income and expenditure account format

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MOU between MCA and CBDT for automatic exchange of information


MOU between the Ministry of Corporate Affairs and Central Board of Direct Taxes CBDT for Automatic and Regular Exchange of Information Taking forward the initiative launched by the Government of India to curb the menace of shell companies money laundering and black money in the country and prevent m

Services on which rate of GST reduced to 12%


Decisions taken on Services 21st GST Council Meeting 9th September 2017 The following decisions were taken by the GST Council at its 21st meeting held in Hyderabad on 9th September 2017 The information is being uploaded immediately after the GST Councils decision and it will be subject to further ve

Punishment for Siphoning off Money from Bank Accounts of Struck Off Companies


Stricter Norms for Corporate Governance Punishment for Siphoning off Money from Bank Accounts of Struck Off Companies Disqualifation of Directors from Being Appointed or Reappointed in Companies MoS CA Shri P P Chaudhary Exercise of Weeding Out Shell Companies Would not Only Help in Checking the Men

Restriction on Bank account of over 2 lakh struck off companies


Department of Financial Services advises all Banks to take immediate steps to put restrictions on bank accounts of over two lakh struck off companies Government has stepped up decisive action against companies falling within the ambit of Section 248 of the Companies Act The names of 2 09 032 compani

ICAI President's Message - September 2017


My dear professional colleagues Definitive and challenging role of technology in creating success stories has increased manifold over the past two decades Indian accountancy profession aims to evolve into a technology driven profession to bring a strategic advantage for its stakeholders Microsoft CE

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Experts Opinions

Sec 54B: incomes from capital gain.


Details of the Provision If the assessee transfers urban agriculture land which was been used by the assessee or his parents or his children for the agriculture purpose for a period not less than 2 years and if invests the resultant capital gain in the purchase of an agriculture land then the capita

Refund on income tax


I have filed my income tax return as per form 16 on 27th july 2017 for AY 2017 18 There is mismatch in TDS amount as it is 1030 less in 26AS than Form 16 There was refund of 3500 on my account but I didnt get any intimation about the same Plz let me know about the options available to me

Notice non filing of income tax return ay2014-15


I have received a letter from AO mentioning ITR not filed for AY2014 15 Can I file ITR now If so can you give any suggestions Thank you

Validity of expenditure bills/ voucher


Hai Please tell me how many months old any bill or voucher should I consider for accounting or reimbursement Please reply

Income tax last date of filling return for the a.y 2017-18


N

Discussion

Urd purchase limit as per income tax act

please tell me URD purchase limit as per income tax act also per day yearly cash payment limit to URD

Gst on adsense income received in usd (export bond)

My CA is of the opinion that GST maynotbe applicable if the invoice is received in USD BUT we need to submit a BOND of 15 of the total GST applicable on the entire yearly income which is being considered export income Another opinion is GST is applicable on the Adsense income in USD and that you NEE

Accounting treatment for project cancelled before completion

What will be the accouting treatment If project cancelled by customer before completion and compensation received on account of settlement is higher then amount actually spent for execution Thanks in Advance

Accounting entries in gst for RCM Method

Please how to entry for RCM Method in gst

Accounts receivable

Dear Sir Madam I the undersigned is working with a Pvt Ltd Company in Pune We are using Tally ERP 9 Software Our Management needs Sales Figures of July 2017 which I have already submitted Further they need collection in the month of July 2017 against only the Bills raised between 01st July to 31st J

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Reverse Charge Mechanism and Accounting Entries for RCM in GST


What is Reverse Charge Mechanism RCM Normally the supplier of goods or services pays the tax on supply In the case of Reverse Charge the receiver becomes liable to pay the tax i e the chargeability gets reversed Registration All persons procuring gods services notified above on which GST is payable


Accounting Entries in GST


Accounting Entries in GST Case I Local Intra state Purchase 18 Rs 1 00 000 Purchase A c Dr 1 00 000 Input CGST A c Dr 9 000 Input SGST A c Dr 9 000 To Creditors Bank A c 1 18 000 Sale 18 Rs 1 50 000 Debtors Bank A c Dr 1 77 000 To Sales A c 1 50 000 To Output CGST A c 13 500 To Output SGST A c 13 50


System based reconciliation of information furnished in Forms GSTR 1, GSTR 2 with form GSTR 3B


Some important notes areas AUTHORS Notes based on the circular no 7 2017 dated 1 Sep 2017 Registered person who has opted to file TRAN 1 by 28 Aug 2017 will have a credit of such ITC in their Electronic Credit Ledger for utilising to pay tax liability further After the return in FORM GSTR 3B has bee


Accounts & Records To Be Maintained Under GST


Accounts Records To Be Maintained Under GST Sec 35 36 Rules 56 to 58 of CGST Act Sec 35 1 Every registered person shall keep and maintain at his Principle Place of Business true and correct account of Production or manufacture of goods Inward and outward of goods or services or both Stock of goods I


Be alert about the new process of refund under the Income tax Act


Refund process under the Income tax becomes more stricter than earlier through the amended Section 143 1 A of the Income Tax Act The Income tax department is suspecting that most of the taxpayers are getting refunds by declaring the taxable income comparatively lesser than the issued Form 16 16A The


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Updated on : 9/17/2017 9:55:14 AM



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