Finance Facts

Sweet Shop Cum Restaurant In the case of Sweet Shop cum restaurant, the services from the restaurant is a principle supply which provides a bundled supply of preparation & sale of food and serving the same and therefore it constitutes a composite supply. In the instant case, the nature of restaurant services is such that it may be treated as the main supply...

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1) An extremely important artifact, the Rosetta Stone, was the main key to the ultimate deciphering of ancient Egyptian hieroglyphics... and the writing found in it is mostly about taxes. 2) The Roman emperor taxed urine in the 1st century. It was used to launder garments as well as collected for the ammonia. 3) The country of Romania was trying to get itself...

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KYC of all Directors to be done again by MCA As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC to be notified and deployed shortly. Accordingly, every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’ status, would be mandatorily required to...

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The Government has approved the constitution of a National Anti-Profiteering Authority (NAA) – the institutional mechanism under the GST law to check the unfair profit-making activities by the trading community. Union Cabinet chaired by the PM decided for the appointment of a Chairman and Technical Members of the Authority. Functions of the Authority The relevance of the National Anti-Profiteering Authority (NAA) is simply...

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(05/04/2018) The government of India, today in a press release gave a major relaxation to the Salaried Class The Central Board of Direct Taxes (CBDT) on Thursday announced that the Finance Act, 2018 has amended Section 16 of the Income Tax Act, 1961. The new provision states that a taxpayer having income chargeable under the head 'Salaries' shall be allowed a deduction of Rs....

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I should start with a warm message - Happy new financial year. It is rightly said that a good beginning makes a good end. Hence to convert this beginning into a good start, it makes sense to make some resolutions of New Financial Year - resolution to plan our expenses, resolution to achieve Financial Freedom and make your money work for you. It...

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EWay Bill will roll out from 1st April,2018 also e-waybill on the intra-state movement of goods would be applicable from 01st April 2018 in the following states - 1) Himachal Pradesh 2) Uttar Pradesh 3) Tripura 4) West Bengal 5) Odisha 6) Madhya Pradesh 7) Karnataka 8) Tamil Nadu You are advised to take steps accordingly. ...

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GST Update - To-do list for March end 15 Things to do before March End - ​1. Reversal of Input tax credit – As per the rules of Input tax credit, after issuance of tax invoice if receiver does not made the full pa​​yment of amount  within 180 days then the credit taken on that invoice is to be reversed. And whenever the...

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(adsbygoogle = window.adsbygoogle || []).push({}); New penalty for late filing of Income Tax Return under section 234F is introduced in Budget 2017. Although this penalty is applicable only for income tax return of Financial Year 2017-18 and onwards. If a person who is compulsorily required to file Income Tax Return (ITR) doesn’t file return on time then he is liable to a penalty as...

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  The new alleged fraud of around Rs 9.1 crore involves officials of a little-known company called Chandri Paper and Allied Products Pvt Ltd, the Central Bureau of Investigation said in the complaint. Punjab National Bank (PNB) has detected another fraud of Rs 9.09 crore at its Brady House branch in Mumbai, which is at the centre of the Rs 12,600 crore fraud...

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MAT (Minimum Alternative Tax) is a tax payable under Income-tax Act. The concept of MAT was introduced to target those companies that make huge profits and pay the dividend to their shareholders but pay no/minimal tax by taking advantage of the various deductions, and exemptions allowed under income tax act. But with the introduction of MAT, the companies have to pay a fixed...

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