Goods and Services Tax Act (GST), pegged as a major tax reform post-independence, has already been introduced by the Government of India and is likely to be implemented from 1 July 2017. This will subsume most of the indirect taxes (such as VAT, excise, service tax etc.) levied by the… Continue reading
Changes in new clause 31 of Form 3CD Clause 31 of Form 3CD has been substituted to include within its fold, reporting requirements taking into consideration the amendments effected in section 269SS and 269T, including within its scope payments relating to immovable property transactions. Further, the scope of reporting in… Continue reading
LIST OF DOCUMENT-For GST Registration Proprietorship:- PHOTO PAN CARD AADHAAR CARD ELECTRICITY BILL RENT AGREMENT / NOC RC COPY BANK STATEMENT (SHOWING BANK NAME, ADDRESS, IFSC CODE, ACCOUNT NO, PARTY NAME & ADDRESS AND FEW LATEST TRASNACTION) POWER OF ATTORNEY PARTNERSHIP:- PARTNERSHIP DEED PAN CARD FIRM BANK STATEMENT FIRM (SHOWING… Continue reading
CBEC to be renamed as Central Board of Indirect Taxes(CBIT) after GST rolls out. GST SECTIONS- AN ONSHOT OVERVIEW Section-1 Short Title, extent and commencement Section-2 Definitions Section-3 Meaning and Scope of Supply Section-4 C lasses of officers under Central Goods and Services Tax Act Section-4 Classes of officers under… Continue reading
GST to Replace following 16 taxes levied by Centre (As per Lok Sabha debate.) 👉 Central Excise Duty. 👉 Duties of Excise ( Medicinal and Toilet Preparations). 👉 Additional Duties of Excise (Goods of Special Importance). 👉 Additional Duties of Excise (Textiles and Textile Products). 👉 Additional Duties of Customs… Continue reading
Dear Non Tax Filer/ Indian Assessee, If your total income earned between 1st April 2014 to 31st March 2015 is more than ₹2,50,000 you must file income tax return before today day end. 31st March, 2016 is the last date to file your FY 14-15 returns! If you miss this… Continue reading
Know Your Customer (KYC) Direction, 2016 RBI/DBR/2015-16/18 DBR.AML.BC.No.81/14.01.001/2015-16 February 25, 2016 Know Your Customer (KYC) Direction, 2016 In terms of the provisions of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, Regulated Entities (REs) are required to follow certain customer identification procedure while… Continue reading
Highlights of the Union Budget Speech of Hon’ble Finance Minister-Sh. Arun Jaitley (29th Feb, 2016) — Health Insurance Scheme being announced to benefit at least 1/3rd of Indian Population — Significant changes expected in the FDI policy — Following are the 9 pillars of this Budget: Agriculture and farmer’s welfare…. Continue reading
Learn Indian Income Tax Implications for NRI’s ? How do I determine my residential status? Here’s how you can check your residential status for a financial year. You’re considered a ‘resident’ in a financial year if you satisfy one of the conditions below: You are in India for 182 days… Continue reading