partnership Act, 2008. The filings with the ROC should be made once a year or on the occurrence of specified events.

    ROC Compliance

  • Discussion on What Is Pre-Pack Insolvency Or Bankruptcy?

    The Insolvency and Bankruptcy Code, 2016, has boosted the industry in terms of either reviving the company in question or faster liquidation of the same without letting them deteriorate. Essentially it has brought down the timeline for recovery/ resolution from decades to a few years at the most. However, at the same time, the process under the IBC requires both

  • 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

  • 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

  • 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

  • Handbook on How to Register with MCA to become eligible for getting CSR funding

    MCA has published a message on its website to inform that Form CSR-1 is available for filing as eForm on its website and advised stakeholders may to take note of it and plan accordingly.


    All About The Insolvency And Bankruptcy Code, 2016 - Key Highlights

    At present, there are multiple overlapping laws and adjudicating forums dealing with financial failure and insolvency of companies and individuals in India. The current legal and institutional framework does not aid lenders in effective and timely recovery or