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Professional Updates for Chartered Accountants

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Modi launches APIX technology; what it is, how it will help 2 billion people without bank accounts globally

In a bid to reach two billion people worldwide who are still without bank accounts, Prime Minister Modi launched the APIX (Application Programming Interface Exchange), a banking technology platform in Singapore Wednesday. The technology platform was launched by Modi along with Deputy Prime Minister of Singapore T Shanmugaratnam ...

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Demonetisation: 80,000 being chased by I-T for large cash deposits

The income-tax department (I-T) is ‘chasing’ 80,000 persons who had deposited cash during demonetisation period which didn’t match their income profile, chairman of central board of direct taxes (CBDT) Sushil Chandra said on Wednesday. The income-tax department (I-T) is ‘chasing’ 80,000 persons who had deposited cash dur...

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All About Proposed Simplified GST Returns – Sahaj And Sugam

With the introduction of Goods and Service Tax (GST), there had been a tremendous increase in the numbers of returns to be filed by the registered taxable person. Due to the increase in the number of returns and the complex return filing process, there had been a remarkable increase in compliance cost which is duly affecting the day ...

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Withdrawal rules for your provident fund account

Provident Fund is a product which helps salaried people to accumulate funds while they are earning for the period the income flow stops. So generally it is not supposed to be withdrawn before its maturity and jeopardise one’s retirement. However there are circumstances when resorting to the money accumulated in the Provident Fund a...

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Dividend up to 10 lakh from shares exempt

To claim Foreign Tax Credit, you must submit a statement of foreign income and tax deducted on income, in Form 67 Say person A is in Germany from December to March. He earned money in Germany in the form of salary. Now he has ₹16 lakh as his total income in Germany after conversion, according to RBI rates, out of which ₹4 lakh i...

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Interest in GST: Whether on Gross Output Tax or Net Tax Liability

The interest is being charged by the Department on gross tax liability which is the output tax and tax payable on reverse charge mechanism without deducting any input tax credit i.e. net tax liability. Many taxpayers are getting notices from the GST Department regarding late filing of return. The GST Department is adding interest lia...

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ICAI Elections 2018: Manner of Recording of Votes

It  is  brought  to  the  knowledge  of  all  members  eligible  to  vote  that  the  Central Government  has  notified  the  amendments  made  in  the  Chartered  Accountants (Election to the Council) Rules, 2006 in the Gazette of India vide Notification No. GSR 796E  dated  23rd  August,  2018.  One  o...

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ICAI Elections 2018: Single Transferable System of Voting

ELECTIONS TO THE 24th COUNCIL AND 23rd REGIONAL COUNCILS “SINGLE TRANSFERABLE SYSTEM OF VOTING – AN APPRISAL” The stage is all set for the triennial elections to the Council and the Regional Councils of the Institute of Chartered Accountants of India. The next elections to the Council and Regional Councils of the Institute wi...