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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

  • Charitable Trusts and NGO – Income Tax Benefits

    1. Charitable Trusts – A brief Introduction

    “The word ‘Charity’ connotes altruism in thought and action. It involves an idea of benefiting others rather than oneself” Supreme Court in the case Andhra Chamber of Commerce [1965] 55 ITR 722 (SC). It is a voluntary help either in money/kind to the needy. Collective efforts are always more fruitful and hence there are various Non-Governmental

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  • List of Goods and Services Not Eligible for Input Tax Credit

    Input tax credit is considered very significant for every business unit which is always in the need to invest in the business in the manner of capital. The need of capital is required each and every time a business gets ready for its next project. This time in GST, a business unit will be eligible for input tax credit, only if certain cases are met with the transactions.

    Invoice matching of both the parties

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  • Procedure & FAQs for Search GST Number Using PAN

    Search GST Number Using PAN

    GST Registration is mandatory for the business entities involved in buying and selling of goods and services with an annual turnover of Rs.20 lakhs. All registered taxpayers will be provided with a unique identification number known as GSTIN. The GST portal has been set up to search the GSTIN details using PAN. In this article, we look at the procedure to search for GST number

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  • Composition Scheme Under GST Explained

    1. Who can opt for Composition Scheme?

    Businesses with annual turnover up to Rs 1.0 crore* can opt for composition scheme.

    Turnover of all businesses with same PAN has to be added up to calculate turnover for the purpose of composition scheme.

    Only Manufacturers of goods, Dealers, and Restaurants (not serving alcohol) can opt for composition

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  • How to view applications & responses to queries submitted at GST Portal

    Q.1. Can I view my submitted applications or queries raised by the Tax Officials at the GST Portal?

    Ans. The View My Submissions functionality provides the taxpayers to view all the applications and responses to the queries submitted by them to the tax authorities at a single location on the

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  • Challan Creation & Cancellation For Payment Under GST

    Introduction
    A taxpayer can create challan under GST from GSTN portal for the purpose of payment of taxes. The payment particulars have to be fed in by the taxpayer or his/her authorized person as the case maybe. It is possible to fill in the challan form partially and temporarily “save” the challan for completion at a later stage. A saved challan can be “edited” before

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  • Gvat Audit For Cases Where Taxable Turnover Exceeds Inr 25 Lakhs

    SUMMARY OF GUJARAT VAT NOTIFICATION RELATING TO FILING OF FINAL (ANNUAL) RETURN AND AUDIT UNDER SECTION 63 FOR FY 2017-18

    Notification No. (GHN-05) VAR-2018(47) / Th Dated 19th January, 2018

    Final Return

    Every registered dealer in whose case taxable turnover exceeds rupees 25 Lacs in aggregate during the period April 2017 to June 2017 required to file Final

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  • FAQ on GST in respect of Construction of Residential Complex

    FAQ on GST in respect of Construction of Residential Complex by Builders/Developers.

    S No. Questions
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  • Analysis of GST on Construction of Roads and Highways

    1.0 Introduction
    The government allocates a substantial part of its disbursements towards development of roadways and has given a lot of thrust to highway-building
    initiatives in collaboration with the National Highways Authority of India (NHAI) especially in recent times. Being a booming sector, the introduction of
    Goods & Services Tax (GST) has certainly had an

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  • Audit under GST- When You Might Get Audited by Tax Officers?

    Goods and Service tax or GST will be one tax to subsume all taxes. It will bring in the “One nation one tax” regime. To maintain a check and examine whether correct GST is being paid and the refund is claimed, certain taxable persons will be subject to audit under GST.

    Audit under GST 

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  • Snapshot of policy initiatives & tax incentives to market India as an attractive manufacturing destination

    Overview

    • Manufacturing has emerged as one of the high growth sectors in India targeting global markets and are becoming formidable global competitors.

    • India has jumped 30 places to reach the 100th spot in the world bank’s “Doing Business Report 2017” and has been one of the top improvers.

    • The country is expected to rank amongst the top three

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  • Determination of Market Value for Land Acquisition

    1. Introduction
    The Government of India believed there was a heightened public concern on land acquisition issues
    in India. Of particular concern was that despite many amendments, over the years, to India’s Land
    Acquisition Act of 1894, there was an absence of a cohesive national law that addressed fair
    compensation when private land is acquired

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  • Deduction of Value of Land – Notional or Actual ??

    Challenging the deemed value of land shall be far more difficult than what it seems. It shall be better if an alternate structure is adopted for transfer of land (e.g. separation of land owner and developer) to keep the fair value of land outside the ambit of GST.

     Introduction:

    1. Paragraph 2 of the Rate Notification No. 11/2017 – CT (R) reads as

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  • Summary of GST Taxability on Sale of Capital goods

     

    In case of sale of capital goods under GST, the tax liability for the same has to be calculated in a special manner. The treatment of Capital goods under GST is covered under the below sections:

    1. Section 18 (6) of the CGST Act

    2. Schedule I of the CGST Act

    3. Schedule II of the CGST Act

    4. Rule 44 of the CGST

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  • Liability in Certain Cases under GST


    There are liability to pay in certain cases under Section 85 to 94 of Central Goods and Services Tax Act, 2017 which includes Liability in case of Transfer of Business, Liability of Agent and Principal, Liability in case of Amalgamation or Mergers of Companies, Liability in case of company in Liquidation, Liability of Director of Private Company, Liability of Partners of firm to pay Tax, Liability of Guardians, Trustees etc.,

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  • GST Action Plan for September-October, 2020

    September 2020 is considered to be a significant month for any Financial Year as it includes major compliances under the Goods & Services Act. Here, I provide you with the list of activities which should be performed by a registered person under GST. Extension of Due Date of various Returns and reduction in the Interest and Late fees due to COVID -19 Pandemic The Government of India has extended various returns on account of the pandemic

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  • All About GSTR-9C Audit Checklist

    What is GSTR 9C (GST Audit Form)?
    GSTR 9C is an annual audit form for all the taxpayers having the turnover above 2 crores in a particular financial year. Along with the GSTR 9C audit form, the taxpayer will also have to fill up the reconciliation statement along with the certification of an audit.

    Under this, the authorities have also introduced the format of GSTR 9C in the notification No. 49/ 2018 – Central tax dated

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  • Guide On GST Audit

    The Goods and Services Tax (GST) law aims to simplify and implement a taxpayer friendly indirect taxes regime in India. The GST law has brought several multi-tiered central and state taxes under its ambit. The GST has reduced the cascading effect on the prices of goods and services.

    The GST law has paved for the way for increased levels of transparency in reporting, administration and governance. The GST has its backbone in the form

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  • Income Tax on Startups in India & Tax Incentives to Start-ups

    Start-up India initiative is one of the pertinent initiatives that every budding entrepreneur should be aware of. It enables the start-up to gain various benefits under Income-tax Act, 1961. The requirement is nothing but registration on the Start-up India portal. However, there are some pre-requisites for being eligible to get registered as a

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  • Note on How to pass accounting entries under GST

    Goods and service tax or GST subsumed most of the indirect taxes. It has brought us to the “One nation one tax” regime. Accounting under GST is more simple compared to the erstwhile VAT and excise.

    However, one must understand and pass accounting entries in the books of

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