tag:blogger.com,1999:blog-57447646034259403012024-03-05T21:32:15.771-08:00 TaxmantraaRajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.comBlogger56125tag:blogger.com,1999:blog-5744764603425940301.post-6983752800251522652020-04-02T06:57:00.002-07:002020-04-02T07:02:57.526-07:00TDS Rate F.Y. 2020-21 & A.Y. 2021-22<div dir="ltr" style="text-align: left;" trbidi="on">
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TDS is nothing but a Tax Deducted at Source, while its mandatory by Government with such a threshold limit as & when applicable as mention below in the TDS chart. Deductor is require to deduct TDS in prescribed manner as mention within due date, said amount should be deposited to central government, if Deductor is failed to do in given time than deductor is liable to pay interest with late fee if such TDS return is not filed within due date as mention below. In this Budget A.Y. 2021-2022 government has change or amend the rate in some section & also insert some section under which to Deduct the TDS. </div>
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<b>Due Date of TDS Deduction & Paid to Central Government:-</b></div>
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7th of the following month (for e.g. Apr month TDS should be deduct & paid on or before 7th of may)<br />
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<b>Interest:-</b></div>
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Interest is charged in a Two way, Firstly when Deductor is nor deduct the TDS & remitted to Government than interest is levy at 1% per month till date of such payment. If (Secondly) Deductor deduct the TDS but not remitted to Government than Interest is levy at 1.5% per month till date of such payment. </div>
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<b>Due Date of TDS Submission:-</b><br />
<table align="left" border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; margin-left: 6.75pt; margin-right: 6.75pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-anchor-horizontal: margin; mso-table-anchor-vertical: paragraph; mso-table-left: left; mso-table-lspace: 9.0pt; mso-table-rspace: 9.0pt; mso-table-top: 105.1pt; mso-yfti-tbllook: 1184;">
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<b>Qtr<o:p></o:p></b></div>
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<b>Period<o:p></o:p></b></div>
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<b>Due Date of Filing<o:p></o:p></b></div>
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Q-1<o:p></o:p></div>
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<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 14.5pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="132"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 0cm; margin-top: 6.0pt; mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: 105.1pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
Apr-Jun<o:p></o:p></div>
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<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 14.5pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.2pt;" valign="top" width="132"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 0cm; margin-top: 6.0pt; mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: 105.1pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
31<sup>st</sup> July<o:p></o:p></div>
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<td style="border-top: none; border: solid black 1.0pt; height: 14.5pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.1pt;" valign="top" width="83"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 0cm; margin-top: 6.0pt; mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: 105.1pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
Q-2<o:p></o:p></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 14.5pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="132"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 0cm; margin-top: 6.0pt; mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: 105.1pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
Jul-Sep<o:p></o:p></div>
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<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 14.5pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.2pt;" valign="top" width="132"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 0cm; margin-top: 6.0pt; mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: 105.1pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
31<sup>st</sup>
October<o:p></o:p></div>
</td>
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<tr style="height: 15.35pt; mso-yfti-irow: 3;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.35pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.1pt;" valign="top" width="83"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 0cm; margin-top: 6.0pt; mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: 105.1pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
Q-3<o:p></o:p></div>
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<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.35pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="132"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 0cm; margin-top: 6.0pt; mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: 105.1pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
Oct-Dec<o:p></o:p></div>
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<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.35pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.2pt;" valign="top" width="132"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 0cm; margin-top: 6.0pt; mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: 105.1pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
31<sup>st</sup> January<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.35pt; mso-yfti-irow: 4; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid black 1.0pt; height: 15.35pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 62.1pt;" valign="top" width="83"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 0cm; margin-top: 6.0pt; mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: 105.1pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
Q-4<o:p></o:p></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.35pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="132"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 0cm; margin-top: 6.0pt; mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: 105.1pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
Jan-Mar<o:p></o:p></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 15.35pt; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.2pt;" valign="top" width="132"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 0cm; margin-top: 6.0pt; mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-top: 105.1pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
31<sup>st</sup> May<o:p></o:p></div>
</td>
</tr>
</tbody></table>
<b><br /></b>
</div>
<div style="text-align: justify;">
<b><br /></b>
<b><br /></b>
<b><br /></b>
<b>Note:-</b><br />
TDS Deducted u/s 194IA, Trnasction during moth of March, Due Date of TDS Deposited on or before 30th April.<br />
<b><br /></b>
<b>Late Fee:-</b><br />
If TDS return not submitted within given above date than Rs. 200 per day late fees will be levy till date of TDS Submission but subject to Maximum TDS amount. <b>For e.g.</b> TDS amount for Q-1 is Rs 7000 same has been deducted & deposited to government but TDS is not submitted till 30th July & later TDS submitted on 10th September than total Late Fee will be Rs 8200/- but late fee not exceed to maximum of TDS amount i.e., Rs 7000/- in this case. So, late fees will be Rs 7000 if return filed on 10th September)<br />
<br /></div>
<div style="text-align: justify;">
<b>Slab Rate for Salary Person:- </b><br />
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<tbody>
<tr>
<td style="border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 125.9pt;" valign="top" width="168"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
<b>Income<o:p></o:p></b></div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
<b>Old Slab Rate<o:p></o:p></b></div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
<b>New Slab Rate<o:p></o:p></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 125.9pt;" valign="top" width="168"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
Rs 0-2,50,000<o:p></o:p></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
Nil<o:p></o:p></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
Nil<o:p></o:p></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 125.9pt;" valign="top" width="168"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
Rs 2,50,001-5,00,000<o:p></o:p></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
5%<o:p></o:p></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
5%<o:p></o:p></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 125.9pt;" valign="top" width="168"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
Rs 5,00,001-7,50,000<o:p></o:p></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
20%<o:p></o:p></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
10%<o:p></o:p></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 125.9pt;" valign="top" width="168"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
Rs 7,50,001-10,00,000<o:p></o:p></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
20%<o:p></o:p></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
15%<o:p></o:p></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 125.9pt;" valign="top" width="168"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
Rs 10,00,001-12,50,000<o:p></o:p></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
30%<o:p></o:p></div>
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<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
20%<o:p></o:p></div>
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<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 125.9pt;" valign="top" width="168"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
Rs 12,50,001-15,00,000<o:p></o:p></div>
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<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
30%<o:p></o:p></div>
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<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
25%<o:p></o:p></div>
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</tr>
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<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 125.9pt;" valign="top" width="168"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
Rs 15,00,001 & above<o:p></o:p></div>
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<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
30%<o:p></o:p></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 48.0pt;">
30%<o:p></o:p></div>
</td>
</tr>
</tbody></table>
<b>Note:-</b></div>
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Rebate u/s 87A of Rs 12500 available if Total Taxable Income is less than Rs 5Lac, if Taxable Income more than Rs 5Lac in this condition rebate will be revoke & no benefit will allow. (Rebate available under Old Slab as well as in New Slab rate)</div>
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If you select New Slab rate please mind it <b>NO DEDCUTION </b>will available, like Interest on Home Loan<b>, </b>Chapter VI A Deduction. NO benefit will allow.<br />
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<a href="https://drive.google.com/file/d/1yDNLrUuddK37Jkxc6feDoeyepn4f_1eT/view?usp=sharing" target="_blank"><b><i>Click here to Download TDS Chart A.Y. 2021-22</i></b></a></h3>
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Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com3tag:blogger.com,1999:blog-5744764603425940301.post-38226017853148288652020-02-05T11:01:00.001-08:002020-02-05T11:01:34.938-08:00Budget 2020, Unpredictable & Highlight with Key points<div dir="ltr" style="text-align: left;" trbidi="on">
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On 1st Feb, 2020 FM Nirmala Sitharaman presented the Union Budget of 2020-21 in Parliament (LS) with her ever longest Speech of 2 hrs & 40 mins by any Finance Minister after Independence.<br />
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In Budget government focus on revive the Growth of Economy as decline underrated now & increase the capacity of end consumer to consume the product & services through increase their Income & As usual Government try to provide more benefits to Agriculture sector which are required by every government in their Budget.</div>
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<b>Today, we discuss on Income Tax which are most awaited by every One.....,</b> </div>
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In Budget FM proposes the New Tax regime with different slab rate under Income Act 1961, In this you have to pay tax Directly on Net Profit without availed any Exemption & Deduction under Chapter VI A except 80CCD & 80JJAA & as well as you can availed old Tax slab rate with all Deduction as going on. People can choose any Tax regime old or New as per their requirement but still some clarification pending from CBDT.<br />
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If New tax regime accepted than its mandatory to maintain for further year & If asessee does not have Business Income in P.Y. than he can switch or change the Tax regime otherwise earlier Tax regime will continue.<br />
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In new Tax slab rate almost 70 exemption or Deduction has removed in this budget out of 100.<br />
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FM proposes Dividend Distribution Tax to be abolished, earlier its paid by Company on Dividend received by recipient now DDT will paid by recipient of Dividend in their hand at applicable rate.<br />
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In Budget Government take some initiative through provide Concessional rate in Tax, 15% Concession to Power Generation Companies. 100% Tax concession to Sovereign wealth funds on Investment in infrastructure projects. Tax on Co-operative society now 22% without any exemption with surcharge & cess earlier it was 30%.<br />
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FM proposes to waived of Interest & penalty who wish to pay Disputed Tax amount on or Before till 31st March & also proposes New Direct Tax Dispute settlement Scheme (Vivaad se Vishwaas Scheme). In addition FM to amend Companies Act to bring Criminal liability in certain cases as may required in law to make more effective & efficient.<br />
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FM proposes to extend the Income Tax Deduction for affordable house by 1 year, In this to get benefit upto Rs. 1.5 Lakh Interest paid on Home Loan, deduction will continue till 31st March 2021.<br />
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In Income Tax Government now focus on faceless appeals for that they allow to amend the IT Act according to that. <br />
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FM proposes to raised FPI limit in corporate Bonds from 9% to 15%. In this Budget Government want Double divestment target for the next Fiscal at Rs. 2.1 lakh Crore.<br />
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Government introduces TDS on mutual Fund at 10% at the time of Payment to recipient & amend TDS on professional Fee of Technical. TDS on Technical Fee at 2% instead of 10%. Government want to sell the 10% share of LIC & IDBI through IPO. <br />
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FM proposes the National Policy on Official Statistics to Improve Data Collection & Dissemination with the help of New Technology in the market.<br />
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<b>New Slab rate are as Follows :-</b><br />
Taxable Aamount Tax Rate<br />
0 - 2.5lac NIL<br />
2.5lac - 5.0lac 5%<br />
5.0lac - 7.5lac 10%<br />
7.5lac - 10.0lac 15%<br />
10.0lac - 12.5lac 20%<br />
12.5lac - 15.0lac 25%<br />
15.0 lac & above 30%<br />
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but upto Rs 5lac <b>NO Tax </b>if assessee has Taxable income less than or equal to 5lac than he can availed rebate u/s 87A of Rs. 12500/-(Tax Amount). In case Taxable Income more than Rs 5lac than rebate should be withdrawn.<br />
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Government now made compulsory Completely Electronic Registration of Charity Institution & In this to the amend pre-filled form for the Assessee to Claim exemption u/s 80G against Donation made by them easily. <br />
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FM proposes to Increases the threshold limit of Tax Audit under Income Tax Act, earlier it was Rs 1.0 crore now increases to Rs 5.0 crore but subject to condition that 95% of Sales or Turnover should Cashless it means through banking channel & Expenses should not be more 5% in cash than this limit will applicable otherwise earlier limit will be continue.<br />
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FM proposes a Good news for Bank Depositors, In this government increases Insurance amount of Depositor from Rs 1 lakh to Rs. 5 lakh, which increase the faith of Bank customer to make more investment in it.<br />
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Government estimated the Nominal GDP growth for 2020-20 at 10% which more than expectation by agency.Now its very interesting to see that Government can achieve this growth rate & HOW.....????<br />
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<a href="https://drive.google.com/file/d/1G64DiFdYeCOIQZM1DwpVHzARtoDmsFwC/view?usp=sharing" target="_blank"><b><i>Click here to Download Finance Bill 2020-21</i></b></a></h4>
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Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com5tag:blogger.com,1999:blog-5744764603425940301.post-59023873157272914992019-09-08T12:34:00.003-07:002019-09-08T12:34:53.135-07:00What is Intimation under Section 143(1) ?<div dir="ltr" style="text-align: left;" trbidi="on">
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Now, today we discuss what is Intimation u/s 143(1).....?? of Income Tax & How to read or understand this section....??.</div>
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The Income Tax return file by any person which processed by Income Tax Department & after processed, Department send a communication letter which called Intimation u/s 143(1)<br />
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Its sent by Income Tax Department on your registered E-mail ID as per e-filing income tax portal, In this IT Department verify or check the Income Tax Calculation done in Income Tax Return (ITR) filed is correct or not. When Income Tax Department processed the Income Tax return, it send an Intimation u/s 143 (1) of Income Tax Act,1961 on your respective E-mail ID.<br />
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In this Income Department matches your Tax Calculation with their records Or sources of information they have, this process also include Tax, Interest calculation, internal inconsistencies, arithmetical error, tax payment made person & so many etc. Its a Prima facie evaluation by department.<br />
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When you received intimation please check your personal details like Name, PAN, Address, Date of filing return & so many are correct or not after that In this Department provides you a comparison in tabular form of your file return. In this they provide all details as you mention at the time of return filed such as Source of Income, any additional Income, Deduction, Tax liability , Tax Deducted at Source, tax relief, interest(u/s 234A, 234B, 234C), Late fees(u/s 234F if any).<br />
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In future Department finds some other source of income which you not declare, you can face income tax notice u/s 245 for additional Tax liability or notice u/s 143(3) Income scrutiny & so on. so, declare your correct Income with correct deduction claim.<br />
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Intimation which send on your E-mail ID is password protracted, password of your intimation is your pan following with Date of birth in lower case. for example aaaaa0000a15081983. <br />
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If Department finds any mis match under any head than Tax discrepancy will be increase. for example if you declare lower Income, claimed more deduction, error while calculating Tax as compare with department than tax liability may arise, that such may be adjusted against your refund if any available.<br />
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Now a days Income Tax Department processed the return faster as compare to earlier, if Department takes more time as prescribed in Income Act than Department is liable to pay interest on your refund amount but this condition is applicable when your return signed copy reached at CPC Income Department office Bengaluru or from the date of EVC accepted.<br />
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Income Tax return must be processed within a One year as per current Income Tax laws. if in case your return not processed in such time you can file a <span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 14px;">grievance on e-filing website through your login ID.</span><br />
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In case of refund, department automatically credited/deposited in such Bank account as mention by you during return filed, some time person by mistake mention wrong account no. in this you can request to department for re-issue of refund with correct Bank Details through your e-filing portal login.<br />
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Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com4tag:blogger.com,1999:blog-5744764603425940301.post-86425606872761957202019-03-10T05:58:00.002-07:002019-03-10T05:58:47.558-07:00Income Computation and Disclosure Standards (ICDS)<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>Introduction of the Topic : </b></div>
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Income Computation & Disclosure Standard was formulated from January-1995. Finance Act, 1995 empowered the Central Government to notify Tax Accounting Standards vide section 145(2) of the Income-tax Act, 1961. CG Constituted a committee (2002 Committee) for formulation of Tax Accounting Standards in 2002. In December-2010, Central Government constituted Committee to study harmonization of ICAI’s Accounting Standards with the Income-tax Act & suggest Tax standards. Based on final report submitted by Committee, CG published drafts of 14 standards for public comments in October-2012. And finally in July-2016 CBDT defers the applicability of ICDS to FY 2016-17 vide its press release dated July 06, 2016 considering the recommendations by expert committee.</div>
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First time, ICDS were notified by Central Govt. by issuing notification no. 32/2015 dated 31/03/2015 (applicable for FY 2015-16 and onwards). ICDS to be applicable only for computation of ‘Profits and Gains from Business & Profession’ (‘PGBP’) and ‘Income from other sources’ in case of taxpayers following mercantile system of accounting. No separate books of account to be maintained for application of ICDS. ICDS shall apply irrespective of accounting standards adopted by the companies i.e. AS or Ind-AS, and it shall not apply for computation of MAT but shall apply for computation of AMT. ICDS shall apply to all persons (including Banks, NBFCs, Insurance Co., Power Sector) unless there are sector specific provisions in ICDS or the Act. Words and expressions used and not defined in the ICDS but defined in the Act shall have the meaning assigned to them in the Act. Items not specifically covered by any ICDS (e.g.: leases, intangible assets, etc.) will continue to be governed by relevant AS/Ind-AS and existing provisions of the Act.And finally the important point to be remembered is Non-compliance with ICDS will give power to tax officer for Best Judgment Assessment. All ICDSs are basically based Accounting Standards. </div>
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<b>Now coming to first ICDS i.e.Accounting Policies which is as similar to Accounting Standard 1. </b></div>
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Fundamental accounting assumptions under ICDS are 1st is Going Concern It refers to the assumption that the person intends to continue his business, profession or vocation for the foreseeable future. 2nd assumption refers to the assumption that accounting policies are consistent from one period to another. And 3rd refers to the assumption that revenues and costs are recognized as they are earned or incurred and recorded in the previous year to which they relate. ICDS 1 Does not consider the concept of ‘materiality’ & “Prudence”. This ICDS prohibits recognition of expected loss or profit unless permitted by any other ICDS. As per ICDS 1, accounting policy can be changed for any “reasonable cause”, As per clarifications reasonable cause is an existing concept and has evolved well over a period of time conferring desired flexibility to the taxpayer in deserving cases. </div>
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Disclosure required under this ICDS is. </div>
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1) All significant accounting policies adopted by a person shall be disclosed. </div>
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2) Any change in the accounting policy having material effect shall be disclosed. The amount by which any item is affected shall also be disclosed to the extent ascertainable. </div>
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3) If a change is made in the accounting policies having no material effect for the current year then the disclosure is required both in the year of adoption as well as in the first year in which it has material effect. </div>
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<b>Now moving to 2nd ICDS i.e. Valuation of Inventories </b></div>
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This Income Computation and Disclosure Standard shall be applied for valuation of inventories, except: Shares, debentures and other financial instruments held as stock‐in‐trade which are dealt with by the Income Computation and Disclosure Standard on securities; </div>
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In case of dissolution of a partnership firm or association of person or body of individuals, notwithstanding whether business is discontinued or not, the inventory on the date of dissolution shall be valued at the net realizable value. </div>
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Now Cost of Inventories under this ICDS: </div>
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Cost Comprises of all cost of purchase, cost of service, cost of conversion and other costs incurred in bringing inventories to their present location and condition. </div>
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• Cost of Purchase: Consist of purchase price including duties and taxes, freight inwards and other expenditure directly attributable to the acquisition. Trade discounts, rebate and other similar items be deducted in determining the cost. While as per AS-2 cost of purchase are shown at net. i.e. exclusive method </div>
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• Cost of Services: Consist of labour and other costs of personnel directly engaged in providing service including supervisory personnel and attributable overheads. While AS 2 does not deal with costs of services. </div>
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Disclosure under this ICDS: </div>
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Accounting policies adopted in measuring should be disclosed & Total carrying amount of inventories.</div>
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<b>Now ICDS 3 i.e. Construction Contracts </b></div>
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This Income Computation and Disclosure Standard shall be applied for: </div>
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Determination of income from construction contract </div>
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Also applies to contract for destruction or restoration of an asset and construction of surrender of services related to construction of an asset </div>
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The Combining and Segmenting Construction Contracts under this ICDS is similar with AS-7 </div>
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Contract Revenue under ICDS 3 will be ….. </div>
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Contract revenue and contract costs associated with the construction contract, which commenced on or after April 01, 2016 shall be recognized in accordance with the provisions of this standard. </div>
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• Contract revenue and contract costs associated with the construction contract, which commenced on or before the 31st March , 2016 but not completed by the said date, shall be recognized on the method regularly followed by the person prior to the previous year beginning on the 1st day of April, 2016. </div>
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Disclosure Requirements under this ICDS </div>
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• The amount of contract revenue recognized as revenue in the period </div>
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• The methods used to determine the stage of completion of contracts in progress </div>
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• Amount of costs incurred and recognized profits (less recognized losses) up to the reporting date (for contracts in progress) </div>
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• The amount of advances received (for contracts in progress) </div>
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• The amount of retention (for contracts in progress) </div>
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<b>ICDS 4 i.e. Revenue Recognition deals with the basis for recognition of revenue arising in the course of ordinary activities from: </b></div>
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- Sale of goods; </div>
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- Rendering of Services; and </div>
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- The use by others of the person’s resources yielding interest, royalties or dividends. </div>
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• It excludes from its application revenue recognition of items that are dealt by other ICDS . </div>
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However, it excludes the following income: </div>
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- Construction contracts </div>
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- Government Grants </div>
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- Hire Purchase / Lease arrangements </div>
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- Revenue earned by insurance companies </div>
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- Disclosure under this ICDS is: </div>
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In case of Sale of Goods: Revenue not recognized due to uncertainty in collection along with the nature of uncertainty to be disclosed; </div>
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In case of Services: Method to compute the stage of completion, Amount of revenue recognized; </div>
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Disclosures with respect to service transactions in progress at the end of the year; </div>
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Amount of costs incurred and recognized profits (less recognized losses) up to the reporting date; </div>
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Amount of advances received; and Amount of retentions.</div>
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<b>ICDS 5 deals with the treatment of Tangible Fixed Assets.</b> </div>
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Concept of Materiality to treat an item as expense is recognized by AS, is not allowed under ICDS. </div>
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Stand-by equipment and servicing equipment are to be capitalized under this ICDS. </div>
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ICDS specifically excludes Other Taxes which are subsequently recoverable from the cost of an acquired tangible fixed asset. </div>
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An Expenditure that increases the future benefits from the existing asset beyond its previously assessed standard of performance is added to the actual cost. </div>
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Disclosure required under this ICDS is: </div>
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Description of assets or block of assets with its rate of depreciation </div>
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Actual Cost or Written down Value of depreciable asset should also be disclosed with any additions & deductions during the year </div>
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Date of Put to Use, Change in rate of currency, Subsidy or grant or reimbursement received also be disclosed.</div>
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<b>Now coming to ICDS 6 that is Effects of Changes In Foreign Exchange Rates</b> </div>
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The standard deals with: </div>
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Treatment of transactions in foreign currencies; </div>
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Translating the financial statements of foreign operations; </div>
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Treatment of foreign currency transactions in the nature of forward exchange contracts </div>
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Initial Recognition of foreign currency transaction shall be as per the exchange rate on the date of transaction </div>
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If the exchange rate does not fluctuate significantly, average rate for week or month can be considered for conversion </div>
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However, if rate fluctuates significantly, rate on the date of transaction to be considered </div>
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The forward contract is entered into to establish the amount of the reporting currency required or available at the settlement date of the transaction. </div>
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Premium or discount on arising at the inception of forward contract shall be amortized as expense or income over the life of contract. </div>
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Exchange difference on contract shall be recognized in previous year in which the exchange rates change. </div>
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Disclosure required to be given is Premium or Discount to be amortized over the period of contract. Exchange difference to recognized on the last day of previous year. </div>
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<b>Now ICDS 7 which Deals with the treatment of Government Grants – </b></div>
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But does not cover government assistance; </div>
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Conditions for recognition of Government Grants </div>
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Government grants not to be recognized until there is a reasonable assurance that the person shall comply with the related conditions attached; and the grants shall be received. </div>
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Following disclosure shall be made in respect of Government grants, namely: </div>
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Nature and extent of Government grants recognized during the previous year; </div>
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Nature and extent of Government grants recognized during the previous year as income; </div>
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Nature and extent of Government grants not recognized during the previous year by way of deduction from the actual cost of the asset; and Nature and extent of Government grants not recognized during the previous year as income and reasons thereof.</div>
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<b>Income Computation and Disclosure Standard No. 8 deals with the Securities.</b> </div>
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This ICDS is applicable to Stock Brokers, Traders & Non-Banking Financial Institutions. </div>
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It excludes Recognition of interest and dividend on securities, Securities in the business of insurance, Securities of Mutual fund, Venture capital funds, Banks and Public financial institutions. </div>
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This ICDS deals with securities held as stock-in-trade and not for securities held as investment. Where a security is acquired in exchange for another security, cost shall be fair value of the security acquired. Securities listed on a recognized stock exchange shall be valued at actual cost as initially recognized or net realizable value, whichever is lower. Securities not listed on a recognized stock exchange shall be valued at actual cost as initially recognized. Part-B of ICDS-VIII contains special requirements regarding securities held by schedule banks and Public Financial Institution </div>
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The disclosure requirements under this ICDS will be </div>
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There are no disclosure requirements as per ICDS-VIII </div>
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<b>The 9th standard deals with treatment of Borrowing Cost.</b> </div>
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Borrowing Costs shall include </div>
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Commitment charges on Borrowings Amortized amount of premium and Discounts Finance charges in respect of assets under finance lease Ancillary costs in connection with arrangements of borrowings. </div>
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The standard does not deal with actual or imputed cost of owner’s equity and preference share capital. </div>
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Borrowing costs eligible for capitalization shall be determined in accordance with ICDS & other borrowing cost shall be dealt in accordance with provisions of The Act. </div>
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Disclosure required under this ICDS: </div>
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Accounting policy adopted for borrowing costs. Amount of borrowing costs capitalized during the year. </div>
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<b>The last but not the least i.e. 10th ICDS deals with Provisions, Contingent Liabilities and Contingent Assets Except </b></div>
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Resulting from financial instruments Resulting from executory contracts Arising in insurance business from contracts with policyholders and Covered by another ICDS </div>
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Whereas, Provision is a liability which can be measured only by using a substantial degree of estimation. </div>
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Liability is a present obligation of the person arising from past events, the settlement of which is expected to result in an outflow from the person of resources embodying economic benefits. </div>
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Contingent liability is A possible obligation that arises from past events and the existence of which will be confirmed only by the occurrence or non occurrence of one or more uncertain future events. </div>
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Contingent assets are recognized when there is a reasonable change and certainty that inflow of economic benefit will arise.</div>
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<b>Disclosure of contingent liability</b> </div>
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A brief description of the nature of the obligation; </div>
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The carrying amount at the beginning and end of the previous year; </div>
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Additional provisions made during the previous year, including increases to existing provisions; </div>
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Disclosure of contingent ASSET </div>
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A brief description of the nature of the asset and related income; </div>
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The carrying amount of asset at the beginning and end of the previous year; </div>
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This is the step to harmonize the accounting & tax. After showing the balance of profit & loss account show the adjustment of ICDS & then adjust the adjustments following under Income Tax Act. </div>
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Expenditure on most post-retirement benefits like provident fund, gratuity, etc. are covered by specific provisions. There are other post-retirement benefits offered by companies like medical benefits, etc. Such benefits are covered by AS-15for which no parallel ICDS has been notified. <br />
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<a href="https://drive.google.com/file/d/1-fa52SyFBk6Etc_v27M6RBzQG2ITZXVJ/view?usp=sharing" target="_blank"><b><i>Click here to Download PPT On ICDS</i></b></a></div>
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Thank you….</div>
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- Tushar Gopal Agrawal </div>
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Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com3tag:blogger.com,1999:blog-5744764603425940301.post-79449069327208108462019-02-05T20:43:00.001-08:002019-02-06T01:05:53.737-08:00CA Intermediate November, 2018 Result <div dir="ltr" style="text-align: left;" trbidi="on">
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On 31st January, 2019 The Institute of Chartered Accountant of India (ICAI) issued a notification of declare the CA Intermediate (Old Course & New Course) result, which examination was held in November, 2018 are expected to Declare on 8th February, 2019 may be around 6.00 p.m.</div>
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CA students check their result on following link easily, </div>
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<a href="http://icaiexam.icai.org/">icaiexam.icai.org</a></div>
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<a href="http://caresult.icai.org/">caresult.icai.org</a></div>
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<a href="http://icai.nic.in/" target="_blank">icai.nic.in</a></div>
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ICAI will publish the merit list upto 50th Rank, ICAI also provide some other facility to their students to get result faster like through E-mail, students may register their request at the website of <a href="http://icaiexam%2Cicai.org/" target="_blank">icaiexam.icai.org</a> from 4th February, 2019, after registering their requests, results will be providing on their E-mail ID. </div>
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Further more facility provided by ICAI through SMS, CA students also knowing their results by SMS on the mobile, this services will be available through India Times. Students those desirous to know the result through SMS should types this are as follows :</div>
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<b>For Old Course Intermediate Examination -</b></div>
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CAIPCOLD (space) XXXXXX (where XXXXXX is the six digit intermediate examination roll number of the student) for example- CAIPCOLD123456</div>
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<b>For New Course Intermediate Examination -</b></div>
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CAIPCNEW (space) XXXXXX (where XXXXXX is the six digit intermediate examination roll number of the student) for example- CAIPCNEW123456</div>
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& send this message to <b>58888. </b></div>
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<b><a href="https://icai.org/new_post.html?post_id=15395&c_id=410" target="_blank">Official Notification issued by ICAI</a></b></div>
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Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com3tag:blogger.com,1999:blog-5744764603425940301.post-87992321113463101592019-02-01T02:33:00.003-08:002019-02-01T20:14:26.203-08:00Budget 2019 Key Points & Highlights<div dir="ltr" style="text-align: left;" trbidi="on">
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On Friday, 1st February 2019 Finance Minister CA Piyush Goyal has presented the Interim Budget, on behalf of Arun Jaitley. Its a first time in history that any CA minister has presented any Union Budget in Parliament, In this Budget NDA Government taking many good moves in favour of Agriculture sector, Education sector, Medical & Hospitality Sector and specially for middle class to provide big relief in Income Tax. </div>
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Government runs many Healthcare Programme like Ayushman Bharat Medical under which around 50 crore people get the treatment, reduced in the cost of medicine. In his speech they mention Economy on Track, Around 5.45 lakh rural village under sanitation coverage & Saubhagya Scheme its also benefits to people. </div>
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In this Budget, Government try to provide additional benefit to Framers & according to that Government will provide Rs. 6,000 p.a. to farmers who holding not more than land of 2 hectares, but that amount of Rs. 6,000 paid in three equal installment of Rs 2,000, this amount directly transfer into farmer's Bank account. Farmers will get 2 % interest subvention to those are busy in pursuing animal husbandry & fisheries. Government announced some more benefits to farmers if crops are affected to due natural calamities than on crop loan 2 % interest subvention & additional 3% interest subvention if they pay the loan installment timely.<br />
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FM proposes to open 22nd AIIMS in Haryana very soon, already 21 AIIMS run in India, its massive move to provide good facility to everyone & everywhere. Government proposes to start a Mega Pension Yojna, In this scheme beneficiaries will get assured pension of Rs 3,000 per month after the age of 60 yrs but subject to condition to contribute Rs 100 per month in this scheme & same amount will be contribute by Government, this Scheme called as Pradhan Mantri Shram Yogi Mandhan. This Scheme is applicable to unorganized sector workers whose salary or income less than Rs 15,000 per month & One more benefits, Specially to workers whose monthly Salary Or Wages Rs 21,000, Bonus will be applicable to them.<br />
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In last 5 yrs under NDA Government, 6 crore Free LPG connection has been provided under the Ujjawala Scheme. To provide 60,000 crore to Manrega scheme, most successful yojana of UPA Government. Rs 1.7 lakh crore for ensure food to all under this everyone to get food on time. FM also proposes Rs 750 crore for National Kamdhenu Ayog for Cows.<br />
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In this Budget Government also focus on there Defence Sector, this time Defence Budget enhanced beyond the limit after so many years of Rs 3 lakh crore & Fiscal Deficit of Country in this year is 3.3% which will be increased in next year around 3.4% of GDP.<br />
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<b>Now Most Awaited announcement regarding Taxation by FM as follow :</b><br />
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FM proposes to increases the Tax free Gratuity limit upto Rs 30 lakh, Its means no Tax on it but it should be covered under Gratuity Act, 1972. Standard Deduction under section 16(ia) for Salaried or Pensioners to be increased from 40k to 50k, this two major changes for Salaried/Pensioner in this budget. In his speech FM said under GST, Rs 97,000 crore average monthly collection in current year. Its more than what actually government expected from taxpayer, its shows belief on the government.<br />
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Now, very Important Topic of Income Tax Slab rate, there is <b>No Change </b>in slab rate, old slab rate will continue as it is, but it should be clear for all taxpayer the FM proposes to Increases Income Tax Rebate under section 87A from Rs 2,500 to Rs 12,500(its a tax amount). It means upto Rs 5 lakh Taxable Income after considering all deduction there will be No Tax. Section 80IB being extended for one more year, under this all housing project those approved till end of F.Y. 2019-20 get the deduction under this section, its good initiative taken by the Government.<br />
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FM proposes No more Tax on Notional Income on House property under section 23(4), Earlier If any assesse has more than One House Property than One Property should be DLO(Deemed to be let out) & other one should be SO(Self Occupied), In that on DLO to declare Notional rent but in this budget to big relief. On Second house there will be No more Tax on DLO Property & related to House Property under section 54 Capital gain benefit limit increased up to Rs 2 crore but this limit will be available once in a Life from Investment in One residential property to Two residential property & One massive Benefit given to Builders, On unsold House as inventory in their book is to be increased from One year to Two Years to maintain in their stock.<br />
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Now, to discuss on TDS issues, No more TDS under Section 194A interest on FD, Post Office up to Rs 40,000 p.a. earlier it was Rs 10,000 p.a. only & under Section 194I, Rent paid earlier to deduct TDS if rent more than Rs 1,80,000 p.a. but in this budget this limit increases up to Rs 2,40,000 p.a.<br />
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In this Budget Government simultaneously focus on Digital India, Due to Digitization Assessee will get Income Tax refund within 24 hrs & to reduced the Scrutiny period up to 2 yrs, but scrutiny will be done through digital way, no need to go personally.<br />
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FM said due to note ban in 2016, there is tremendous growth in taxpayer more than 1 crore New IT return file & Rs. 3 lakh crore has been recovered from Bank Loan Defaulters, this Defaulters are mainly from Corporate Sector. Under GST government proposes 2% Interest relief on loan but subject to registered under MSME.<br />
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I think entire Budget, presented in House mainly focus on Farmers & Middle Class, this budget may be change the result of Election, but overall Budget is Good one because its a only Interim Budget, final Budget will be presented after election. FM Piyush Goyal first time presented Union Budget & Last Budget Of the NDA government. If all proposes are consider it may be change the entire scenario of middle class.<br />
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Now, Every one Can download from below, Interim Budget 2019 Speech & Finance Bill 2019<br />
<b><i><a href="https://drive.google.com/file/d/1iJ1qFLroqijoQNe6_iQ1rupsAAOvN9Nu/view?usp=sharing">Interim Budget Speech 2019 FM/CA Piyush Goyal</a></i></b><br />
<b><a href="https://drive.google.com/file/d/1ZLL_meFTkdoA6MOBxJFfOs1Urn8ZLF58/view?usp=sharing"><i>Finance Bill 2019 </i></a></b><br />
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Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com2tag:blogger.com,1999:blog-5744764603425940301.post-45359136120438626972018-05-25T06:58:00.002-07:002018-05-25T07:02:09.415-07:00Income Computation and Disclosure Standards (ICDS)<div dir="ltr" style="text-align: left;" trbidi="on">
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Draft of 14 Tax Accounting Standards were first issued in August 2012. However, these were revised further and 12 drafts Income Computation and Disclosure Standards (ICDSs) were issued in January 2015 for public comments. From above notification, 10 ICDSs were finalized excluding the standards on ‘Leases’ and ‘Intangible Assets’. However, in January 2016, Income-tax Simplification Committee recommended deferment of ICDS. Section 145(2) – the Central Government has power to notify “ICDS”. CBDT vide Notification dated March 31, 2015 introduced 10 ICDS to be effective from April 1, 2015 and thus, the same was applicable from AY 2016-17 onwards. On September 29, 2016 revised ICDS notified effective from AY 2017-18 and Form 3CD was amended. Recently, on March 23, 2017, CBDT has issued certain clarifications by way of FAQs. The Finance Ministry had notified ten Income Computation and Disclosure Standards (ICDS) from assessment year (AY) 2016-17 [financial year (FY) 2015-16] (hereinafter referred to as “old ICDS”). </div>
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Subsequent to various representations from taxpayers seeking guidance and clarifications for implementation of ICDS, the Finance Ministry, vide a Press Release 2, deferred the implementation of ICDS by one year to AY 2017-18 [FY 2016-17]. That Press Release had stated that revision of ICDS and tax audit report was also under consideration. The extent to which the new ICDS has been aligned with Indian Accounting Standards (Ind AS) also needs to be evaluated. In the wake of implementation of Ind AS from FY 2016-17, taxpayers are already engaged in configuring migration from IGAAP to Ind AS.</div>
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The introduction of the new ICDS is a welcome step as it addresses some issues voiced by businesses. ICDS are applicable to an assessee following mercantile system of accounting. ICDS will apply for computation of taxable income under the head Profit & Gains of Business under the Income Tax Act. This is irrespective of the accounting standards i.e. either Accounting Standards or Ind-AS. It is clarified that if the tax assessee has been following standard costing method on regular basis then tax payer may continue to follow the same. ICDS is applicable to those sources of incomes which are assessable on net basis and does not apply to incomes liable to tax on gross/presumptive basis. This is because specific provisions of the Act shall prevail over ICDS. Let’s have a look on ICDS.</div>
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<a href="https://drive.google.com/file/d/1bii21J-7pz6TBgPMc1fB5_97_0TJpiMb/view?usp=sharing" target="_blank"><b>Click here to Download PPT on ICDS</b></a></div>
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<span style="text-align: left;"> Prepared By</span></div>
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Tushar G Agrawal</div>
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(CA Student)</div>
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Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com1tag:blogger.com,1999:blog-5744764603425940301.post-13340424686477377972018-04-30T06:41:00.003-07:002018-05-21T23:47:08.345-07:00What is TDS ? & TDS Rate F.Y. 2018-19 & A.Y. 2019-20 <div dir="ltr" style="text-align: left;" trbidi="on">
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In this article, we will try to know the actual concept of TDS, it’s role, importance. Why & how it is carried out in the country will be the main perspective of today’s article.</div>
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<b>Introduction</b> :</div>
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TDS is tax deducted at source. This is nothing but a way to collect an income tax in India. It is managed by the Central Board for Direct Taxes (CBDT). Amount covered under this criteria is paid after deduction of recommended percentage or portion. Income Tax Act of 1961 controls all this. CBDT is a part of Indian revenue system which is managed by Indian Revenue Department. It is an important while conducting Tax Audits regarding disallow the some specific amount.</div>
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To collect tax from the active & enormous source of income is the actual aim of Tax Deducted at Source (TDS). This was obviously introduced under the Income Tax Act of 1961. This concept or you can use word TDS system says the person (Deductor) who is accountable for making payment of another person (Deductee) has an authority to to deduct a precise amount meaning tax at source and credit the same into the central government account or into the account of the concerned one. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor.<br />
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<b>How to pay deducted or collected tax at source ?</b></div>
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It is done in a very easy way.Whatever tax deducted or collected at source is deposited to the credit of the central government account by Electronic way. Actually E mode is mandatory for corporate level and those to whom provisions of section 44AB of the Income Tax Act, 1961 is applied. Second way is physical mode. It can be done with Challan 281 in the authorized bank branch. </div>
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<b>Main Objectives Of TDS</b></div>
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To avoid lump sum amount and making salaried people to pay tax in an installments. This is done to enable them to pay the tax because they earn. Collection of the tax at the time of payment of income to various professionals such as contractors. Government also requires funds each year, thus various taxes help them to get funds throughout the year. And run government easily.</div>
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<b>Specified Rates for TDS</b></div>
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Specific rates are decided in the relevant provision of the Act or First Schedule to Finance Act, so taxes shall be deducted accordingly. Such a case where payment to non resident persons, ‘double taxation avoidance agreements’ are needed to withhold tax rates. This is specified under rules.<br />
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<b>Due Date Of TDS Submission</b><br />
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<b> Quarter Government Deductor Non-</b><b>Government Deductor</b><br />
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<b> Q-1 15th August 30th July</b><br />
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<b> Q-2 15th November 30th October</b><br />
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<b> Q-3 15th February 30th January</b></div>
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<b>Q-4 30th May </b><b>30th May</b><br />
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<b>Late Fees</b><br />
If TDS return is nor submitted within due date given prescribed by Finance Act, than 200/- per day late fees will be levy but subject to Maximum amount Of TDS Deduction but Deductor <br />
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<b>Interest</b><br />
Interest will be levied at the rate of 1% per month due to delay in deduction of TDS & If the Deductor deduct the TDS but not remitted to Government than Interest will be levied at 1.5% per month till date of payment.<br />
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<b>Note- </b>Both Interest & Late Fees will be paid before filing the TDS return. <br />
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<b><i><a href="https://drive.google.com/file/d/15ivUsttxxkXqprabf7XqoaR4Rdsq-zuU/view?usp=sharing" target="_blank">Click here to Download TDS Chart for F.Y. 2018-19 & A.Y. 2019-20</a></i></b></div>
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Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com22tag:blogger.com,1999:blog-5744764603425940301.post-5831492009362579152018-03-29T06:16:00.002-07:002018-03-29T12:13:40.196-07:00Deadline, File Income Tax Return On or Before 31st March 2018<div dir="ltr" style="text-align: left;" trbidi="on">
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Income tax return is a document you file with the Internal revenue service or the state tax board reporting your tax board reporting your income, profit and losses of your business and other deductions as well as details about your tax refund or tax liability. If you are earning more than Rs.2,50,000/- per year then you are liable to file income tax return. </div>
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<b>The process is no more flexible from this year to file tax return. You are required to file return On or before 31st March 2018, its last date to file your previous return also after that return cannot be filed, but there is a option to file the return, for that to pay fix penalty or late fees of Rs 5,000/-</b>. </div>
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If you are among those taxpayers who have not yet filed their income tax return (ITR) for the financial year 2016-17, assessment year (AY) 2017-18, you must have received emails and messages from the income-tax department reminding you to file the tax return by 31 March 2018. You must remember that if you had income that was above the exempted limit during F.Y. 2015-16 & 2016-17, then it is mandatory for you to file a tax return. If you had income that was less than the threshold limit for taxes to apply, but you deposited a considerable amount of cash in your bank accounts during the demonetization period, you should file a tax return.</div>
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There is a concept called as a late tax return. The last date to file a tax return is usually 31st July of each assessment year (AY). This is the year in which income is assessed properly, tax is paid and return tax is filed for the previous year means financial year. So, for the financial year 2016-2017 assessment year is 2017-2018. 31st July 2017 was the last date to file tax return for financial year 2016-2017. This date was later changed to 5th August 2017. If someone has filed the tax tax return after the concerned date, then that is considered as "Belated return."</div>
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Belated returns can be filed before the end of the relevant assessment year, that is by 31st march 2018, till financial year 2015-16, taxpayers had some extra time so that they could even file belated returns before the end of two years from the end of the relevant financial year. </div>
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You can do two things at a time.</div>
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1. File the tax return of the Financial year 2016-17 i.e., previous year,</div>
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2. File the return for financial year 2015-2016 also.</div>
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<b>Let’s focus on one major point. Disadvantage of belated return :</b></div>
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You may face penalties & lose out benefits if you don’t file a tax return on given time.</div>
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For starters, there are penalties and interest levied on the income tax that was due. “The person who files a belated return for AY 2017-18 may be subject to a penalty of Rs 5,000 under Section 271F of the Income-tax Act, 1961,”Apart from the penalty, interest too may be levied under various sections. “If any tax is due, interest may have to be paid under sections 234A, 234B and 234C of the Act,”</div>
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From the next AY, 2018-19, a fixed amount of penalty will be charged on belated tax returns. “Section 271F will get replaced by section 234F, which prescribes a late fee of Rs 5,000 if the return is filed after due date and up to 31 December, and Rs 10,000 (from 1 January) up to 31 March of AY. However, if the total taxable income of a person doesn’t exceed Rs 5 lakh, late fee shall not exceed Rs 1,000”.</div>
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Besides penalty and interest, there are other disadvantages to filing tax returns late. One of these is not being able to carry forward capital losses. Certain losses like those from business and profession and short-term capital loss may not be allowed to be carried forward.</div>
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If there is any refund, it may be delayed and taxpayers will not receive interest on refund from 1 April of the AY. Interest will be paid from the date on which the tax return was furnished till the date on which refund is granted. “If return is filed within the due date, interest is paid effective 1 April of the AY to the date on which refund is granted,” for example you were eligible for a refund of Rs 10,000, you filed the ITR in June, which is before the due date (31 July); and you get a refund in September. In this case, you will get interest on the refund from April till September. But if you file late, say, in October, and you get refund in December, you will get interest on the refund only from October till December.</div>
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<b>Penalties if you don’t even file a Belated Tax return :</b> </div>
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Besides the penalties and other disadvantages that a belated tax return invites, the income-tax department can send you a notice of inquiry (under section 142(1)) or a notice of income escaping assessment (section 148). Through these notices, it can seek clarification on why the tax return was filed late, and you will be asked to file the return online as per the date specified in the notice. There may also be penalties.</div>
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If you don’t receive any notice and you have a genuine reason for not having filed the return, “you may send a written request to the AO (assessment officer) for filing a return,” said Gupta. You can do this even after the last date, that is 31 March of the AY, but the permission will depend on AO’s discretion.</div>
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If you don’t reply to the notice or don’t file your return within the stipulated time mentioned there, your problem can escalate, depending on the tax due. “If the person has taxable income and still doesn’t file a tax return, then in addition to penalty for non-filing of return, the person may also be subject to a penalty for under-reporting of income at 50% of the tax payable on under-reported income,”can be initiated in some cases.</div>
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Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com11tag:blogger.com,1999:blog-5744764603425940301.post-72098600952245655242018-03-15T11:59:00.000-07:002018-03-15T12:03:34.361-07:00Basic Rights of an Employee in India<div dir="ltr" style="text-align: left;" trbidi="on">
<b>Basic rights each & every Indian employee should know </b><br />
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<span style="text-align: justify;">If you are an employee in private or government sector, It's your duty to know your primary rights. Knowing about our rights is the major step towards avoiding many issues in professional life so that you can enjoy your work life as well as personal life. Also, it is a sign which explains that you are a smart employee no matter, wherever you are working. In to days article, we will discuss very important 10 rights which every Indian employee should know. This article may help you to know legal statements, what law states about your rights, how can you get a proper help if you need. </span><br />
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<span style="text-align: justify;"><b>1. Leave is the right of each Employees-</b></span></div>
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Employee gets different kind of leaves during his/her working period, according to the reason he/she provides. Leaves are categorized into following main three criteria. </div>
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a). Casual Leave : This leave is an incidental leave provided to an employee in case of emergency such as family issue, to attend meetings called by school for child’s welfare. In any casual seen, this one or two day leave is provided to an employee by an employer. Another type comes under casual leave section is Sick leave. Obviously one may get sick at any time due to unconditional health issues, by modified lifestyle or anything serious. So, you have the right to get sick leave and as an employee of any firm, organization you can apply for sick leave without any hesitation. Another leave under casual section is ‘Privileged leave.’ This is the leave which you need to plan in advance. If you have earned any extra leaves during working period then you can take advantage of this leave. Generally for going on trips with family or friends, this leave is provided to each & every employee because it’s very difficult to arrange tours in one or two days. Other leaves is one of the type which is paid, unpaid or half paid according to duration & reason. </div>
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b). Medical Certificate for one-day sick leave : In case of sick leave of 2-3 days, you are supposed to show a medical certificate as a proof according to rules & regulations. But if a sick leave is just about a day then it is not necessary for you to show a medical certificate. Also leave can be provided to an employee if she/he is on notice period, only on the basis of a genuine reason such as maternity, health issues, declared by 'Delhi High Court.'</div>
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c). Maternity leave is a statutory right of female employee. Period of maternity leave has been already decided by maternity benefit act. </div>
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d). Encashment leave : Basically this concept is nothing but the converting a bond into a money. As an employee you have the right to get many leaves as mentioned above but sometimes what happens you may not use all these leaves due to no emergency or whatever may be the reason. Result of this condition turns into ‘remaining leaves.’ So you can make a best use of encashment leave concept here. You can get your remaining leaves converted into money. This is known as leave encashment. Amount of money is obviously depend your salary. You can use this policy to get money after retirement as well. </div>
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<b>2. Protection from Sexual Harassment at Workplace-</b></div>
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Protection should be provided to all employees from sexual harassment, especially female employees. If any of such illegal activity happens at workplace, then employers & managers are supposed to take a quick actions immediately. </div>
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No one should consent to the inappropriate behavior at workplace. If anyone harasses someone then he/she is punishable under Indian penal code. Any woman who is aggrieved can seek remedy under the sexual harassment of women Act 2013 (Prevention, prohibition, redressal ).</div>
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Under this law, employers are supposed to generate a policy act against sexual harassment. Any organization should have this policy to provide healthy & safe environment to the employees. Policy must define constitutes of sexual harassment & what are penalties for that, policy should always follow "impartiality" during investigation. </div>
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Law states that internal complaint committee should be established for firms/companies which should include a panel of ten or more employees as a committee member. Also, district local complaint committee can be formed under the law for other organizations.</div>
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It is an employers responsibility to nominate member for internal complaint committee. It generally consists of a senior woman, two other employees and a non government member.<br />
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<b>3. Maternity Benefit-</b></div>
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Maternity benefit act was established with respect to the employment of women. This law, Maternity Benefit (amendement) 2016 passed by Rajya sabha in august 2016 and has been passed by Lok sabha in march 2017. </div>
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Earlier the law mandated this benefit for pregnant women for 12 weeks , which has been raised to 26 weeks according to the changes made in the law. Earlier, of these 12 weeks, 6 weeks leave was for post natal care which has also been raised to 8 weeks now. </div>
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Employees also have the right of taking additional one month leave(paid). This special policy provided by law because many a times, complications may arise due to pregnancy, delivery, premature birth, miscarriage, tubectomy operation( two weeks in this case).</div>
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According to maternity benefit act, employer should not employ a woman in the six weeks in case, she is following a date of delivery or miscarriage. No empoyer can dismiss her in case if she is absent in the scenario mentioned above. </div>
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Employee cannot be dismissed if she is on maternity leave. Even something disadvantageous can't be done to the condiotion of her employment while she is on maternal leave.</div>
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Employee should always remember that, if she is dismissed, still she can claim maternity benefit from employee/firm/organization. </div>
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<b>4. Gratuity-</b></div>
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It is an amount provided to an employee based on his service duration who have rendered service for at least 5 years. Even though there is pension and provident fund secures ones life, still gratuity is a right of each & every employee. It is very important for social security. This is provided as a lump-sum amount which is nothing but the benefit provided to an employee as a gratitude. </div>
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If any employee terminate job, resign due to some emergency issue or other, due to death of any employee, gratuity is paid to the employee or to his/her family (if one is no more). This amount is increased with an increase in salary of the employee.</div>
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<b>5. Provident fund-</b></div>
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Employment provident fund (EPF) is a scheme through which an employer gets an amount which can be used for future. This scheme is for all salaried employees managed by the Employee Provident Fund Organisation of India. Company having employees more than 20 can register with the EPFO. Law states that Employer & employee have to contribute 12 % from their salary so that they can get it after retirement. According to law, no employer can deduct whole PF contribution of any employee & if he does so then he/she will be eligible for penalty. If you are working in a private sector or government sector then it is necessary for you to contribute for PF. 15,000/- a month and you can contribute for PF. Once you become a part of EPF then you are not allowed to stop contributing. </div>
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<b>6. Working hours-</b></div>
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Well, working hours have already been decided by the 'Shop and Establishment Act.' This law is active in each & every state. Law says, 9 hours per day & maximum 48 hours per week as a working hours. Regulations realted to working hours is managed by Shop and Establishment Act. Work hours can be extended upto 54 hours a week depending upon the working load & inspector should be informed this with the appropriate notice. Overtime should not be more than 150 hours per year.<br />
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<b>7. Right to get Insurance-</b></div>
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Employee State Insurance Act 1948 states that every employee get insurance if he/she face any serious issue regarding health such as injury or medical condition during the course of employment.</div>
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<b>8. Right to go on Strikes-</b></div>
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Employees have the right to go on strikes even without giving any notice for their demands. Dispute Industrial Act 1947 plays an important role in case of strikes. Rules & regulations must be followed by employee and employer too during such a scenario. </div>
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<b>9. Right to Equal pay for equal work-</b> <br />
Right to Equal pay for equal work is a statutory right for employees. No male female partiality should be followed by any employer in case of payment. Even temporary staff gets an equal amount for the work or task they perform during work. </div>
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<b>10. Written Employment Agreement-</b></div>
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It is a well drafted & designed Letter. Company must provide you a written agreement letter before you start working and employee should properly read and understand each term, condition. It is a legal document which explains important things about your employment. It contains everything such as rights and obligations of employee, company for the safety and security purpose. Every Employee should know the importance of agreement. If any situation such as dispute between you and employer occurs in future, then you can resolve the issue with the help of agreement as all the required things are mentioned in the agreement. </div>
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Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com1tag:blogger.com,1999:blog-5744764603425940301.post-6500969231436574282018-02-04T07:46:00.001-08:002018-02-05T08:12:30.342-08:00Key Points Highlighting Union Budget 2018-19<div dir="ltr" style="text-align: left;" trbidi="on">
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On Thursday, 1st February 2018, Finance minister Arun Jaitley has declared and presented the union budget of 2018-2019. It’s interesting to see what kind of changes we can observe in this budget because this is the first union budget after GST implication in the the country. Point to be noted is Agriculture, health, rural development and basic infrastructure is highlighted but salaried people, investors and job creators are seems to be avoided at some level. This is the major key point explaining the fact that, this budget will focus on improvement of basic infrastructure of the country. Educational sector is blessed with some good schemes which is not actually bad. Still one question arises after going through whole budget, whether this is the strategy for upcoming elections or what ? Most of the population of country such as salaried people are seems to be unhappy with this. Of course there are some significant announcements we have to discuss. A special scheme has been launched to control the air pollution in Delhi. This scheme is promising because, Delhi has secured the top rank in the list other polluted cities from India. Also digital education system, digital marketing strategies for the digital India are also focused. </div>
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Focus of the budget is to cover poor population in the country thus the Scheme Called 'National Health Protection scheme' has also been declared. One thing which is catching every ones attention is poor people will get the advantage of this budget. Now to Discuss On Direct Tax (<b>Income Tax)</b> <b> - </b></div>
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1. No change in Tax Rate. All persons including individuals, HUF, Firms and Companies to pay same tax</div>
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2. Education Cess is being increased from 3 to 4 % to be known as Education and Health Cess.</div>
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3. Corporate tax has been reduced in certain amount such as 30% to 25% for companies having turnover upto Rs. 250 crore, On Domestic Company Only.</div>
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4. <span style="text-align: left;">Capital gain at 10%, if Capital gain is more than 1 lakh, But no Tax upto 31 Jan 2018 on capital gain u/s 10(38) on listed Shares, This section has been withdrawn with effective Date of 01 Feb, 2018, </span>Tax on STT paid long term capital Gain 112A. Further such tax will be liable for TDS</div>
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5. Medical Reimbursement of Rs 15,000 under Section 17(2) are being withdrawn & Transportation allowance of Rs 19,200 for salaried people is to be replaced by Standard Deduction of Rs. 40,000, This Deduction is also applicable to Pensioners.</div>
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6. Provision of Section 43CA, 50C and 56(2)(x) being amended to allow 5% of sale consideration in variation vis a vis stamp duty value. On account of location, disadvantage etc.</div>
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7. Provision of section 40(ia) and 40A(3) and 40A(3A)are being made applicable to Charitable Trust . Hence expenditure incurred without deduction of tax and in cash will not be eligible as application of income under section 10(23C) and section 11(1)(a).</div>
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8. Agriculture Commodity Derivates income /loss also not to be considered as speculative under section 43(5).</div>
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9. Income Computation and Disclosure Standards (ICDS) being given statutory backing in view of decision of Delhi High Court decision.</div>
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10. Marked to market loss computed as per ICDS to be allowed under section 36.</div>
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11. Gain or loss in Foreign Exchange as per ICDS to be allowed under new section 43AA.</div>
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12. Construction Contract income to be computed on percentage completion method as per ICDS.</div>
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13. Valuation of Inventory including Securities to be as per ICDS.</div>
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14. Interest on compensation, enhanced compensation. Claim or enhancement claim and subsidy, incentives to be taxed in the year of receipt only as per new Section 145B.</div>
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15. Conversion of stock in trade to capital asset to be charged as business income in the year of conversion on Fair Market value on the date of conversion.</div>
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16. 54EC benefit of investment in Bonds to be restricted to Capital gain on land and building only. Further period of holding being increased from 3 years to 5 years.</div>
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17. PAN to be obtained by all entities including HUF other than individuals in case aggregate of financial transaction in a year is Rs 2,50,000 or more. All directors, partners, members of such entities also to obtain PAN.</div>
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18. All companies irrespective of income to file return and in case it is not filed, such companies will be liable for prosecution irrespective of the fact weather it has tax liability of Rs 3,000 or not.</div>
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19. Assessments to be E assessment under new section 143(3A)</div>
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20. No adjustment under section 143(1) while processing on account of mismatch with 26AS and 16A.</div>
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21. Deemed dividend to be taxed in the hands of the company itself as Dividend Distribution of tax @ 30%.</div>
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22. Penalty for non filing financial return as required under section 285BA being increased to Rs 500 per day.</div>
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23. Government to contribute 12% Employees' Provident Fund for new employees for 3 years, <span style="text-align: left;">Only Women can Contribute 8% to EPF upto first 3 year & for man as earlier policy no change.</span></div>
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<span style="text-align: left;">24. </span><span style="text-align: left;">100% deduction will be allowed to Farmer Producer Company.</span></div>
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<span style="text-align: left;">25. </span><span style="text-align: left;">Mediclaim Benefits for Senior Citizen upto 80,000/, this is an additional benefit of Rs 50,000/- given by government.</span></div>
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<span style="text-align: left;">26. </span><span style="text-align: left;">Interest on FD, Saving Bank, Post office or any upto 50000/- allowed as Deduction u/s 80TTA only for Senior citizen & for other upto Rs 10,000 as earlier no change.</span><span style="text-align: left;"> </span></div>
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<span style="text-align: left;">27. </span><span style="text-align: left;">Projected fiscal deficit upto 2019 will be 3.3% & upto Mar 2018 will be 3.5%</span></div>
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<span style="text-align: left;">The budget focuses on the needs of the rural areas, hence the definition of 'Navbharat' can be strengthened. The 'Aayushyaman Bharat Yojana' can provide great medical care to the poor and this will be a milestone in upcoming era. One positive aspect of this budget is, government has reduced the corporate rates on micro, small and medium scale industries. Government says that, the budget is helpful in increasing the progress of basic stuff.</span></div>
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<b>Let's focus on some important other announcements -</b></div>
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Increase in TV, Mobile phones rates, Last year, 8.27 crore populations has paid the tax. This year, number of this population will increase. There is an increase in the Income tax with Rs. 90 thousand crore. Parliament members will be happy with the increased salary from April 2018. There will be increase in the payment of President, vice president & Governor. Two government insurance company will be established in the share market.Investment of Rs.7148 crore for Clothing industry. Expansion of railway routes in Mumbai upto 90 km. All railway station, railways will have CCTV cameras & wifi connection..Number of airports will increase by 5 %. Upgradation of 600 railway station in all over the country.Development in the production industry-Arun Jaitley. India's Economy will be on the 7th rank.Indirect taxation system has become easier due to GST.Digital education system will be focused. Training will be provided to 13 lakh teachers. Providing training to workers, for Mumbai-Ahemadabad bullet project has been started at vadodara. Womens will get Ujjwala gas connection. Rs.600 crore invested for TB treatment. Eklavya school will be opened for Aadivasi Children. Investment for 24 Medical colleges in all over country.Through, National Defence conservation fund new scheme for safety of passenger will be launched soon.Investment of Rs. 600 crore on Pure water scheme.</div>
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Other schemes such as, Swaccha Bharat Abhiyan will play a crucial role for constructing the toilets in needed areas. Mudra yojana will be helpful for 10.38 crore people. In upcoming year,70 lakhs Job opportunity will be developed says Jaitley. 50 lakhs youngsters will be provided with the training for job. Investment of Rs.3700 crore as a loss compensation after demonetization. This is the promising factor seen in the budget. New Employees will get 12% amount in their E-PF. 187 schemes will be approved for cleaning project of river Ganga. 40% people in the country will get health insurance. Every year, Rs 5 lakhs will be invested on each & every family for medical services. Donation of Rs.1 crore for educational field. ‘Operation flood to be launched like Operation green. Approval of Loan of Rs.75 crore for Saving groups by government. 4 crore house will get free electricity /power connection under Pradhan Mantri Sobhagya Yojana. Expectation of economic growth to be 7.5 percent. Rs.11 lakhs crore reserved for agriculture loan. Investment of Rs.500 crore for Operation Green. Livestock & fishery industries to be blessed with Rs.10,000 crore. This is wonderful for the growth of sea food industries. 42 food parks will be established throughout the country says finance minister. Investment of Rs. 1400 crore for food processing industries. Marketing of agricultural product is needed & government will take the responsibility of that. </div>
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Food oil, olive oil, peanuts oil vegetable oil, material required for manufacturing of ear machines, solar panels will get cheaper. Major factor to be noted in the recent budget is, the government proposed the provision of the economic development of Industry, self employment. f and for this purpose, more than one lakh crores than last year has been invested.</div>
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Many people are saying this year’s budget is seems to be disappointing in many ways but it is definitely promising in many sectors says finance minister. it is needed for basic economy development. Modi government has focused on the development of rural areas & poor people. This the the key factor explaining each and everything about budget. Medical services, health, education, agriculture is on the top. </div>
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Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com6tag:blogger.com,1999:blog-5744764603425940301.post-54269343867115695552018-01-25T10:11:00.000-08:002018-01-28T02:23:11.985-08:00CA IPCC Result November 2017<div dir="ltr" style="text-align: left;" trbidi="on">
On 25th January, 2017 ICAI notify the result Date, those exam which was held in November 2017 likely to be declare on 28th January,2018 at 6 p.m. but it may be declare soon around 4 p.m.<br />
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We wish you all the Best to all the Students who was appear for the CA-IPCC Exam November,2017 & pray to almighty to pass you with flying colours.<br />
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You can check your result on following website easily,<br />
a. <a href="http://icaiexam.icai.org/" target="_blank">icaiexam.icai.org</a><br />
b. <a href="http://caresults.icai.org/" target="_blank">caresults.icai.org</a><br />
c. <a href="http://icai.nic.in/" target="_blank">icai.nic.in</a><br />
<br />
<b><i><a href="https://drive.google.com/file/d/1roBAm2_suNXTUWWTWVBzEaEWSxxNbHHG/view?usp=sharing" target="_blank">Click here to Download the Official Notification Issued by ICAI</a></i></b><br />
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Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com1tag:blogger.com,1999:blog-5744764603425940301.post-35621863413368506332018-01-08T06:29:00.000-08:002018-01-13T03:15:25.724-08:00Everything you need to know about VAT Audit<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Mangal, serif;">VAT Audit, a process of checking the total paid tax by
audit officers. Tax is collected from dealer/manufacturer or any importer which
is levied by government. According to rules & guidelines provided by sales
tax department, the officers issue a notice to the selected 10-20 percent
dealers with respect to region. The dealers need to respond to the notice
in a defined period or else has to face the actions taken by the officers. A
financial audit may show that the financial records must be agree with the basic
and important documents. There are different reasons and situations that may
cause false result such as taxable sales are nowhere recorded, invoice receipts
are duplicate or forged, products/goods have been taken from stock and not
recorded, given discounts may reduce the taxable value incorrectly.<o:p></o:p></span></div>
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<span style="font-family: Mangal, serif;">Motive of auditing is to bring the non performing asset
into account and raise the tax revenue in government treasury. For this purpose
some important legal formalities are required such as correct registration of
the dealer, maintaining the accounting records, documents of business
activities and other risk factors posed by the dealer are taken into
consideration. Authorised auditors has to conduct the investigation according
to the strict rules and instructions given by the department. Also has to treat
the dealer in a kind way and also has to gain the personal information and
assuring the dealer about it being confidential. If the auditor fails to
get co-operation or dealer not giving proper information or any unusual issues
arised from the dealer’s side, the auditor has to report the scenario of the
case to the investigation section.<o:p></o:p></span></div>
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<span style="font-family: Mangal, serif;">As we know, the VAT Audit is broadly classified into
three main categories i.e., general, refund and specific audit. In general
audit a broad coverage of around five years tax payments of VAT dealers is
declared. In case of urgent references late registrations, cancellation of
registration or emergency situation specific audit is carried out. While
performing audit a proper plan and program need to set up along with arranging
an appointment with dealer, doing mock drills to successfully carry out
the audit without revealing the confidential information in public. In specific
time period. The allotment for audits depends upon the annual tax, paid by the
VAT dealer. For example, the payable tax of Rs 10 lakhs & more
should required only 5 days for auditing and Rs 2 lakhs-10 lakhs should
require 3 days and annual tax payable below 2 lakhs should not extend more than
two days. The officers according to grade are initially allotted number
of audit visit per month, say like deputy commissioner has four audit visits
per month, assistant commissioner have eight visits per month, the sale
tax officer has to complete ten audit visits per month, to hot the actual target.
Actual management of Audit activity is an interesting part to be
discussed. The actual & proper management of VAT audit section is the
responsibility of additional commissioner sales tax. Planning &
achieving the VAT audit revenue target in the respective geographical region
with the help of joint commissioner VAT administration. Commissioner has
to look for policy matters related to business audit and generating the general
audit cases according to region. Joint and Deputy commissioner carries out different
activities such as confirmation of satisfactory audit programs, maintaining
control register for the cases allocated to his section, reviewing overall
audit results achieved, conducting quarterly staff meetings to share opinions,
views regarding areas & audit techniques. Responsibility of the sales tax
officer ensuring the team audit program is completed.<span style="font-size: 13.5pt;"><o:p></o:p></span></span></div>
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<img height="416" src="https://lh3.googleusercontent.com/K25nswQwMGjVpurrc8Qn2pUhuX3LCRG-wFm9Hua2L4RTRYaFzP8FFVZtrkbchcBk9Iw6GjKNhnZ6ikxqRj-gGNYL9k3hcWNQQ33gJOgjRdKKxgjiuLXAta8haFT0rjwGWdXDHgsa" style="border: none; font-size: 18.6667px; text-align: left; text-indent: -36pt; transform: rotate(0rad); white-space: pre-wrap;" width="624" /><br />
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<span style="font-family: Mangal, serif;">The auditor has to frame a
structural questionnaire to gain the detailed information from the
dealers during the interviews This include professional as well as
personal questions which can sometimes be irritating and
disturbing, like all the “W” questions, who is the owner of the firm, who
is providing the information to fill on VAT returns, what do you
understand by VAT etc and many more concerned questions.
Before completing the audit, the officers need to submit
visit report till date. Also, if there are any queries or unresolved
issues with the VAT dealers that has not been cleared on the visit should
be referred to the immediate supervising authority and the final decision
has to be notified to the VAT dealer within ten days and has to be
recorded on Form Audit 6 as per regulation. The supervising authority
retains all the daily visit reports analyze data, declarations and resolves
the issues in specified time by submitting the final report. After
auditing any fraud cases investigated need to taken into consideration and
strict actions are taken against that person or firm. Auditor plays vital
role in identifying a potential fraud case, quantifying the
fraud amount which need to be recollected back, collecting the data of the
involved people in that case.<o:p></o:p></span></div>
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<span style="font-family: Mangal, serif;">In case of fraud, the investigated
fraud amount has to be paid back by the dealer also a legal investigation and
prosecution in the court and the subjected financial penalties and punishments
are liable on the dealers. The VAT Auditors are having proper, special
and technical training about the VAT fraud cases which are handled by
specialist fraud investigation team. The online data of the tax need to
be updated at the Mahavikas-official website of sale tax department of India,
when it is updated. Till then the account data has to be maintained in book
format(Offline data) provided by the authority. The data submitted should
be precise yet should fulfill all the requirements of the department. So that
it helps the auditors to access the data easily. The level of documentation
should be decreased to a minimum level by the auditors. This VAT audit may be
the last audit because of GST i.e., Goods and Service Tax has been implemented
in India on 1st July, 2017 governed by a GST council. This is the tax which is
applicable throughout India. It is an indirect tax has already replaced all the
other taxes which were earlier levied by state & central government, in all
over India.<span style="font-size: 13.5pt;"><o:p></o:p></span></span></div>
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Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com3tag:blogger.com,1999:blog-5744764603425940301.post-21668707599801273362017-12-19T04:13:00.000-08:002017-12-19T04:13:16.393-08:00Dynamic Impact of GST on Indian Economics<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>GST</b> is an indirect tax which was introduced in India on 1st July 2017 and was applicable throughout India. GST is not going to be an additional new tax but will replace other indirect taxes. As the GST was introduced by replacing the old indirect tax structure it will defiantly affect the Indian Economy. Now we can take look on them. </div>
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From the viewpoint of the consumer, customers would now have paid more tax for most of the goods and services they consume. The GST implementation has a cost of compliance attached to it. As per the RBI’s latest monetary policy statement the implementation of the GST is not expected to have a material impact on overall inflation rate. GST removes the cascading effects of taxes, this will lowering the burden on the common man.</div>
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In case of hospitality sector the net tax rate under old tax regime was around 20 to 27 % with the scope of claiming the input tax credit against the indirect tax Liabilities.Under the new tax structure, the hospitality industry benefits with a consistence taxation system. GST Council decide to fixed tax rate @ 5% without giving the facility of input tax credit. Cancellation of ITC facility may affect the stakeholder’s ITC benefit & at the same time reduction in the tax rate may give consumers free from heavy tax burden.</div>
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Traders below 20 lakh annual turnover are exempt under GST as compared to the old tax structure of Rs 10 lakh in indirect taxes. Those between the threshold and composition turnovers will have the option to pay a turnover based tax or opt to join the GST regime. Those above limit will need to be within framework of GST. Now government can stop the reverse charge mechanism system for some period, this will benefit to unregister dealer for that period only. In a simple language non-register dealer was ultimately ignore by other register dealer for smooth administration of GST.</div>
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Despite of the economic slowdown, India's Fast Moving Consumer Goods i.e. FMCG products has grown consistently during the past three – four years reaching to $25 billion at retail sales in 2008. Implementation of proposed GST is expected to fuel the growth and raise industry's size to $95 Billion by 2018.</div>
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Implementation of GST could help government raise tax revenues and reduce fiscal deficit, which has been around 4.5 per cent in the last three years. By removing cascading effect, layers of taxes and simplifying structures, the GST would encourage compliance, which is also expected to widen the tax base. GST was introduced to replace all indirect taxes so the cost of maintenance of each department was ultimately reduced due to the effect of One Nation One Tax.</div>
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It is mandatory for all e-commerce operators to collect tax at the rate of two percent as TCS on the net value of sales made by suppliers through e-commerce operators. Such TCS has to be deducted in each state and deposited accordingly. The ecommerce operator has to report the product or service code individually with the applicable tax rate. This requires them to map every sale done by the dealer and ensure TCS is deducted at the right value. Additionally, the e-commerce operators will have to register in each state and file the reports separately on a monthly basis</div>
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In the conclusion part we can conclude that each and every transaction must be disclosed to government under the GST compliances. GST is definitely a good move to reform indirect taxation in India and has positive effects on GDP growth, Tax revenue, exports, and so many. But even after a decade Government have failed to implement it, due to variety of reasons like, compensation mechanism for the states, GST rates, and issues relating to food products, petroleum, and tobacco<b>.</b></div>
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<b><i><a href="https://drive.google.com/file/d/1Rlb0n4FI3rYRbH9GsFh68IZgLhF9W3um/view?usp=sharing" target="_blank">Click here to Download PPT On Impact Of GST On Indian Economics</a></i></b></div>
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<b>- Tushar Gopal Agrawal</b></div>
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<b> - CA Student</b></div>
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Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com1tag:blogger.com,1999:blog-5744764603425940301.post-19087780216862016212017-11-10T22:37:00.001-08:002017-11-10T22:37:09.490-08:00Latest GST/IGST Rate, Cut on Over 240 items<div dir="ltr" style="text-align: left;" trbidi="on">
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On 10 Nov,2017 GST Council conduct there 23rd meeting at Guwahati on Friday. In this meeting council slashed GST rate around 244 items, those goods which are covered under GST rate 28% out of this 80% items are shifted under 18% GST rate, on an around 177 items are now covered in 18% form 28% , Only 50 items are covered under the 28% GST rate, only which are luxurious items. A Big relief given by the government or its may be the impact of upcoming election. But overall its good decision taken by the GST council after implementing GST from July onward & So many Goods which are earlier at higher rate now Shifted to lower rate. Its a good move by Government over the GST rate & appreciable for Government that they learn time to time to accept challenges ot make easier for that they make changes in GST rate & in further process for future references, This new GST rate applicable from 15 Nov,2017. </div>
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<a href="https://drive.google.com/file/d/1dFOmjgoM8DiRiBaNfSk4o-sAeT-8wEPP/view?usp=sharing" target="_blank"><b><i>Click here to Download Official Latest GST Rate by Government</i></b> </a><br />
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Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com1tag:blogger.com,1999:blog-5744764603425940301.post-27746151688098575312017-10-23T08:38:00.000-07:002017-10-23T23:57:59.319-07:00IPCC Taxation Paper Postponed Nov 2017<div dir="ltr" style="text-align: left;" trbidi="on">
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Taxation Paper-4 of Group-1, IPCC Exam is scheduled to be held on 9th Nov, 2017 stand postponed & examination of said paper shall now to be held on 17th Nov, 2017. Due to the state election in Himachal Pradesh , Shimla Center Students. ICAI notified it in general information, ICAI publish there notification on 20th Oct,2017. There is no change in Time & Venue as mention in admit card. The Same Admit Card will consider in the exam, no more further admit card will issue by ICAI. This notification applicable to Only for Shimla Center's students. </div>
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<a href="https://drive.google.com/file/d/0BxMQbPHfhTz5ZURyYWVJSGFiWUk/view?usp=sharing" target="_blank"><b><i>Click here to Download the Official Notification Issued by ICAI </i></b></a></div>
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Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com2tag:blogger.com,1999:blog-5744764603425940301.post-58904975601987683852017-09-13T06:45:00.000-07:002017-09-13T06:45:04.839-07:00IPCC RTP November 2017<div dir="ltr" style="text-align: left;" trbidi="on">
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Now, CA IPCC students can Download the RTP(Both group) of IPCC November,2017 issued by BOS(Board Of Studies) with the amendments applicable in the Exams. I think its a great initiative taken by BOS, from November, 2017 attempt, they providing all Books like(Study Material, Practice Manual & RTP or etc) through online only. </div>
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<a href="https://drive.google.com/drive/folders/0BxMQbPHfhTz5WTBGME5KaVFNeEk?usp=sharing" target="_blank"><b><i>Click here to Download the RTP November,2017</i></b></a><br />
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Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com2tag:blogger.com,1999:blog-5744764603425940301.post-73079923298236140592017-08-23T08:03:00.002-07:002017-09-13T07:33:43.859-07:00How to Take Input Tax Credit Under GST ?<div dir="ltr" style="text-align: left;" trbidi="on">
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Hello Friends, Today we Discuss a Topic which is very Important now a days. Regarding, How to take Input Tax Credit under GST of various Indirect Tax(VAT, Service Tax, Excise, Custom, Entry Tax or If any) ?</div>
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For taking ITC under GST, Government providing the Trans-1, Trans-2 & Trans-3 form. To fill the form correctly & properly, to mention ITC figure in the Trans Form.</div>
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<b>Applicability of Trans Form are as follows, </b></div>
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<b>Trans-1 Form,</b> applicable to those who have registered earlier under previous Indirect Taxation, for example VAT, Service Tax, Entry Tax & If any other. </div>
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<b>Following Conditions must fullfill for Trans-1 Form</b><br />
<b>In part 1</b><br />
Any Excess credit from any previous indirect tax upto June,2017 can take that same credit under GST.<br />
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Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com1tag:blogger.com,1999:blog-5744764603425940301.post-7631988839903593562017-08-16T07:40:00.000-07:002017-08-20T05:58:35.800-07:00How to File GST return 3B<div dir="ltr" style="text-align: left;" trbidi="on">
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GST Return 3B file only through Online, there is no other option for filing the return, Regular return have option to prepare Offline & later to Submit online.</div>
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When we go for filing the of GSTR 3B, before that to collect the all necessary data(like Purchase Register, Sale Register & Expense Register)</div>
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GSTR 3B is not applicable to those who opt the composition scheme, For Composition Dealer Quarterly return will file on regular date as mention by the Government.<br />
<b>Last Due Date to file GSTR 3B are 20 Aug,2017 for the month of July & 20 Sep,2017 for the month of August.</b> </div>
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<b>Following are the Steps & Instruction regarding Filing GST return 3B</b><br />
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<li style="text-align: justify;">To visit on website of www.gst.gov.in for login</li>
<li style="text-align: justify;">To Select the return Dashboard </li>
<li style="text-align: justify;">To Select the Current Financial Year 2017-18 & In this to select the month(for example July)</li>
<li style="text-align: justify;">To Click on GSTR 3B for further procedure </li>
<li style="text-align: justify;">In GSTR 3B there are 7 points</li>
<li style="text-align: justify;">In point no 3.1, To mention the Sale Details in the form of Out word Supply, In this to mention Aggregate Sale with classification under IGST, SGST & CGST. & If any payment covered under RCM during the month, on that GST can not be setoff against ITC if any available, that amount must pay. In later month, we can get ITC on RCM.</li>
<li style="text-align: justify;">In point no 3.2, To Declare that sale Details which are covered under Inter-State sale(Sale to Composition Dealer & Un-Registered Dealer Person)</li>
<li style="text-align: justify;">In point no 4, To mention the Input Tax Credit figure only with the classification under IGST, CGST & SGST</li>
<li style="text-align: justify;">In point no 4.1, To Declare those purchase which purchases from unregistered Dealer & those purchases are NIL rated or Exempted </li>
<li style="text-align: justify;">To Click on Save button, after save the data to submit button will get enabled & than you can submit the GST return 3B(please note that, after submission no modification or amendment is possible, so carefully feed the data in appropriate column & ensure that details are completely & correctly feeded)</li>
<li style="text-align: justify;">In the System there are three payment option, you can choice any one, options are Net Banking, RTGS(Real Time Gross Settlement)/NEFT, Offline payment(In this you can generate the challan, pay the Tax at Bank Counter)</li>
<li style="text-align: justify;">In point no 6, After payment of GST if any, To adjust the ITC manually against the liability. After that to Click on Offset Liability button to pay off the liabilities, If its successful than you can proceed for return filing, without Offset liability you cann't proceed for return filing</li>
<li style="text-align: justify;">To Click on Declaration Statement</li>
<li style="text-align: justify;">To Select the Authorized Signatory for filing the return</li>
<li style="text-align: justify;">To Click on File GSTR 3B button with DSC or EVC</li>
<li style="text-align: justify;">After Submission, Successfully filing will appear & Acknowledgement will get generated. </li>
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Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com1tag:blogger.com,1999:blog-5744764603425940301.post-69593790837074951472017-08-16T07:30:00.001-07:002017-08-16T11:39:21.373-07:00How to File Online Income Tax Return By Own<div dir="ltr" style="text-align: left;" trbidi="on">
Now, those have Income from Salary/Pension & those who have Income from Other Sources like Interest on FD, Interest on RD, Interest on Saving Bank Account or any other Income covered under Income from other sources, Can file there Income Tax return Online.<br />
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Before filing the Income Tax return, Collect all the necessary Documents like Form no 16, form there employer, Home Loan Interest Certificate, FD interest Certificate or If any.</div>
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Those are facing any problem regarding filing the Income Tax return, Just follow the steps given below & read the instruction carefully.</div>
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<b><i><a href="https://drive.google.com/file/d/0BxMQbPHfhTz5MFExNGZ4Yk9lWkU/view?usp=sharing" target="_blank">Click here to Download the Steps & Instructions to file Income Tax return Online </a> </i></b></div>
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Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com2tag:blogger.com,1999:blog-5744764603425940301.post-65356904686407285462017-07-22T11:16:00.000-07:002017-08-01T22:47:40.628-07:00List Of Documents Required For Trust Registration u/s 12A & 80G<div dir="ltr" style="text-align: left;" trbidi="on">
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Today, We discuss a Topic related the Documents, which are required by Income Tax Department for registered the Trust under Income Tax Act, 1961.</div>
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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.</div>
<b>Following are list of Documents required by the I.T. Department for Trust registration -</b><br />
<ul style="text-align: left;">
<li>Form no. 10A with Court Fee stamp of Rs. 5/-</li>
<li>Attested Copy of Certificate from Charity Commissioner/ Asst. Registrar of Societies.</li>
<li>Attested Copy of Trust Deed Approved by the Charity Commissioner.</li>
<li>Declaration u/s 13(109c) of S.T. Act, 1961 duly signed by all Trustee.</li>
<li>Form no. 10G with Court Fee stamp of Rs. 5/-.</li>
<li>Reason for Delay, If any.</li>
<li>Copies of I.E. Acts Balance Sheets, Audit Reports in Form no. 10B for last 3 years or since Creations of Trust as applicable.</li>
<li>Copies of Acknowledgements of return of Income of Trust for last 3 years or as applicable.</li>
<li>Note on Activities of the Trust for last 3 years or since creation of the Trust as applicable.</li>
<li>List of Trustees with Addressees- Like Pan Card Copy & Aadhar Card Copy.</li>
<li>A Certificate regarding "No Change" in the Trust Deed/Objects since creation last approvals u/s 80G of the Act.</li>
<li>List of Donors for Rs. 5,000 /- and above for last 3 years or since creation of the Trust as applicable.</li>
<li>Copies of the Form no. 10 with Assessing Officer in the case of accumulation of Surplus.</li>
<li>Copy of Registration u/s 12A</li>
<li>Copy of 80G approval Certificate </li>
</ul>
<b>Note - Three Sets of above Documents should be submitted to their respective C.I.T Office.</b><br />
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Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com2tag:blogger.com,1999:blog-5744764603425940301.post-10890966090685935862017-07-11T06:49:00.002-07:002017-08-05T10:11:23.696-07:00Latest GST Rate on 3 Jul, 2017<div dir="ltr" style="text-align: left;" trbidi="on">
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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.</div>
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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%.</div>
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<b style="text-align: left;"><i><a href="https://drive.google.com/file/d/0BxMQbPHfhTz5TFF6bmpEaUxDWEk/view?usp=sharing" target="_blank">Click here to Download Latest GST Rate on Goods as on 3 Jul, 2017</a></i></b></div>
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<a href="https://drive.google.com/file/d/0BxMQbPHfhTz5R2xHdlg3bFpaVDQ/view?usp=sharing" target="_blank"><b><i>Click here to Download Latest GST Rate on Services as on 3 Jul, 2017</i></b></a></div>
Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com0tag:blogger.com,1999:blog-5744764603425940301.post-83641815700816401122017-07-07T23:57:00.000-07:002017-07-08T00:06:02.466-07:00Forensic Audit & Auditor's Duty to Report on Fraud (PPT)<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><span style="font-family: "cambria" , "serif"; font-size: 12.0pt; line-height: 115%;">Forensic auditing</span></b><span style="font-family: "cambria" , "serif"; font-size: 12.0pt; line-height: 115%;"> 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. </span><br />
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<span style="font-family: "cambria" , "serif"; font-size: 12.0pt; line-height: 115%;">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. </span><br />
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<span style="font-family: "cambria" , "serif"; font-size: 12.0pt; line-height: 115%;">As
per <b>Section 143(12)</b> 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 1<sup>st</sup>
proviso auditor has report to the audit committee in the manner as per Rule
13(3). 2<sup>nd</sup> 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.</span><br />
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<span style="font-family: "cambria" , "serif"; font-size: 12.0pt; line-height: 115%;">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. </span><br />
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<span style="font-family: "cambria" , "serif"; font-size: 12.0pt; line-height: 115%;"><span id="goog_355248265"></span><a href="https://www.blogger.com/"></a><span id="goog_355248266"></span>If reply was not received then the
auditor has to forward his report to <b>The Secretary, Ministry of Corporate
Affairs</b> by speed post. While reporting to the Central Government auditor
must sent his own details along with <b>Form ADT-4</b>. Here I made a power
point presentation to explain the basic provisions of the Act.<o:p></o:p></span><br />
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<b><span style="font-family: "cambria" , "serif"; font-size: 12.0pt; line-height: 115%;"><a href="https://drive.google.com/file/d/0BxMQbPHfhTz5WVlIMzB5MGtWNVk/view?usp=sharing" target="_blank"><i>Click here to Download PPT, Forensic Audit & there Duties </i></a></span></b></div>
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Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com1tag:blogger.com,1999:blog-5744764603425940301.post-75984277350737336302017-07-03T00:01:00.000-07:002017-08-01T13:08:49.363-07:00Demonetization-Impact on Indian Economy (PPT)<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="background: white; font-family: Arial, sans-serif;">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</span></div>
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<span style="background: white; font-family: Arial, sans-serif;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 115%;">Prepared By- Tushar Agrawal</span></span></div>
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<span style="background: white; font-family: "cambria" , serif; font-size: 12pt; line-height: 115%;"><b><i><a href="https://drive.google.com/file/d/0BxMQbPHfhTz5WF9vbzRSVWlhX2M/view?usp=sharing" target="_blank">Click here to Download PPT of Demonetization Impact</a></i></b></span></div>
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Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com3tag:blogger.com,1999:blog-5744764603425940301.post-37390943023835596632017-06-14T12:42:00.002-07:002017-08-01T22:50:39.123-07:00Different Types Of ITR Forms, From A.Y. 2017-18 With Certain Changes<div dir="ltr" style="text-align: left;" trbidi="on">
Government has change the some certain things in the ITR Forms, from A.Y. 2017-18. Some ITR form has been merged or replaced with other ITR form.New Types of ITR Form are as follows to applicable to assesses.<br />
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<b>1. ITR-1 (Sahaj) For Individual having income from-</b></div>
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<li>Salaries, Pension, </li>
<li>Income from <b>One </b>House property, </li>
<li>Income from Other Sources (except lottery, winning & horse race)</li>
<li>Having agriculture income below or equal to Rs. 5,000/-</li>
</ul>
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<b>2. ITR-2 (ITR-2, 2A & 3 merged in ITR-2) For Individual & HUF having income from-</b></div>
<div>
<ul style="text-align: left;">
<li>Salaries, Pension, </li>
<li>Income from House Property can be more than <b>One,</b></li>
<li><b></b>Share of partner Income from Firm,</li>
<li>Income From Capital Gain,</li>
<li>Income from Other Source, </li>
<li>Foreign Income If any, <b> </b></li>
<li>Having agriculture income more than Rs. 5,000/-</li>
</ul>
<div>
<b>3. ITR-3 (Existing ITR-4 replaced with ITR-3) For Individual & HUF having income from-</b></div>
<div>
<ul style="text-align: left;">
<li>Salaries, Pension, </li>
<li>Income from House Property can be more than <b>One,</b></li>
<li>Income from Proprietary Business Or Professions </li>
<li><b></b>Share of partner Income from Firm, </li>
<li>Income From Capital Gain,</li>
<li>Income from Other Source, </li>
<li>Foreign Income If any, <b> </b></li>
<li>Having agriculture income more than Rs. 5,000/-</li>
</ul>
<div>
<b>4. ITR-4 (Sugam)(ITR-4S now ITR-4 Sugam) For Individual having income from-</b></div>
</div>
<div>
<ul style="text-align: left;">
<li>Income from Presumptive Business Or Profession covered under section- 44AD, 44ADA & 44AE,</li>
<li>Income from <b>One </b>House property, </li>
<li>No Capital Gain,</li>
<li>Income from Other Sources (except lottery, winning & horse race)</li>
<li>Having agriculture income below or equal to Rs. 5,000/-</li>
<li>No Foreign Income,If Any</li>
</ul>
<div>
<b>5. ITR-5 For the Following Entities-</b></div>
</div>
</div>
</div>
<div>
<ul style="text-align: left;">
<li>Firms,</li>
<li>Body Of Individuals (BOI),</li>
<li>Limited Liability Partnership (LLP),</li>
<li>Association Of Persons (AOP),</li>
<li>Artifical Judicial Persons,</li>
<li>Local Authorities,</li>
<li>Co-Operative Societies.</li>
</ul>
<div>
<b>6. ITR-6 Applicable to-</b></div>
<div>
<ul style="text-align: left;">
<li>For Companies except those are claiming the exemption under section 11.</li>
</ul>
</div>
</div>
<div>
<b>7. ITR-7 Applicable to-</b></div>
<div>
<ul style="text-align: left;">
<li>Section 139(4A)- Trust</li>
<li>Section 139(4B)- Political Party</li>
<li>Section 139(4C)- Fund/Medical institutions, News Agency, Any institutions or association covered under section 10(23A), Any institutions covered under section 10(23B), </li>
<li>Section 139(4D)- College/Universities or any such institutions. </li>
</ul>
</div>
</div>
Rajeshwar Singh Panwarhttp://www.blogger.com/profile/12140603493466993631noreply@blogger.com0