Reverse Charge mechanism under Service Tax

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

How to prepare CV? (with A to Z DON’Ts)

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

Time table of Ca Examination May 2014

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

Nature of payment for deduction under section 80C of Income Tax Act

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

Late Fees Exemption Conditions under MVAT Act 2002 – MVAT Notification dated 27/12/2013

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

Procedure for application of din and documents required

The concept of Director Identification Number (DIN) is introduced first time in Companies (Amendment) Act 2006. Any individual who intending to become a director is requires DIN.  No company can appoint a director unless he has allotted a Director Identification Number (DIN). DIN is the unique number, once individual get the DIN he can use … Read more

Procedure of approval of company name and MCA name guidelines

The promoters of the company is require to decide the propose name of the company. The propose name should not be identical or similar name of the any existing company in India. The promoter should check the name availability on MCA Website.  After the verification of availability of name, promoters need to finalized the at least … Read more

Voluntary registration vs compulsory registration under mvat

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