RESIDENTIAL STATUS UNDER INCOME TAX

RJA 14 Mar, 2018

Tax incidence on an assessee depends on his residential status. For instance, whether an income, accrued to an individual outside India, is taxable in India depends upon the residential status of the individual in India. Similarly, whether an income earned by a foreign national in India (or outside India) is ...

QUICK REVIEW Of PREVENTION OF MONEY LAUNDERING ACT, 2002

RJA 13 Mar, 2018

Money laundering is the process by which large amounts of illegally obtained is given the appearance of having originated from a legitimate source. So basically, all the ways to convert the black money into white money are Money laundering. But in Money laundering, the black money ...

UNION CABINET APPROVES ARBITRATION AND CONCILIATION (AMENDMENT) BILL, 2018

RJA 09 Mar, 2018

The Union Cabinet on Wednesday approved the Arbitration and Conciliation (Amendment) Bill, which seeks to establish an independent body to make arbitration process user-friendly, cost-effective and ensure speedy disposal and neutrality of arbitrators. The Bill seeks to encourage institutional arbitration for settlement of disputes and make India a centre of ...

Future of Accountancy Profession

RJA 08 Mar, 2018

Future of Accountancy Profession Accountancy profession will face significant challenges in coming times with the evolving technologies, globalization and new form of regulations. Along with tough challenges come exciting opportunities which accountants in business and practice are going to face. Emerging technologies and global trends are definitely reshaping the accountancy ...

Elements of Financial Statements

RJA 07 Mar, 2018

The financial elements of a financial statement are broadly classified into five categories. These are grouped according to the monetary characteristics they possess. Let’s have a brief understanding of all five. Assets An asset is a resource (either tangible or intangible) which is in control of the enterprise ...

How to file return under UAE VAT

RJA 05 Mar, 2018

As per the official site of Ministry of Finance, UAE, majority of the business entities will be required to file the VAT returns on quarterly basis, within one month/28 days from the end of the respective quarter. USE OF ACCOUNTING SOFTWARE The business in UAE are required to ...

QUICK REVIEW ON INSOLVENCY AND BANKRUPTCY CODE

RJA 03 Mar, 2018

The meaning of Insolvency and Bankruptcy is not same. “Insolvency” means the situation where an entity (debtor) cannot raise enough cash to meet its obligations or to pay debts as they become due for payment Bankruptcy is the term for when an individual is declared bankrupt by the ...

Everything You Need to Know About SIDBI Loan Schemes

RJA 24 Feb, 2018

SIDBI has proved to be a great support system for all kinds of small businesses in India. This is because they create a series of equity and loan schemes for MSME sector to sanction their growth. In the following article, we will observe some famous SIDBI schemes like- SME IT ...

Cabinet approves New Bill to ban Unregulated Deposit Schemes and Chit Funds (Amendment) Bill, 2018

RJA 24 Feb, 2018

In a major policy initiative to protect the savings of the investors, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to introduce the following bills in the Parliament:- (a) Banning of Unregulated Deposit Schemes Bill, 2018 in parliament & (b) Chit ...

AUDIT UNDER GST ACT 2017

RJA 22 Feb, 2018

Under GST Audit would be done in Two Ways: Section 65 (compulsory audit by tax authorities) Section 66 (special audit by chartered accountant or cost accountant) What is an Audit? As per Section 2(13) of CGST Act, 2017’audit’ means the examination of records and other documents maintained or furnished by the ...

AMENDMENT TO LAW ON CHEQUE BOUNCE

RJA 20 Feb, 2018

Cheques are used in almost all transactions such as re-payment of loan, payment of salary, bills, fees, etc. A vast majority of cheques are processed and cleared by banks on daily basis. Cheques are issued for the reason of securing proof of payment. Nevertheless, cheques remain a reliable method ...

MSME CONSULTANCY AND REGISTRATION

RJA 19 Feb, 2018

Micro, Small & Medium Enterprises - The Engine of inclusive growth & development The registration under Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 is for facilitating the promotion and development and enhancing the competitiveness of Micro, Small and Medium enterprises.MSME stands for micro, small and medium enterprises and ...

WHY TRADEMARK REGISTRATION???

RJA 19 Feb, 2018

A Trademark is one of the most important business asset you’ll ever own. It distinguishes your company and its products in the marketplace. The marketplace is crowded and it’s hard to distinguish your business from your competitors.Trademarks/brands are an efficient commercial communication tool to ...

DEDUCTIONS UNDER SECTION 80CCD OF INCOME TAX ACT

RJA 17 Feb, 2018

Income Tax Act, 1961 provides various tax deductions under Chapter VI-A for contribution to pension plans. Such deductions are available u/s 80C, 80CCC and 80CCD. This guide talks about section 80CCD. This section provides tax deductions for contribution to the pension schemes notified by Central Government, i.e., National Pension ...

Analysis of Changes in Service Tax and GST through Finance Bill, 2018 and GST Council 25th Meeting

RJA 05 Feb, 2018

Finance Bill 2018 has been presented by the honble Finance Minister on 1st February 2018 which has put forward some changes in indirect taxation regime. Also, in recent days, several modifications have been made under GST after recommendations of 25th GST council meeting.  The changes recommended by GST council have been ...

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