Income Tax


Saturday 22 July 2017

List Of Documents Required For Trust Registration u/s 12A & 80G

                         Today, We discuss a Topic related the Documents, which are required by Income Tax Department for registered the Trust under Income Tax Act, 1961.
Now, People are facing the problem to registered their Trust under the Act, because every one, don't have complete knowledge about Documents required by the Income Tax Department.
Following are list of Documents required by the I.T. Department for Trust registration -
  • Form no. 10A with Court Fee stamp of Rs. 5/-
  • Attested Copy of Certificate from Charity Commissioner/ Asst. Registrar of Societies.
  • Attested Copy of Trust Deed Approved by the Charity Commissioner.
  • Declaration u/s 13(109c) of S.T. Act, 1961 duly signed by all Trustee.
  • Form no. 10G with Court Fee stamp of Rs. 5/-.
  • Reason for Delay, If any.
  • Copies of I.E. Acts Balance Sheets, Audit Reports in Form no. 10B for last 3 years or since Creations of Trust as applicable.
  • Copies of Acknowledgements of return of Income of Trust for last 3 years or as applicable.
  • Note on Activities of the Trust for last 3 years or since creation of the Trust as applicable.
  • List of Trustees with Addressees- Like Pan Card Copy & Aadhar Card Copy.
  • A Certificate regarding "No Change" in the Trust Deed/Objects since creation last approvals u/s 80G of the Act.
  • List of Donors for Rs. 5,000 /- and above for last 3 years or since creation of the Trust as applicable.
  • Copies of the Form no. 10 with Assessing Officer in the case of accumulation of Surplus.
  • Copy of Registration u/s 12A
  • Copy of 80G approval Certificate 
Note - Three Sets of above Documents should be submitted to their respective C.I.T Office.

Tuesday 11 July 2017

Latest GST Rate on 3 Jul, 2017

                      GST Council has made some changes in their Rates under Goods & Services. As below in the PDF file, latest rates of Goods & Service are available as decided by the Council & published by the GST Council as on 03, Jul 2017 and also providing the HSN & SAC codes.

Now, Governments continuously change their rate after getting the Feedback from the Various sources, Still GST rate for Builders & Developers not confirmed, its very difficult for every one to decide the GST rate. In the Proposal, Two rates were forwarded to the council 12% or 18%.

Click here to Download Latest GST Rate on Services as on 3 Jul, 2017

Friday 7 July 2017

Forensic Audit & Auditor's Duty to Report on Fraud (PPT)

Forensic auditing is a blend of accounting, auditing and investigative skills. The information technology has led to innumerable benefits to businesses but at the same time it has made the businesses vulnerable to serious complicated frauds. Fraud means wrongful or criminal deception intended to result in financial or personal gain. Fraud always undermines the confidence of stakeholders. 

There is a strong nexus between prevention of fraud & good corporate governance. The total loan amount in fraud cases was increases every year. So it is our duty to detect fraud for that reason section 143(12) provides that an auditor has to report to the central Government. If fraud is less than specified amount, the report was made to Audit Committee or Board. Fraud committed by officers or employees of the company are to be reported only and not by the third parties. 

As per Section 143(12) an auditor has to report a fraud if fraud involves the amount as per rule 13(1) in the manner as per rule 13(2). As per 1st proviso auditor has report to the audit committee in the manner as per Rule 13(3). 2nd proviso requires company to report the details of frauds in Board Report in the manner specified in Rule 13(4). Rule 13(1) was introduced in Companies (Audit & Auditors) Rule 2014.

As per the Rule the specified amount is Rs. 1Crore. As per (Institute of Chartered Accountants of India) ICAI’s revised guidance note which was published in February -2016, an auditor reports a matter to audit committee immediately but not more than 2days of his knowledge & seeking their reply within 45 days.  Also auditor must specify the nature of fraud, amount and parties involved in fraud. 

If reply was not received then the auditor has to forward his report to The Secretary, Ministry of Corporate Affairs by speed post. While reporting to the Central Government auditor must sent his own details along with Form ADT-4. Here I made a power point presentation to explain the basic provisions of the Act.

-          Tushar G. Agrawal


Monday 3 July 2017

Demonetization-Impact on Indian Economy (PPT)

The aim of demonetization is to wash the stock of "Black money" out of the economy and get it into the licit, banked and taxable, part of the economy. The ultimate value of Black Money become nil. In short, through the demonetization government can make the black money value equals to zero. Demonetization effects on various economic entities like Small Traders, Households, Political Parties, Professionals like doctors, carpenters, utility service providers, etc. also on differential sectors like Manufacturing, Service, Agriculture, Foreign Inflows etc
Prepared By- Tushar Agrawal

Click here to Download PPT of Demonetization Impact