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Blog posts September 2017

Income Tax filing of Non Profit Organizations

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…

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IMPACT OF GST IN CASE OF HIGH SEAS SALE TRANSACTIONS

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…

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TRANSITIONAL PROVISION UNDER GST – SEC 140(5)

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…

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TRANSITIONAL PROVISION UNDER GST – SEC 140(4)

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…

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TRANSITIONAL PROVISION UNDER GST – SEC 140(3)

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…

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

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…

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LABOUR SUPPLY UNDER GST

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 …

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Scientific Consultancy Services to a Central Govt. company

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 …

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Can HUF become a partner in LLP

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…

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TRANSITIONAL PROVISION UNDER GST – SEC 140(2)

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…

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TRANSITIONAL PROVISION UNDER GST – SEC 140(1)

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…

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GST RETURN FILING DATES REVISED

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…

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

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Change of Name of the company under Companies Act, 2013

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…

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REDEVLOPMENT OF REAL ESTATE PROJECTS AND GST IMPLICATIONS

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…

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BOND AND LETTER OF UNDERTAKING IN CASE OF EXPORTS

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 …

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TIME OF SUPPLY UNDER GST

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…

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ICDS and it's implications

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…

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

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…

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Section 44ADA – Presumptive Taxation Scheme for Professionals

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…

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20 blog posts