CAclubindia Articles

GST Services exempted w.e.f October 1, 2021

Posted by Bimal Jain 04 October 2021 45969 Views

CBIC has further amended Notification No. 12/2017-Central Tax (Rate) dated June 28, 2017 ("Services exemption notification"), in order to adhere to the recommendations of the 45th GST Council Meeting.

IND AS 12: Income Taxes

Posted by Jerold Ferreira 04 October 2021 14804 Views

Income taxes as per the Indian Accounting Standard 12 include both domestic and foreign taxes, which are based on taxable profits. It also includes withholding taxes.

Unexplained cash credits under provisions of Income Tax Act 1961

Posted by FCS Deepak Pratap Singh 04 October 2021 7167 Views

Section 68 is a charging section, thus, if it is applicable, the assessee will not only be liable to pay the taxes but also penalty under section 271(1) (c) of the Income Tax Act, 1961.

Open Letter To NFRA Chairman Opposing Consultation Paper On Abolishing Statutory Audit

Posted by CA Rohit kapoor 04 October 2021 9255 Views

If Statutory Audit is exempted then there will be no check on business transactions and such exemption will lead to an emergence of spurious companies within MSMCs.

Inside the Hollow World of Self-Help

Posted by Abhishek Panegal 04 October 2021 1624 Views

A lot of you would be watching these so-called motivational videos and probably feel a lot pump when you watch them. But how long does that last? Ever given a thought? 1 hour or maybe a little more.

Problems and Answers - Section 115QA & 115F of the Income Tax Act 1961

Posted by FCS Deepak Pratap Singh 04 October 2021 2635 Views

Section 115QA provides that a domestic company distributing its income through buy back of shares will have to pay income tax/distribution tax @20% (surcharge @12% and education chess @4%).

Similar Does Not Mean Same

Posted by Prof. Bajaj 04 October 2021 2029 Views

Just because it looks similar or sounds similar, does not mean it's the same. One has to go deeper before investing their hard earned money. If you are not an expert in it, get professional guidance.

What is an SEZ, tax & trade implications on companies located in SEZ?

Posted by Taxblock 04 October 2021 2570 Views

A Special Economic Zone (SEZ) is a zone wherein businesses enjoy simpler tax and easier legal difficulties. It is located in a country’s national borders only, but they are treated as foreign territory for tax purpose.

Changes in GST Rates on Services w.e.f October 01, 2021

Posted by Bimal Jain 02 October 2021 18438 Views

CBIC has further amended Notification No. 11/2017-Central Tax (Rate) dated June 28, 2017 ("Services rate notification"), in order to adhere to the recommendations of the 45th GST Council Meeting.

Changes in GST Rates on Goods w.e.f October 01, 2021

Posted by Bimal Jain 02 October 2021 9736 Views

CBIC has further amended Notification No. 01/2017-Central Tax (Rate) dated June 28, 2017, as amended from time to time, in order to adhere to the recommendations of the 45th GST Council Meeting.