Complete Tax Solution

1. Amendment in Negative list: As per Sec. 66D(a), services provided by government or a Local Authority are covered in negative list excluding 4 services, one of them was “Support services provided to business entities”.

​ Introduction The present system of indirect taxation has multiplicity of taxes levied by the Centre and State. This has led to a complex / conflicting principles in indirect tax structure, adding to the multiple compliance and administrative costs.

Arjuna (Fictional Character ): Krishna, the government has brought the provision of TCS (Tax Collected at Source) on sale of every product or service in income tax and everywhere a debate or discussion on it is going on. What exactly is there in this TCS provision?

Implications of Budgetary changes on activities undertaken by Mutual Fund agents. With the advent of Negative list of services from July 2012, specific classification of services has been dealt away with and a single unified definition of services has been specified under Section 65B(44) of the Finance Act, 1994. (the Act)

The NDA government recently announced, what it termed, a “radical liberalization” of the Foreign Direct Investment (FDI) regime by easing norms for a host of important sectors including defense, civil aviation and pharmaceuticals, opening them up for complete foreign ownership.

Expense management is the management of all the company spends. This includes both short and long duration tasks like procurement (raw materials, office supplies,infrastructure needs), digital spends (marketing and technologies tools, analysis and reporting),

In order to move towards ease of doing business the CBEC has issued a circular no 187/6/2015-Service Tax dated 10th November 2015 regarding speedy disbursal of pending refund to exporters of service under Rule 5 of Cenvat Credit Rules, 2004. Since, the Government has directed especially to speedy sanction of refund in case of exporters of services.

In continuity to my earlier article on Internal Financial Control (IFC) , in current article we delve on the aspect of “Auditors Role” and take one practical example of evaluating the control which influences the “Financial Reporting” (FR). The journey begins with the ambiguity endowed by plain reading of Section 143(3)(i), and the rescue that we decipher from the “Guidance Note On IFC”. Let us begin with contents of bare reading of Section 143(3)(i) :

Nobel Prize winning economist Joseph Stiglitz, IMF head Christine Lagarde and MIT professor Erik Brynjolfsson all said GDP is a poor indicator of progress and argued for a change to the way we measure economic and social development.

Hello everyone! It’s been quite a long time that I have written anything on this platform. Even the series of “International Transaction” I began with two years ago was left midway. Consistent pre occupation at office and then mind boggling exams pressure left me with no time to complete the pending tasks. Finally, taking out the time to bring to an end some unfinished tasks,

FINANCIAL INSTRUMENTS: DEFINITION AND SCOPE (IND AS 32) Financial Instrument -: Any contract that give rise to a financial asset of one entity and a financial liability or equity instrument of another entity. In this definition, “contract” refers to an agreement between two parties which is enforceable by law. An assets or liability that is not contractual (e.g., an obligation to pay taxes) is not a financial instrument even though it may results in the receipt or deliver for cash.

SECTION-3 Meaning and scope of supply Supply includes all forms of supply of goods and/or services such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business

Central Government vide Notification No. 35/2016-ST dt June 23, 2016, has exempted taxable services with respect to which the invoice for the service has been issued on or before May 31, 2016, from the whole of KKC leviable thereon, subject to condition that the provision of service has been completed on or before May 31, 2016.

 Pursuing with an objective to finance and promote initiatives to improve agriculture and farmer welfare, the Government announced a new cess namely ‘Krishi Kalyan Cess’ ( “KKC” ), to be levied at 0.5% on the value of all taxable services w.e.f June 1, 2016. Hence, after levy of KKC, Service tax rate has increased from 14.5% to 15%, effective from June 1, 2016.

In India, out of the over 5000 listed companies, promoters of 4274 companies had pledged all or some of their shares, according to an analysis by Securities and Exchange Board of India as quoted in the RBI Financial Stability Report. Pledge of shares has increasingly become a common practice resorted to by the corporate world to raise finances.

Section-16 Manner of taking input tax credit

Saving enough and having a comfortable life in the future is what everyone dreams about. But ‘how’ and ‘how much’ are the inert questions anybody would have in mind. Am I saving enough for the future? Will it take care of my future with the increasing prices and inflation rates?

Moving Towards Differentiated Banking: Payments Bank Recently Mr. Dilip Sanghvi (MD of Sun Pharmaceuticals) announced dropping his plan to start a “Payments Bank”, which made to the headlines of most newspapers. Payments bank is a new concept introduced by the RBI. Mr. Dilip Sanghvi has earlier partnered with IDFC and Telenor to start a payments bank in India.

Recently, I thought of this question. Is there any space for an introvert in this world? How a fast changing world can occupy introverts? We can see a hell lot of such persons. Just look around, there will be some faces, in your class rooms, work places, neighbours or even in your home. They normally speak less and hence, much attention will not be given to such persons.

Applicability of Standards/Guidance Notes/Legislative  Amendments etc. for November, 2016 – Final Examination Paper 1: Financial Reporting I. Framework for the Preparation and Presentation of Financial Statements.