Taxation

Rule 6DD [Exception to Section 40A(3)]

Rule 6DD [Exception to Section 40A(3)]: Cases where CASH payment exceeding Rs. 10,000 is Allowed:- Salary of Employee after deducting TDS where, employee is temporarily posted greater than or equal to 15 days continuously at place (not place of duty) or ship & at that place, employee does not have any bank accounts. Terminal benefit upto Rs. 50,000 to employee. For general understanding: Terminal benefit is the last amount paid to employee either on termination or resignation or in other cases. Firstly we have [...]

THE PNB FRAUD

THE PNB FRAUD The hot topic of these days is PNB scam. Everyone is sharing on social platforms that PNB is involved in the fraud of Rs.  11,500 crores approx. but everyone is not aware about the way it has happened. So, let us discuss about the one of the biggest scams of the country, The PNB Fraud. **For the purpose of this article, Foreign Bank means “Foreign branch of an Indian Bank” Before proceeding further, we should know about the LoU i.e. [...]

Treatment of Reverse charge under GST

Hello Everyone coming with another article in this new year on Reverse Charge under GST, Reverse charge is a mechanism where recipient of goods and/ or services is liable to pay GST instead of supplier. Now What is Reverse Charge ? Under Normal Scenario, tax is paid by a supplier who makes supply of goods or services or both. However, under Reverse Charge Mechanism, liability to pay tax would not be on the supplier of goods or services or both but on the [...]

Base Erosion & Profit Shifting – A Global Challenge

Base Erosion & Profit Shifting – A Global Challenge Meaning: “Recently more and more enterprises organised abroad by American firms have arranged their corporate structures aided by artificial arrangements between parent and subsidiary regarding intercompany pricing, the transfer of patent licensing rights, the shifting of management fees, and similar practices in order to reduce sharply or eliminate completely their tax liabilities both at home and abroad.” So, Base erosion and profit shifting (BEPS) refers to tax avoidance strategies that exploit gaps and [...]

HOW TO FILE GST TRANS-1

  BACKGROUND I would like to Owe to all the readers for providing good response& Appreciation to my article “GEAR UP FOR THE FIRST GST RETURN(GSTR-3B)”. Various registered persons under GST Act have input credit balance of OLD LAWS (Excise, Servicetax, Value Added tax, Entry Tax (In some cases)) which they want to be carried forward in GST. Hence government has come up with transitional provisions to entertain such credit to be carried forward. However, over the period of two months we have [...]

GST Presentation – 3

Here we comes up with the 3rd ppt that deals with the REVERSE CHARGE under GST. These Presentations are the part of "GST - A New Awareness" by Kanika Aggarwal - A series of powerpoint presentations on GST. For Detail study you can also refer GST Duniya series on www.atulkhurana.com. Click here to Download In case of any query related to above article, the questions can be asked by commenting in the comment box or the author can be contacted personally at [email protected] or [...]

GST DUNIYA. (Part – 9)

Hope you had read the previous parts of the GST Duniya series, if not, then read it from here: Part 1  Part 2 Part 3 Part 4 Part 5 Part 6 Part 7 Part 8 Today we will discuss about the Amendments in GST.   As we all know GST has been rolled out from july 1,2017. So for its better implementation, various meetings had taken place and some important decisions which were taken in these meetings are explained below: Update About Composition Scheme : Composition Levy (SECTION 10) In terms of section 10(1), [...]

GST Presentation – 2 (Basics)

Here we comes up with the 2nd ppt that deals with the Basics of GST. These Presentations are the part of "GST -  A New Awareness" by Kanika Aggarwal -  A series of powerpoint presentations on GST. For Detail study you can also refer GST Duniya series on www.atulkhurana.com. Here is the Link of our 2nd presentation that deals with overview of GST. Click here to Download   In case of any query related to above article, the questions can be asked by commenting in the [...]

GST DUNIYA. (Part – 8)

we are extremely sorry for the delay. There were some technical problems due to which we couldn't post the updates but now we are back in action. Hope you had read the previous parts of the GST Duniya series, if not, then read it from here: Part 1 Part 2 Part 3 Part 4 Part 5 Part 6 Part 7 Today we will discuss about Penalties and Prosecutions  in GST   Various Penalties and Prosecutions under GST regime are explained below: First of all there is a need to understand,why penalty imposes on [...]

GST Presentation – 1 (Overview)

"GST -  A New Awareness" by Kanika Aggarwal -  A series of powerpoint presentations on GST. For Detail study you can also refer GST Duniya series on www.atulkhurana.com. Here is the Link of our 1st presentation that deals with overview of GST. Click here to Download

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