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
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
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
Methods of Goodwill 1. Average Profits Method: Under this metod goodwill is calculated on the basis of the average of some agreed number of past years. The average is then multiplied by the agreed number of years. This is the simplest and the most commonly used method of the valuation… Continue reading
Highlights of New Proposed Goods & Service Tax (GST) The basic principal governing behind GST is to have single Taxation System for Goods and Servicesacross the country. Currently Indian economy has various taxes on Goods and services such as VAT,Service Tax, Excise, Entertainment Tax, Luxury Tax Etc. now in the… Continue reading
To succeed in business today, you need to be flexible and have good planning and organizational skills. Many people start a business thinking that they’ll turn on their computers or open their doors and start making money – only to find that making money in a business is much more… Continue reading