Value Added statement isn't an Account in the traditional sense. It is mere a statement showing the economic output of the reporting entity. It is different from the traditional Profit and Loss Account. In traditional Profit and Loss account, reporting is for net income figures. This is very often different from the economic output generated by the enterprise. The...

Money Market is an important ingredient for growth and development of an economy. India too is no exception for it. With the fastest growing economy, India has experienced significant growth in its Money Market operations. The Participants like the Reserve Bank of India along with financial institutions like the UTI, GIC, LIC, etc. have major role in this ever...

After the demonetization, Government has earned an important lesson. Keeping the rhetoric aside, it's enlightened to the wisdom of colours in money. Notes of two-thousand turned pink, five hundred went green but none could become black. Still, it's a firm belief, perhaps the only way to stop money from turning black. It's no longer secrete, cash transaction is mere the...

Although in some cases, quoting of PAN for certain type of transaction is must, for most of the transactions quoting of PAN is optional yet it is beneficial to quote PAN in your own interest. When TDS is to be deducted by payer, you should quote your PAN for getting TDS deducted at lower rate. If you do not...

Normally, an assessee pays tax based on computation of his expected tax liability. And very often his tax liability is either less or higher when he finally computes his actual tax liability at the time of filing of his return. If his actual tax liability is higher, he has to pay such higher tax and there is interest if...

With 1st July nearing, everyone is preparing for new pan India Indirect tax – Goods and Service Tax (GST). Suddenly, Experts are seen on TV channels explaining effects of GST on Indian Economics and its benefits in long run. Also, several seminars and workshops are being held each day to assist transitioning from current tax regimes to new GST...

This Week has been full of news related to GST. Though believed to be a tough task, it is anticipated to come into effect from 1st July. Also giving due respect to the deadline expected by Government, recently on May 18 & 19, for the very first time rates for different items were fixed. While there is a lot...

With Aadhaar being mandatory for filing ITR, there are several consequences for not linking the same. Below is in detail consequences. Most immediate impact will be on filing of ITR. As earlier notified by Government, no ITR shall be accepted within Adhaar being linked to the PAN. However, there are some exemptions discussed later on this article. Further, for...

With deadline for applicability of Goods and Service Tax (GST) coming near, there's still confusion as to number of return to be filed. This article is a guide to the number of returns under GST and their Due Dates. Form No. Details to be filed To be filed by Due Date GSTR-1 Details of outward supplies of taxable goods and/or services effected. It has to...