1) What is Reverse Charge Mechanism (RCM) ? A) Service Tax is charged by the service provider to the service recipient. Service Provider collects Service Tax from the Service Recipient and pays it to the Government. However, under RCM, the service provider is not liable to pay service tax or is liable to pay service … Read more
I found a marked difference in CVs of CAs and B-School MBAs. After some 10000 +interviews taken in career and certainly 3000 plus people selected and 300 plus lectures delivered on this subject, mainly in GMCS batches of ICAI and also SMTP batches of ICSI and numerous management institutes and many chapters of ICWAI in … Read more
The ICAI has notified the time table of the exam to be held in May 2014. IPC exam will held form 27th May 2014 to 8th June 2014. Final Exam will held from 26th May 2014 to 9th June 2014. Insurance and Risk Management (IRM) exam will held from 3rd June 2014 to 9th June … Read more
In following video I have explained the importance of the IFRS in job industries for the Chartered Accountants.
Meaning Individual or Hindu undivided family can claim deduction under section 80C. The qualifying amount under section 80C of income tax act is deductable form gross total income. Deduction is available on the basis of qualifying investment, contribution or payment made by taxpayer during financial year. Maximum amount deductable Maximum amount deductable under section 80C … Read more
FINANCE DEPARTMENT Hutatma Rajguru Chowk, Mantralaya, Mumbai 400 032, dated the 24th December 2013 . NOTIFICATION MAHARASHTRA VALUE ADDED TAX ACT. 2002. No. VAT 1513/C.R. 124/Taxation-1.-In exercise of the powers conferred by the proviso to sub-section (6) of section 20 of the ‘Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government … Read more
A. For resident individual (male or female) who is not senior citizen and HUF, AOP, BOI and AJP: Net Income Income Tax Rate Surcharge Up To Rs. 2 Lacks NIL NIL Rs.2 Lacks to Rs.5 Lacks 10% of (total income – Rs. 2 Lacks) NIL Rs.5 Lacks to Rs.10 Lacks Rs.30,000 + 20% of … Read more
Every dealer is require to get register compulsory under MVAT, whose turnover is exceeds the prescribe limit as mentioned under section 3 (4) of MVAT Act. The turnover limit for the purpose of MVAT registration is given below: Category of Dealer Turnover of Sales Turnover of taxable good purchase or sold Importer Rs. 1, 00,000 … Read more
As we see the difference between the voluntary registration and compulsory registration in my previous article let’s see now the MVAT registration procedure and the documents required for registration. The dealer is required to follow the following steps for MVAT registration. 1) Dealer is require to apply online by on http://mahavat.gov.in/ERegistration Fill all basic information … Read more
In previous article we have seen the procedure of MVAT registration. Now let’s see the documents required for MVAT registration. 1) PAN of Dealer (PAN of partners/directors is also required in case of firm/company) 2) Constitution certificate :- a) Proprietorship:- Shop Act License / If Shop Act is not applicable – Certificate form Grampanchyat b) … Read more