Daily Archives: November 25, 2016

Schedule III of Model GST Law (India)

By | November 25, 2016

Empowered Committee of State Finance Ministers June, 2016  Model GST Law SCHEDULE III LIABILITY TO BE REGISTERED 1. Every supplier shall be liable to be registered under this Act in the State from where he makes a taxable supply of goods and/or services if his aggregate turnover in a financial year exceeds [Rs nine lakh]:… Read More »

CPT Dec 2016 Admit cards

By | November 25, 2016

Announcement Admit cards – CPT December 2016 24th November, 2016 Admit cards in respect of candidates admitted to the CPT December 2016 examination, with their photographs and signatures on them, are hosted on icaiexam.icai.org Candidates may print their admit cards from the said website. For downloading/printing of the admit cards, candidates will have to login… Read More »

Marriage shagun in old currency notes ( Rs 500/ Rs 1000) – Deposit into Bank ?

By | November 25, 2016

Q Guests came to attend my  marriage and had given the shagun in old currency notes of Rs 500 / Rs 1000. Can I deposit the notes in Bank account. If marriage shagun is given on or before November 8, 2016 (in notes of Rs. 500/1,000), then it can be deposited in bank up till December 30,… Read More »

Cash Sale Exceeding Rs 2 Lakh -Reporting by person who is liable for audit u/s 44AB

By | November 25, 2016

Rule 114-E (2) of Income Tax Rules requires reporting by any person who is liable for audit under Section 44 AB of Income Tax Act in respect of transaction mentioned at Sr. No. 11 .Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature (other… Read More »

Section 44 AB of Income Tax Act ( After Amendment by Finance Act 2016)

By | November 25, 2016

Section 44 AB of Income Tax Act [Section 44AB After Amedment by the Finance Act, 2016 ] 69[Audit of accounts of certain persons carrying on business or profession. 44AB. Every person,— (a) carrying on business shall if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds 73[one crore… Read More »

Consequences if banned currency notes accepted after 8th November 2016

By | November 25, 2016

Govt of India has banned Old Rs 500 and Rs 1000 Bank Notes w.e.f 09.11.2016 except for certain exempt payments. read Permissible payments with old bank note Date Extended till 15 Dec 2016 with new items added What are the consequences if I accept banned currency after 8th November? Any contract in lieu of an illegal… Read More »

Acknowledgement of Notice served u/s 143(2) not available, Assessment is Void

By | November 25, 2016

Held The AO had failed to produce any evidence regarding the issuance of notice or service of said notice. In our opinion, notice of hearing should not only the issue properly but it has to be served upon the assessee and the prove of service has to be placed on record. In the case under… Read More »

Use your old Rs 500 notes for 23 transactions

By | November 25, 2016

Demonetisation : 23 places you can still use your old Rs 500 notes 24 Nov, 2016, 20:38 pm Government has permitted various exemptions for certain transactions and activities wherein payment could be made only through old Rs 500 notes. [ read Govt Notification Permissible payments with old bank note Date Extended till 15 Dec 2016 with… Read More »