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Blog: CA GANG

Blogger: Chandan Kumar Gupta
GST Series 1 by ourCAgang from Chandan Kumar Gupta... Read more
clicks 47 View   Vote 0 Like   12:17pm 3 Oct 2016 #Tax
Blogger: Chandan Kumar Gupta
Sl. No.Description of a serviceService ProviderService Receiver% of  service tax payable by the person providing service% of service tax payable by the person receiving the service1services  provided or agreed to be provided  by an insurance agent to any person carrying on insurance businessAnyAnyNil100%1AService provided or agreed to be provided by a Recovery Agent to Bank, FI, NBFCAnyBank/FI/NBFCNil100%1BIn respect of services provided or agreed to be provided by a mutual fund agent or distributor, to a mutual fund or asset management company (introduced in 2015, Deleted in 2016)AnyAMC/MFNil100%1CIn respect of services provided or ag... Read more
clicks 41 View   Vote 0 Like   1:28pm 21 Jul 2016 #Reverse Charge
Blogger: Chandan Kumar Gupta
Applicability and non-applicability(2) It shall apply to every company including a foreign company as defined in clause (42) of section 2 of the Companies Act, 2013 (18 of 2013) [hereinafter referred to as the Companies Act], except–(i) a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949);(ii) an insurance company as defined under the Insurance Act,1938 (4 of 1938);(iii) a company licensed to operate under section 8 of the Companies Act;(iv) a One Person Company as defined under clause (62) of section 2 of the Companies Act and a small company as defined under clause (85) of section 2 of the Companies Act; and(v) a private limited company... Read more
clicks 45 View   Vote 0 Like   8:30am 6 Jul 2016 #
Blogger: Chandan Kumar Gupta
1. GST applicable on ‘supply’In GST regime, all ‘supply’ such as sale, transfer, barter, lease, import of services etc of goods and/ orservices made for a consideration will attract CGST (to be levied by Centre) and SGST (to be levied byState). As GST will be applicable on ‘supply’ the erstwhile taxable events such as ‘manufacture’, ‘sale’,‘provision of services’ etc. will lose their relevance.Further, certain supplies, even if made without consideration, such as permanent transfer of businessassets, self-supply of goods or services, assets retained after deregistration etc will attract GST.Interestingly, even a ‘barter’ of goods transaction which were hitherto un... Read more
clicks 123 View   Vote 0 Like   11:38am 18 Jun 2016 #
Blogger: Chandan Kumar Gupta
1. GST applicable on ‘supply’In GST regime, all ‘supply’ such as sale, transfer, barter, lease, import of services etc of goods and/ orservices made for a consideration will attract CGST (to be levied by Centre) and SGST (to be levied byState). As GST will be applicable on ‘supply’ the erstwhile taxable events such as ‘manufacture’, ‘sale’,‘provision of services’ etc. will lose their relevance.Further, certain supplies, even if made without consideration, such as permanent transfer of businessassets, self-supply of goods or services, assets retained after deregistration etc will attract GST.Interestingly, even a ‘barter’ of goods transaction which were hitherto un... Read more
clicks 42 View   Vote 0 Like   11:38am 18 Jun 2016 #
Blogger: Chandan Kumar Gupta
The Council has decided to dispense with the General Management and Communication Skills (GMCS) – I Course and merge its syllabus with Orientation Programme. Hence forthwith, it will be known as Orientation Course. Accordingly, it has been decided to conduct an Orientation Course with a duration of 15 days (90 hours) with the following modalities:Students enrolling to the batches commencing from July 1, 2016 onwards would be required to undergo Orientation Course for 15 days in accordance with the new syllabus and new guidelines.The fee for 15 days Orientation Course will be Rs.7,000/- (Rupees seven thousand only).Students registered for practical training on or after May 1, 2012 (since th... Read more
clicks 181 View   Vote 0 Like   1:17pm 16 Jun 2016 #Student
Blogger: Chandan Kumar Gupta
Please go to the discussion in ourCAgang group with elaborated examples for depreciation calculation on below links:https://groups.google.com/forum/?utm_medium=email&utm_source=footer#!msg/ourcagang/sY8TisoKkLY/-ftyzfn6qO8Jhttps://groups.google.com/forum/?utm_medium=email&utm_source=footer#!msg/ourcagang/XUraEwry9iQ/K6BNFzKU7zoJ... Read more
clicks 104 View   Vote 0 Like   5:30am 20 Jun 2015 #Depreciation
Blogger: Chandan Kumar Gupta
The Council has decided that the General Management and Communication Skills (GMCS) Programme, presently being organized for 15 days for the CA students should be organized twice during the period of articled training as under:(i)  GMCS-I  (15 days)  -  during 1st year of articled training(ii)  GMCS-II  (15 days)  -  after completion of 18 months of training but before completion of articled trainingIn view of the above decision, it is hereby informed that GMCS-I & II Programme will be implemented in respect of those students, who will be registered for articled training on or after 1st May, 2012. Students, w... Read more
clicks 118 View   Vote 0 Like   3:30am 16 Jun 2015 #GMCS
Blogger: Chandan Kumar Gupta
Applicable from FY 2014-15.CARO is applicable to all companies except following:-Banking companyInsurance companySection 8 companyOPCPvt Ltd whose paidup capital and reserve is upto Rs. 50 lakh and does not have loan outstanding Rs. 25 lakh from any bank or FIs and does not have turnover exceeding Rs. 5 cr. at any point of time during the FY.Reason for qualification to be givenFollowing points to be reported(i) (a) whether the company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets;(b) Whether these fixed assets have been physically verified by the management at reasonable intervals; whether any material discrepan... Read more
clicks 107 View   Vote 0 Like   4:16am 13 Apr 2015 #
clicks 114 View   Vote 0 Like   5:54pm 18 Jan 2015 #
Blogger: Chandan Kumar Gupta
Tax is deductible at source at the rates given in table (infra). If PAN of the deductee is not intimated to the deductor, tax will be deducted at source either at the rate given in the table or at the rate of 20 per cent, whichever is higher. Further, under section 94A(5), if payment or credit is made or given to a deductee who is located in a notified jurisdictional area, tax is deductible at the rate given in the table or at the rate of 30 per cent, whichever is higher. TDS rates for the financial year 2013-14 are as follows –Category A - When recipient is residentNature of paymentTDS (SC : Nil, EC : Nil, SHEC : Nil)Limitl&nb... Read more
clicks 162 View   Vote 0 Like   2:08pm 29 Jul 2014 #Tax
Blogger: Chandan Kumar Gupta
1.   Digital Signature Certificate [DSC]:DSC’s are the digital equivalent (i.e. electronic format) of physical or paper certificates. Certificates serve as proof of identity of an individual for a certain purpose.Henceforth we can say that a DSC can be presented electronically to prove your identity, to access information or services on the internet or to sign certain documents digitally.  A licensed Certifying Authority (CA) issues the digital signatures. Certifying Authority (CA) means a person who has been granted a license to issue a digital signature certificate of the Indian IT Act, 2000. There are two types of DSC valid for MCA portal:a.    Class 2:Here... Read more
clicks 146 View   Vote 0 Like   9:34am 26 Jul 2014 #
Blogger: Chandan Kumar Gupta
As per Section 207, every person should pay Income Tax in advance but as per Section 208, advance tax is exempt if tax payment during a particular year is less Rs10000 .As per Section 211, advance tax is to be paid in the manner given below :a)     When assesseee is Company .Upto 15th June of Previous Year15%    of tax payableUpto 15th September of Previous Year45%    of tax payableUpto 15th December of Previous Year75%    of tax payableUpto 15th March of Previous Year100%  of tax payableb)    When assesseee is person other than a Company .Upto 15th September of Previous Year30%    of tax... Read more
clicks 159 View   Vote 0 Like   9:51am 25 Jul 2014 #Tax
Blogger: Chandan Kumar Gupta
A.      As per Section 117 (3)- Resolutions at general meeting:-a.       Any special resolutions;b.      Resolutions agreed by all members of the company or if not so agreed by all members, would not have been effective unless passed as special resolutions;c.       Any resolution of the Board of Directors or agreement executed by the company, relating to the appointment/re-appointment/ renewal/variation of the term of appointment, of MD;d.      resolutions or agreements which have been agreed to by any class of mem... Read more
clicks 164 View   Vote 0 Like   11:00am 24 Jul 2014 #
Blogger: Chandan Kumar Gupta
Ø  A scanned or digital copy of valid Permanent Account Number (PAN). Image file should consist of both side of PAN.Ø  Scanned or digital photograph of applicant.Ø  Scanned copy of Bank Certificate.Ø  Scanned copy of PAN, applicant Photograph, Bank Certificate should in gif format. Exporters are advised to use the compressed version of gif formats.Ø  Other mandatory documents as per the Para 2.9 of Handbook of Procedures of Vol I 2009-14. These documents must be in pdf format only. Please refer to Appendix A.Ø  Make sure that size of individual document requires to be submitting online in gif /pdf format sh... Read more
clicks 170 View   Vote 0 Like   7:50am 23 Jul 2014 #Others
Blogger: Chandan Kumar Gupta
Service Tax Notification No. 26/2012, 02/2013 & 09/2013Sl. No.Description of Services% of Abatment% of Taxable AmountConditions1Services in relation to financial leasing including hire purchase9010Nil2Transport of goods by rail7030Nil3Transport of passengers, with  or without accompanied belongings by rail7030Nil4Bundled service by way of supply of food or any other article of human consumption or any drink, in a premises ( including hotel, convention center, club, pandal, shamiana or any other place, specially arranged for organizing a function) together with renting of such premises3070(i) CENVAT credit on any goods classifiable under Chapters 1 to 22 of the C... Read more
clicks 159 View   Vote 0 Like   9:53am 16 Jul 2014 #Tax
Blogger: Chandan Kumar Gupta
Sl. No.Description of a serviceService ProviderService Receiver% of  service tax payable by the person providing service% of service tax payable by the person receiving the service1services  provided or agreed to be provided  by an insurance agent to any person carrying on insurance businessAnyAnyNil100%2services  provided or agreed to be provided  by agoods transport agency in respect of transportation  of goods by roadwhere the consignor or the consignee  is,— (a)  any factory registered under or governed by the Factories Act, 1948 (63 of 1948); (b)  any society registered under the Societies Regist... Read more
clicks 159 View   Vote 0 Like   9:52am 16 Jul 2014 #Tax
Blogger: Chandan Kumar Gupta
Sl. No.Description of a serviceService ProviderService Receiver% of  service tax payable by the person providing service% of service tax payable by the person receiving the service1services  provided or agreed to be provided  by an insurance agent to any person carrying on insurance businessAnyAnyNil100%2services  provided or agreed to be provided  by agoods transport agency in respect of transportation  of goods by roadwhere the consignor or the consignee  is,— (a)  any factory registered under or governed by the Factories Act, 1948 (63 of 1948); (b)  any society registered under the Societies Regist... Read more
clicks 39 View   Vote 0 Like   9:52am 16 Jul 2014 #Reverse Charge
Blogger: Chandan Kumar Gupta
The Council has considered the issue regarding the working hours of the articled assistants. The Council is of the view that the article training is an important part of the CA curriculum and the same needs to be carried out in accordance with the scheme framed by the ICAI in this behalf. Accordingly, to clarify the doubts being raised by various quarters about the working hours of the articled assistants and for pursuing graduation/other course, the Council decided to issue the following directions:-1. The articled assistants should undergo practical training in accordance with the Chartered Accountants Regulations, 1988 as explained hereinafter.The working hours for the articled assis... Read more
clicks 153 View   Vote 0 Like   4:37pm 25 Jun 2014 #
Blogger: Chandan Kumar Gupta
Acceptance of Deposit under Companies Act 2013 (Bare Act/Rule) from Chandan Kumar Gupta... Read more
clicks 162 View   Vote 0 Like   10:13am 21 Jun 2014 #
Blogger: Chandan Kumar Gupta
A.  IN CASE OF NEW COMPANY:1.    Hold the Board Meeting within 30 days of Incorporation and appoint the auditors Section 139(6)2.    Consent of Auditors has to be obtained and declaration that they are eligible for appointment and there appointment is within the ceiling3.    Appointment letter has to be given to the Auditors within 15 days.4.    File Form ADT1 as annexure to Form GNL2 within 15 days of the date of appointment5.    In case of Delay:a.    In case Board does not appoint auditors within 30 days a GM will be called in 90 days for appointment of Auditorsb.    File MGT14 wi... Read more
clicks 148 View   Vote 0 Like   9:01am 20 Jun 2014 #
Blogger: Chandan Kumar Gupta
Following documents to be submitted along with ST-1 & Acknowledgement receipt.A.   IN CASE OF PARTNERSHIP FIRM:1.   Photocopy of the PAN card of the Partnership firm(affixing the stamp along with partners signature)2.   Complete set of the Partnership deed.3.   Address proof of Partnership Firm, if premises isa.    Owned:Ø  Address proof of the premises like latest electricity bill, telephone bill, Bank statement etc. b.   Rental:Ø  Copy of Rent agreement of the office premises from landlord.Ø  NOC from Landlord (required in stamp paper of Rs 10/- format enclosed)Ø  Copy of ownership documents of lan... Read more
clicks 158 View   Vote 0 Like   11:20am 10 Jun 2014 #Service Tax
Blogger: Chandan Kumar Gupta
TDS (Tax Deducted at Source) from Chandan Kumar Gupta... Read more
clicks 246 View   Vote 0 Like   4:59pm 23 Mar 2014 #Tax
Blogger: Chandan Kumar Gupta
1.  Obtaining of DIN:DIN stands for Director Identification Number. It is a unique identification number allotted to an individual who is an existing director of the company or intends to be appointed as director of a company. DIN is in the format of an 8 digit number. For example: 02165789.This is allotted by Central Government (office of regional director), Ministry of Corporate Affairs.A private company must have atleast 2 Directors. In case of Public limited, it must have 3 Directors. Required documents/information’s for Allotment of DIN:ØID Proof of the Individual (self attested copy of the PAN Card, the signature must be same as in PAN)ØSelf attested Address proof of the ... Read more
clicks 166 View   Vote 0 Like   12:20pm 12 Mar 2014 #
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