Saraswati Institute of Professional Studies

Saraswati Institute of Professional Studies Coaching for Chartered Accountancy, Company Secretaries and Cost and Management course

12/11/2017

Some of the logical and important recommendation made by GST council in the latest meeting ...

1.No need to pay tax under Composition scheme on exempted turnover.

2. Composition scheme turnover limit to be increased to 1.5 cr.

3.Relaxation in late fees for filing returns by reducing it to 20Rs per day in case of NIL returns and 50 per day in other cases.

4. Recredit of late fees paid earlier to tax head and not to fees head so as to enable its use for paying GST.

5. Availability of threshold limit for interstate and e commerce service providers also in line with trading of goods.

6.Reduction in composition tax for manufacturers to 1%

7. Introduction of threshold limit of 5 lacs for composition taxpayer in respect of services provided by them.

7. Reduction in GST rates for restaurants to 5% without ITC except in case of outdoor catering and restaurants in hotel having Tariff exceeding 7500.

12/11/2017

Other Relaxations in recent amendments/recommendations by GST council.....

1. Quarterly GSTR 1 Return for Small business having T/o upto 1.5 Cr per annum and also no GST on advance receipts of goods being received by such dealers..........

2. E way bills and Reverse Charge Mechanism are already postponed to 31.03.2018.........

3. Due date to register under composition scheme has been extended till 31st March 2018......

4. Service provided by a GTA to an unregistered person shall be exempted from GST.......

5. Registered person supplying taxable as well as exempted goods/ services to an unregistered person can issue single “invoice-cum-bill of supply”......

6. No compulsory registration for supplier of services making inter- state supplies but having aggregate turnover less than Rs. 20 lakhs/ Rs. 10 Lakhs.....

25/10/2017

A person who has been granted registration on a provisional basis under Rule 24 or who has been granted certificate of registration under sub-rule (1) of Rule 10 may opt to pay tax under Section 10 (i.e. under composition scheme) with effect from the first day of the month immediately succeeding the month in which he files an intimation in FORM GST CMP-02,on the common portal either directly or through a Facilitation Centre notified by the Commissioner, on or before the 31st day of March, 2018, and shall furnish the statement in FORM GST ITC-03 within a period of ninety days from the day on which such person commences to pay tax under Section 10.
Provided that the said persons shall not be allowed to furnish the declaration in FORM GST TRAN-1 after the statement in FORM GST ITC- 03 has been furnished

03/05/2017

Bank cannot refuse to accept scribbled/coloured/ faded bank notes from general public.The Reserve Bank, vide Press Release No. 2013-2014/1311 dated December 31, 2013, urged members of public and bank officials not to write anything on banknotes as it went against the Reserve Bank’s Clean Note Policy. However, it is also clarified that scribbled/coloured/faded banknotes are to be accepted from members of general public by all banks and the same may be treated as soiled .

13/07/2015

Dear Members & Students,



Yet another year, yet another monsoon season and yet another opportunity to improve upon the communication skills of the students and to compete to reach greater heights by availing this opportunity of participating in the Elocution Contest as per the guidelines of the Institute of Chartered Accountants of India on July 24, 2015 at the Dehradun Branch.



Students registered with the Institute for Final Course undergoing articles/audit training, Intermediate (IPC) Course are eligible to participate in the contest. Thus, students who have completed articles/audit training are not eligible to participate. The time provided to express the views on a topic (list attached) will be 10-15 minutes and the medium of competition will be English, however, an option to speak in Hindi shall also be given.



The winner will have a chance to participate at the Regional level contest scheduled to be held in August/September 2015. The criteria for evaluation of performance shall be as under –



1. Lucidity of Language 10 marks

2. Style of delivery 10 marks

3. Capacity to engage the attention of the audience 10 marks

4. Precision of expression 10 marks

5. Depth of coverage of the subject matter including reference to latest

developments in the concerned area 50 marks

6. Adherence to time limit 10 marks



The topics, to choose from, are as under -

1. First Time Adoption of Ind ASs in the Financial Statements of the Companies.

2. Salient features of the Companies Auditor's Report Order (CARO), 2015.

3. Strengthening Governance Mechanism – Role of Independent Director.

4. Taxation as an instrument to promote ‘Make in India’.

5. The Constitution (122nd Amendment) Bill, 2014 on Goods and Services Tax: Salient Features and Issues arising therefrom.

6. Pradhan Mantri Jan-Dhan Yojana – An analysis.



The contest will be held at the Branch Premises on July 24, 2015 at 3:00 p.m. In case the number of participants is large, as it was in a year earlier, the contest shall be extended to July 25, 2015 at 3:00 p.m. The information of participation should reach the Branch by July 21, 2015.

13/07/2015

Dear Members & Students,



As you are aware Quiz Contest at Branch level is organized every year, covering various subjects covered under CA curriculum. The Branch is of the view that by participating in the Contest, students will get motivated to study various subjects in greater detail and thereby it will improve their performance in the examination, apart from improving their ability to give quick solutions to problems. The dates fixed for the same is July 25, 2015.



Students registered with the Institute for Final Course and are undergoing article/audit training, Intermediate (IPC) Course are eligible to participate in the Contest. Thus, students who have completed articles/audit training are not eligible to participate. The broad guidelines of the contest are as under -



(i) Medium of questions in Quiz Contest would be English. However, if any participant wants to speak in Hindi, the option will be given.

(ii) There can be a maximum of 5 teams each team consisting of two students. If there are more participants the 5 teams have to be selected by a process of elimination and any variation in the number of participants/teams shall be at the sole discretion of the management.

(iii) There will be eight rounds of Quiz Contest covering the following areas:

- Accounting

- Auditing

- Corporate Laws

- Taxation - Direct and Indirect

- Costing/Management Accounting/Financial Management

- Information Technology

- Economics

- General Awareness

Additionally, there will be a Rapid-Fire Round.

(iv) Three questions will be asked in each round to each team. The students will be given 60 seconds for answering each of the questions.

(v) In each round, the questions will be addressed turn-by-turn to each team. For example, Q. No. 1 will be addressed to Team A. If Team A answers the question correctly, then Q. No. 2 will be addressed to Team B. If Team A does not answer Question No.1 correctly, the question will pass on to Team B. A question will pass once and there will be no subsequent passing. As usual, the Question No. 2 will be addressed to Team B, the Question No. 3 will be addressed to Team C and so on.



(vi) At the end, there shall be a Rapid Fire Round in which five questions will be addressed to each team. Each team will be given one minute to answer all the five questions instantaneously. Students may choose not to answer a question. There will be no passing in Rapid Fire Round.

(vii) Each question shall carry 5 marks. 2 marks shall be awarded for questions which have been passed.

The contest will be held at the Branch Premises on July 25, 2015 at 3:00 p.m. As mentioned above, any variation in the number of participants/teams shall be at the sole discretion of the management. The information of participation should reach the Branch not later than 2:30 p.m. on July 21, 2015.



The Members are requested to encourage and motivate the eligible students in office to study the topics in detail and participate in the contest. The participation shall benefit the students in improving their skills that in turn would benefit the Members by their conduct in their respective offices.

10/07/2015

For Enquiry regarding fresh batches...call/text or wtsapp on 8868031789

06/07/2015

The provisions of section 44AE are applicable to every person (i.e., an individual, HUF, firm, company, etc.). Unlike section 44AD, in case of section 44AE there is no restriction on which categories of assessees can opt for the scheme.. All sorts of assessees can opt from this scheme. -

n respect of heavy goods vehicle income will be computed @ Rs. 5,000 per month or part thereof during which the heavy goods vehicle is owned by the assessee, during the previous year. From Assessment Year 2015-16 i.e. Financial Year 2014-15 the same is been increased to Rs. 7500/- per month and differentiation between Heavy and other good vehicles been removed.

Further, from income computed at the aforesaid rate, no disallowance can be made under sections 40, 40A and 43B. Thus, in case of an assessee adopting the presumptive taxation scheme of section 44AE, no disallowance under section sections 40, 40A and 43B will apply.
If the actual income from the business covered under section 44AE is lower than the income prescribed under the presumptive scheme, then the assessee can declare income from aforesaid business at a lower rate. If the assessee does so, i.e., declares lower income, then the relief from maintenance of account in not available and he is required to maintain the books of account as per section 44AA and further, he has to get such books of account audited as per section 44AB. -

06/07/2015

The provisions of section 44AD are applicable to such resident assesses who is an Individual, Hindu Undivided Family and Partnership Firm but not Limited Liability Partnership Firm. Unlike section 44AE, in case of section 44AD there is a restriction on which categories of assessees can opt for the scheme. Only specific categories of resident assessees as discussed above can opt for this scheme.

these provisions can be adopted by the assessees only if he has not claimed deduction under section 10A/10AA/10B/10BA or under sections 801111 to 80RRB in the relevant year.
Moreover, the provisions of section 44AD cannot be adopted by an assessees who is engaged in any profession as prescribed under section 44AA or is carrying on an agency business or is earning income in the nature of commission or brokerage. The important criteria of the scheme is the turnover or gross receipts from the eligible business. To opt for the scheme the turnover should not exceed Rs. 1,00,00,000.

from income computed at the rate of 8%, no dis allowance can be made under sections 40, 40A and 43B. Thus, in case of an assessees adopting the presumptive taxation scheme of section 44AD, no dis allowance under sections 40, 40A and 43B will apply.

An assesses opting for the presumptive taxation scheme of section 44AD will not be liable to pay advance tax in respect of business covered under section 44AD. In other words, a person adopting the provisions of presumptive taxation scheme of section 44AD is not liable to pay advance tax in respect of the business covered under section 44AD.

06/07/2015

No where it is given that you MUST PRINT! The requirement is only to download!!
I think it is proper on account of following points:

1. TDS Certificates are generated only if you make payment and deposit of tds and also only after correct filing of TDS returns. So it ensures you comply with law.

2. Secondly, deductee gets assurance about tds deducted has been credited to his Income Tax A/c

06/07/2015

In exercise of the powers conferred by section 59 and sub-section (1) of section 63 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015), the Central Government hereby appoints — (i) the 30th day of September, 2015 as the date on or before which a person may make a declaration in respect of an undisclosed asset located outside India; (ii) the 31st day of December, 2015 as the date on or before which a person shall pay the tax and penalty in respect of the undisclosed asset located outside India so declared, under the provisions of section 59 of the said Act. [F.No. 133/33/2015-TPL] (Amit Katoch) Under Secretary to the Government of India - See more at:

06/07/2015

In sub-section (3) of section 1 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015(22 of 2015), for the words, figures and letters “the 1st day of April, 2015”, the words, figures and letters “the 1st day of July, 2015” shall be substituted. And thus the act shall be applicable from 1.07.2015 and from 1.4.15

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