Menu

WELCOME TO FUNDSCOOP ADVISORS

9330560978, info@fundscoop.in

Blog posts September 2017

Income Tax filing of Non Profit Organizations

September 30, 2017

Which NPOs/ Trusts needs to file their Income Tax Returns:-

  • All NPOs having their income during the previous year exceeding the maximum amount which is not chargeable to income tax are required to file their Income tax returns. Currently Rs. 2.5 Lakhs per year is the maximum amount which is no…

Read more

IMPACT OF GST IN CASE OF HIGH SEAS SALE TRANSACTIONS

September 30, 2017

Definition:

Transactions taking place before filing of bill of entry are termed as “high sea sale” transactions under common trade practice where the original importer sells the goods to a third person before the goods are entered for customs clearance.

The above definition implies that “h…

Read more

TRANSITIONAL PROVISION UNDER GST – SEC 140(5)

September 24, 2017

Credit of eligible duties and taxes in respect of inputs or input services during transit

THE LAW:

140(5) - Credit of eligible duties and taxes in respect of inputs or input services during transit

A registered person shall be entitled to take, in his electronic credit ledger, credit of e…

Read more

TRANSITIONAL PROVISION UNDER GST – SEC 140(4)

September 23, 2017

Credit of eligible duties and taxes in respect of inputs held in stock allowed incertain situations

THE LAW:

140(4) - Credit of eligible duties and taxes in respect of inputs held in stock allowed in certain situations.

A registered person, who was engaged in the manufacture of taxable as w…

Read more

TRANSITIONAL PROVISION UNDER GST – SEC 140(3)

September 23, 2017

Credit of eligible duties in respect of inputs held in stock allowed in certain Situations

THE LAW:

140(3) - Credit of eligible duties in respect of inputs held in stock allowed in certain situations.

A registered person, who was not liable to be registered under the existing law, or who w…

Read more

Which is better as a start-up: LLP or Private Limited Company or Partnership?

September 22, 2017

An entrepreneur planning a start-up usually have a common question : which is better for a start-up? LLP, Private Limited Company or partnership firm? So here’s a comparison chart to make it easier for you to decide the same for yourself.

Particular

Limited Liabil…

Read more

LABOUR SUPPLY UNDER GST

September 22, 2017

There can be two instances for supply of labour under GST

  1. Supply of both material and labour - The supplier is engaged in supply of labour ( hired labour from outside) alongwith supply of own materials such as cement, steel, sand and other materials, then such service would be classified as a …

Read more

Scientific Consultancy Services to a Central Govt. company

September 17, 2017

Scientific Consultancy Services to a Central Govt. company

 

Our valuable client had raised the following query on scientific consultancy services provided to a Central Govt. company.

Question - I am doing scientific consultancy in Delhi, my registration is in Kolkata but I am working for …

Read more

Can HUF become a partner in LLP

September 17, 2017

What is LLP?

A Limited Liability Partnership (LLP) is a contract or agreement made between the partners of a LLP to establish a fair relationship between them and to protect their investment for carrying on any such business. A Limited Liability Partnership (LLP) is like a body corporate, wit…

Read more

TRANSITIONAL PROVISION UNDER GST – SEC 140(2)

September 15, 2017

Credit of unavailed CENVAT credit in respect of capital goods

THE LAW:

140(2)- Credit of unavailed CENVAT credit in respect of capital goods, not carried forward in a return, shall be allowed.

Section 140(2) states, a registered person, other than a person opting to pay tax under section 1…

Read more

TRANSITIONAL PROVISION UNDER GST – SEC 140(1)

September 15, 2017

Carry forward of tax credit claimed in the tax returns

THE LAW:

140(1)-Amount of CENVAT credit carried forward in the return allowed as input tax credit.

Section 140(1) states, a registered person, other than a person opting to pay tax under section 10, shall be entitled to take, in his ele…

Read more

GST RETURN FILING DATES REVISED

September 12, 2017

Sl No

Details / Return

Tax Period

Revised due date

  1.  

GSTR-1

July, 2017

10-OCT-17

For registered persons with aggregate turnover of more than Rs…

Read more

MAJOR RECOMMENDATIONS MADE IN THE 21ST GST COUNCIL MEETING 9TH SEPTEMBER 2017

September 12, 2017

The following recommendations were made by the GST Council at its 21st meeting held in Hyderabad on 9th September, 2017.

GST Returns

  1. Revised schedule of filing GST return is as under:

 

Sl No

Details / Return

Tax Period

Read more

Change of Name of the company under Companies Act, 2013

September 11, 2017

Change in name of the Company involves alteration of Clause I of the Memorandum of Association of the Company. Section 13 of the Companies Act, 2013 regulates the process of alteration of Memorandum of Association of companies. Section 13 of the Companies Act, 2013 says that name of a company may be…

Read more

REDEVLOPMENT OF REAL ESTATE PROJECTS AND GST IMPLICATIONS

September 7, 2017

REDEVELOPMENT OF PROJECTS UNDER GST

The Goods and Services Tax (GST), the ultimate tax reform since independence, aims to eliminate the complex and ambiguous tax structure plaguing the country currently. GST is expected to be a sentiment booster for the real estate industry and will seek to reviv…

Read more

BOND AND LETTER OF UNDERTAKING IN CASE OF EXPORTS

September 5, 2017

Under GST regime, export of goods and services has been treated as a “zero rated supply”. This implies that no tax would be payable on such supplies and the exporter will be able to claim the corresponding input tax credits.

Indian Government has specified the following procedures for export …

Read more

TIME OF SUPPLY UNDER GST

September 5, 2017
Supply has been understood to hold the key to the incidence of GST, but it is the ‘time of supply’ that dictates the occasion when this incidence will come to rest. Time of supply of goods/services under GST refers to the point of taxation i.e the date and time on which , the liability to pay tax ar…

Read more

ICDS and it's implications

September 3, 2017

There are 5 heads of income under which the whole income of an assessee have to be reported under the Income Tax Act, 1961. The disclosure and computation of income under various heads of income, and in particular, under the head “Profits and Gains of Business or Profession” was the subject to numer…

Read more

GSTR-3B can be rectified while filing GSTR-1 & GSTR-2

September 3, 2017

This Friday, i.e. 1st September, 2017 CBEC has issued a circular and clarified that the errors made by tax payers in GSTR-3B can be rectified while filing regular returns in GSTR-1 & GSTR-2 respectively.

Previously, there was no provision to revise GSTR-3B even in case there was an inadvertent mi…

Read more

Section 44ADA – Presumptive Taxation Scheme for Professionals

September 1, 2017

About: After the introduction of section 44AD of the Income Tax Act, section 44ADA was introduced from Financial Year 2016-17 to give relief to small professionals as well. Under this section, an assessee is neither required to main books of accounts U/S 44AA nor the audit of accounts U/S 44AB o…

Read more

20 blog posts