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  • Important sections in Chartered Accountant Act 1949

    Sec 7:- As per Sec 7 of Chartered Accountant Act 1949, a member in Practice can't use any other designation or description other than a Chartered Accountant. However member who is not in practice can use any other description if he or she doesn't use the designation of a Chartered Accountant. Member in practice can use any other description which indicates the membership of other accounting bodies approved

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  • GST- Anti-Profiteering on Sale of Flats

    While most real estate buyers have been on the fence when it comes to investments or purchases of new houses post RERA and now GST, the latter does ensure that the Input Tax Credit (ITC) benefits received by the builder are passed on to the buyer as well. Builder are expected to follow through with this, because of the anti-profiteering provision in Section 171 of the GST Act. The objective of anti-profiteering is to ensure that the

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  • Taxability of Dividend

    Dividend refers to Distribution of Accomulated Profits by a Company to its share Holders. But there are Certain Transaction which are considered as Deemed Dividend even though there is no Actual Distribution of Profits such Transaction are Distribution of May Assets by Company to its shareholders, Distribution of Debentures or Debenture Certificate by Company to Its Share Holders, Distribution of any Assets by Company to its shareholders in

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  • Clubbing of Income

     

    Clubbing of Income means any Income Earned by any Person but included in the total Income on any other Assessee or Transferor of Assets through which Income is Earned. Asseessee may try to avoid Tax or minimise Tax Liability either through transferring the Income or Transferring the Source of Income (i.e. Transferring Asstes from which Assessee is earning Income). To avoid such Tax Evasion Activities Concept of Clubbing of Income

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  • Tax Treatment of Retirement Benefits Received by Asseessee

    Any Person who had completed his or her Service Period expects some benefits on Retirement based on Performance during Service. Retirement benefits may be in form of Gratuity or Pension or Leave Encashment etc. Even Non Government Employers are also bound to provide Benefits subject to certain exemptions. Taxability of such Benefits depends on nature Benefits and type of Employee along Relevant Legislation.

     

    Gratuity

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  • Important Notes of Professional Ethics in CA Final Audit

    THE FIRST SCHEDULE

    THE PART I :- Professional misconduct in relation to chartered accountants in Practice

    Clause I: - A chartered accountant in practice shall be deemed to be guilty of professional misconduct, if he allows any person to practice in his name  unless such person is also a chartered accountant in practice and is in partnership with or employed by him.

    Clause II: - A chartered accountant in practice shall

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  • CA Final Direct Tax - Recent Case Laws, Circulars and Notifications for May 2018 and Nov. 2018 exams. by CA. Dinesh Tejwani

    CA

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  • Details & FAQs on Documents Required for GST Registration

    1. Information, proofs required to be attached on the basis of Constitution of Business selected by Applicant.

    Constitution of Business Proof of Constitution
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  • GST Registration Check, How To Identify Correct GST Number?

    GST Registration Validity

    GST registration for regular taxpayers do not have an expiry date and is valid until it is surrendered or cancelled. Only the GST registration for non-resident taxable persons and casual taxable persons are valid until the date mentioned on the GST registration certificate.

    How to Check GST Registration Application Status

    If you

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  • Transition to Ind AS by Banks and NBFCs: Key focus areas and their impacts

    Transition to Ind AS is not just an
    “accounting change”
    Considering the potential wide-ranging effects of the transition,
    the implementation effort would impact functions outside of
    the finance department, including IT, legal, risk, compliance,
    product groups, operations, marketing, human resources,...

  • All About Digital Signature Certificate (DSC)

    Benefits of a digital signature certificate
    Digital Signature Certificates are helpful in authenticating the personal information details of the individual holder when conducting business online.

    Reduced cost and time: Instead of signing the hard copy documents physically and scanning them to send them via e-mail, you can digitally sign the PDF files and send them much more

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  • How to E-Verify Your Income Tax Return

    The Companies (Amendment) Ordinance, 2018

    In brief The Companies (Amendment) Ordinance, 2018 received the President of India’s assent bringing into force further amendments to certain provisions of the Companies Act, 2013 (Act) with effect from 2 November, 2018. The Ordinance promulgated is based on the recommendations made by the Committee appointed by the Government to review offences under the Act. The twin objectives of the Ordinance are the promotion of Ease of Doing

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  • How to Cancel GST Registration in India – Who, When & Why?

    Have you surrendered your GST number or, has your GST registration been cancelled and do you think you are free from filling GST return after doing so? Well, I have a bad news for you then.  You will have to file GSTR 10 within three months from the date of surrender or cancellation of GST registration. Now you will have a question that what exactly is GSTR 10?

    GSTR 10 is basically a stock summary, stating

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  • What are the key features of the Simplified GST Quarterly & Monthly returns?

    GST Quarterly Forms for Small Traders and Business Owners
    The new GST quarterly returns norms have come as a welcome relief for small traders and business owners who were grieved by burdening compliance procedures and rules. In this blog, we discuss salient features of the new GST quarterly returns.

    GST Quarterly Returns: Eligibility and Features
    Business owners,

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  • PPF vs EPF vs NPS- Its Tax Implications

    Public Provident Fund

    This offers tax exemption at all stages. The money invested gets you deduction under Section 80C. The interest accrued on the PPF account gets you exemption under Section 10.

    If you take a loan from the PPF account, the interest on such loan can be claimed against your business income if funds are used for your business. However, if funds are used for personal

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  • Discussion & FAQ's on Punjab State Development Tax Act and Rules, 2018

    1. Who is liable to pay Punjab State Developmental tax?

    Every employee or person doing business or profession in Punjab is liable to development tax if Taxable Income (Income after deduction of 80C etc) is above maximum exemption limit as per Income Tax Act i.e. Rs. 2,50,000/- at

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  • Recent Updates on Section 112A – Income Tax on Long Term Capital Gain

    Vide Finance Bill 2018, the Government has come up with an insertion to section 112A under the Income Tax Act, 1961. The new section 112A has been inserted in order to levy long-term capital gain tax on the transfer of equity share, units of equity oriented funds and units of the business trust.

    The main object behind the introduction of new section 112A, as provided by the Government, is that the exemption

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  • Will the New Rules on Delayed Payment to MSMEs Have Any Impact?

    On 2 November 2018, the Union government issued a notification under the Micro, Small and Medium Enterprises (MSMEs) Development Act, 2006 ostensibly to ensure timely and smooth flow of credit to MSMEs and minimise sickness among them. 
     
    The Act strengthens the provisions relating to delayed payments to the MSMEs by specifying the maximum credit period and higher penal interest if
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  • What is National Financial Reporting Authority ( NFRA ), Scope & Its Function

    Composition of the NFRA

    The Companies Act requires the NFRA to have a chairperson who will be appointed by the Central Government and a maximum of 15 members. The appointment of such chairperson and members are subject to the following qualifications:

    • They should be having an expertise in accountancy, auditing, finance or law.
    • They
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