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Government Cautions Public against Bitcoins and Virtual Currencies. Warns on risk of permanent loss of hard earned money like Ponzi Schemes In an advisory on “Virtual Currencies” issued today, the Finance Ministry has raised concern over increase in the price of Virtual ‘Currencies’ (VCs) including Bitcoin, in India …
ICAI Exposure Draft Framework governing Internal Audits Internal audit provides independent assurance on effectiveness of internal controls, risk management processes and contributes to enhancing governance for achieving organizational objectives. The Internal Audit Standards Board of The Institute of Chartered Accountants of India (ICAI) has invited comments on the …
As Form GSTR 1 is now open for all months, the link of workaround Table 6A of FORM GSTR 1 has been disabled on the GST Portal. Taxpayers can now enter details of exports in Table 6A of GSTR-1, while filling Form GSTR-1 of the respective tax periods. …
GST FAQ-Latest 25 tweet dated 28-12-2017 issued by the Official twitter handle of the GoI askGST_GoI for queries raised on GST Question 1: Please explain payment and receipt voucher head under documents issued in GSTR-01 Question 2: Can a company registered in Gujarat claim credit of CGST of …
GST Rates on Real Estate-No GST is applicable on sale of ready to move-in or Completed property GST Rates on Real Estate No GST is applicable on sale of ready to made move-in or Completed property i.e. where the entire consideration has been received after issuance of completion …
Integration of FCRA Bank accounts of individuals/organisations receiving foreign contributions under the FCRA, 2010 with the PFMS. The Foreign Contribution (Regulation) Act, 2010 (FCRA, 2010) regulates the acceptance of the foreign contribution (FC) or foreign hospitality by certain individuals/associations/organisations/companies. The basis purpise of these Regulations is to ensure …
Reimbursement of expenses not income though TDS was deducted on such payments u/s 194C or 194H as contract/commission payments -High Court Prelude: Under Section 194C of the Income Tax Act, 1961 every person making payment under contractual obligation for carrying out any work is required to deduct tax …
Income of SEEPZ Special Economic Zone Authority notified as exempt Under section 10(46) of the Income Tax Act, 1961, the Central Government may notify any specific income of a Body, Authority, Board, Trust or Commission etc. as exempt. The twin conditions for qualifying for the notification are that; …
Total collection under GST for the month of December 2017 has been Rs. 80,808 crores till 25th December 2017 Total Revenue Collection under GST: The total collection under GST for the month of December 2017 has been Rs. 80,808 crores till 25th December 2017. 99.01 lakh taxpayers have been …
Condonation of delay in submission of ITR-V or EVC within 120 days by providing reason for delay at income tax efiling website-Steps required As of now for e-filed return which is not digitally signed, the taxpayer is required to either send a signed copy of Income Tax Return …
