RITUL PATWA & CO, Chartered Accountants – Page 17 – Professional Updates and Articles on latest amendments and changes in Direct and Indirect Taxes in India

RAJASTHAN VAT – CANCELLATION OF TIN FOR NON FILLING OF RETURN and PAN DATA ERROR

Chartered Accountants / By CA Ritul Patwa

As per the Circular No. 11/2015-16 dated 13th August, 2015 issued by the Commercial Tax Department (CTD) under Rajasthan VAT Act, 2003 and with a view to make smooth transition towards Goods and Services Tax (GST) Regime, all the Registered Dealers are directed to update there PAN data correctly in the dealers profile and to furnish due …

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GUIDELINES FOR DIGITAL SIGNING OF DOCUMENTS UNDER SERVICE TAX

Chartered Accountants / By CA Ritul Patwa

The Central Board of Excise & Customs (CBEC) has vide notification no. 18/2015 dated 06/07/2015 has issued following conditions, safeguards and procedures for issue of invoices, preserving records in electronic form and authentication of records and invoices by digital signatures, namely:- Every assessee proposing to use digital signature shall use Class 2 or Class 3 …

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WORKS CONTRACT TAX IN RAJASTHAN FOR F. Y. 2015-16

Chartered Accountants / By CA Ritul Patwa

The Government of Rajasthan has done major changes in the Works Contract Tax payable in the state of Rajasthan for the F. Y. 2015-16. We are noting below the summary of the Methods for calculation of the WCT Liability on the Contractor and the TDS liability on the Awarder of Works Contract:-

COMPANIES ACT, 2013 – RELIEF GRANTED TO PRIVATE COMPANIES

Chartered Accountants / By CA Ritul Patwa

After a widespread demand and representations by the Chartered Accountants, Trade Associations and Private Companies, the Ministry of Corporate Affairs has issued notification dated 05-06-2015 to grant exemptions to the Private Companies (other than subsidiary of Public Companies) in respect of certain provisions of The Companies Act, 2013. We are enclosing the Section Wise Analysis …

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TAXATION ON HOTELS IN RAJASTHAN – F.Y. 2015-16

Chartered Accountants / By CA Ritul Patwa

The government has displayed a paradigm change in the Indirect Tax Laws and both the state and central budgets have indicated a swift transition from Service Tax and VAT regime to the Goods and Services Tax (GST) regime in India over the next one year. These changes are equally visible in the Rate of Taxes …

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REQUIREMENTS & FAQs FOR REGISTRATION OF IMPORT EXPORT CODE (IEC) NO

Chartered Accountants / By CA Ritul Patwa

IEC stands for Import Export Code. Legal Provisions – As per section -7 of Foreign Trade (Development and Regulation) Act, 1992 Importer-Exporter Code Number – “No person shall make any import or export except under an Importer-exporter Code Number granted by the Director General or the officer authorised by the Director General in this behalf, …

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New Service Tax Rate of 14% applicable from June 1st, 2015

Chartered Accountants / By CA Ritul Patwa

The new service tax rate of 14% will come into effect from June 1st, 2015. Service Tax is currently levied at the rate of 12.36%, including education cess. Service Tax is levied on all services, except a small list if services earmarked under the Negative List.

Work Anniversary of M/s. Ritul Patwa & Co

Chartered Accountants / By CA Ritul Patwa

Dear Prestigious Clients, Team Members and Associates, ‘16th of May’ is a special day for us, as we celebrate the work anniversary of M/s. Ritul Patwa & Co!! I feel the same excitement and thrill as I had 14 years back, when I started my professional career as a Chartered Accountant. In the passing years, …

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RAJASTHAN RATAN AWARD FUNCTION : 12-04-2015

Chartered Accountants / By CA Ritul Patwa

Rajasthan Ratan Award Function was organised on 12-04-2015 by the Rajasthani Association of Tamil Nadu at the Music Academy Auditorium in Chennai. The event was a splendid show with the grandeur and warmth of the Rajasthani Culture and Heritage. There was a presence of about 1500 eminent Rajasthanis from all across Tamil Nadu. The event …

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COMPOSITION FEES ON GEMS & JEWELLERY (RAJASTHAN) – 0.50%

Chartered Accountants / By CA Ritul Patwa

The Government of Rajasthan has reduced the rate of composition fees on Gems stones and Jewellery from the proposed 0.75% to 0.50% of the Turnover for the F. Y. 2015-16. During the preceeding F. Y. 2014-15 the rate of composition fees was Rs. 500/- for every Rs. 2 Lakhs (or part thereoff) of Turnover which …

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