In our Income tax Module 1 for Nov 2020, I had not given answers of HP chapter in book itself
Students taking F2F or virtual tax classes from our institute, pls refer to above document for answers of HP Chapter
Students taking F2F or virtual tax classes from our institute, pls refer to above document for answers of HP Chapter
Sanchit sir Contact details.pdf
1.6 MB
Emailing Sanchit sir Contact details.pdf
Trying my best to reply all queries at earliest on whatsapp ...If any query remains unanswered, DM on instagram pls
🖥ICAI WEBCAST UPDATES: ADDRESSED BY ICAI PRESIDENT & VICE PRESIDENT :
🎈ICAI is working to provide reverification result within 7 Days
🎈ICAI to reduce the time taken to announce result by 15 Days
100% Machine Checking of Papers by 2024
🎈ICAI is creating a Case Study of Question Bank of 5000 Case Studies.
🎈Council has approved the Virtual/Online Classes for Post Qualification Courses
🎈CDS Portal will be started immediately after Lockdown
🎈ICAI will come out with Research Paper on Revival of Economy post COVID-19
🎈Guidelines might be issued for Digital Signing of Audit Reports due to Covid 19
🎈ICAI looking for Case Study Developer
🎈 ICAI will promote work from home culture for women members
🎈No reduction in Job Opportunities for CA's due to COVID-19
🎈Correction window might be reopened only for change of center and not group.
🎈No extension of Last Attempt of Old Syllabus of IPCC/FINAL
🎈No postponement/preponement of June 2020 attempt
🎈Level of Examination of June 2020 exam will be same, Exam Postponement Will Not Make Exam Harder
🎈ICAI - MTP will Commence After 1st May
🎈Whether MCQ Question Paper of June 2020 will be given or not
- is not clearify yet
🎈Lockdown period will not be treated as Holidays for Articles and considered as working but those who are on leaves for examination it will not be considered as working
🎈Earmarked 100 crore for Student Scholarship
🎈No exemption for CS from CA Articleship
🎈 Council Will Come Online every month to answer queries
🎈ICAI is working to provide reverification result within 7 Days
🎈ICAI to reduce the time taken to announce result by 15 Days
100% Machine Checking of Papers by 2024
🎈ICAI is creating a Case Study of Question Bank of 5000 Case Studies.
🎈Council has approved the Virtual/Online Classes for Post Qualification Courses
🎈CDS Portal will be started immediately after Lockdown
🎈ICAI will come out with Research Paper on Revival of Economy post COVID-19
🎈Guidelines might be issued for Digital Signing of Audit Reports due to Covid 19
🎈ICAI looking for Case Study Developer
🎈 ICAI will promote work from home culture for women members
🎈No reduction in Job Opportunities for CA's due to COVID-19
🎈Correction window might be reopened only for change of center and not group.
🎈No extension of Last Attempt of Old Syllabus of IPCC/FINAL
🎈No postponement/preponement of June 2020 attempt
🎈Level of Examination of June 2020 exam will be same, Exam Postponement Will Not Make Exam Harder
🎈ICAI - MTP will Commence After 1st May
🎈Whether MCQ Question Paper of June 2020 will be given or not
- is not clearify yet
🎈Lockdown period will not be treated as Holidays for Articles and considered as working but those who are on leaves for examination it will not be considered as working
🎈Earmarked 100 crore for Student Scholarship
🎈No exemption for CS from CA Articleship
🎈 Council Will Come Online every month to answer queries
Coronavirus outbreak: Centre to release another Rs 34,000 cr compensation to states soon
https://www.financialexpress.com/economy/coronavirus-outbreak-centre-to-release-another-rs-34000-cr-compensation-to-states-soon/1922569/
Shared via Financial Express Android App
https://www.financialexpress.com/economy/coronavirus-outbreak-centre-to-release-another-rs-34000-cr-compensation-to-states-soon/1922569/
Shared via Financial Express Android App
The Financial Express
Coronavirus outbreak: Centre releases Rs 14,103 cr GST compensation to states; more to be released soon
According to sources, the government has released close to Rs 1.35 lakh crore to states and union territories towards GST compensation cess.
Haan bhai GST compensation cess k baare me pada tha na GST me....bas wahi release kiya hai Centre ne States ko..!!
No tax on EPF withdrawals amid covid-19 https://www.livemint.com/money/personal-finance/no-tax-on-epf-withdrawals-amid-covid-19-11586666077998.html
Livemint
No tax on EPF withdrawals amid covid-19
Typically, funds withdrawn from EPF account before the completion of five years of continuous service attract tax.You can withdraw up to three months salary (basic pay and dearness allowance) or 75% of the total EPF balance in your account
Students who have completed their chapter of Income under the head Salary must read the above news article. Its about withdrawal from RPF ...Some relaxation given there
5_6107426431006933236.pdf
542.5 KB
Emailing 5_6107426431006933236.pdf
This process of making GSTIN a fully gov owned entity was initiated in May 2018...Even After 2 years, Centre and State havnt purchased the remaining 51% of shares and it still continues to be privately owned
Interestingly one of the shareholders of GSTN is HDFC (in which minority holding is held by People's Bank of China)..
Interestingly one of the shareholders of GSTN is HDFC (in which minority holding is held by People's Bank of China)..
Pechle 4 batches se bacho ko pada rha hun, GSTN wl become 100% Gov entity soon...seems like Agle batch ko bhi yahi bolna padega 😂
No GST exemption on masks, ventilators, PPEs expected; Here's why - The Financial Express
https://www.financialexpress.com/economy/no-gst-exemption-on-masks-ventilators-ppes-expected-heres-why/1933321/
https://www.financialexpress.com/economy/no-gst-exemption-on-masks-ventilators-ppes-expected-heres-why/1933321/
Financial Express
No GST exemption on masks, ventilators, PPEs expected; Here’s why
Currently, GST rate on ventilator is 12 per cent; on mask, it is 5 per cent; on test kits, it is 12 per cent; on sanitiser, it is 18 per cent; and on PPE, it is 5 per cent (costing up to Rs 1,000) and 12 per cent (if the cost is more that Rs 1,000 per piece).
Here's a perfect example of why it is not always beneficial to give GST exemption to a particular product or service
The same issue came before government when some NGOs demanded exemption for sanitary pad...In that case also gov came out with a press release to explain this, but eventually due to public pressurez they had to give GST exemption (and ultimately it was not beneficial for sanitary pad industey and there was no price reduction).
The same issue came before government when some NGOs demanded exemption for sanitary pad...In that case also gov came out with a press release to explain this, but eventually due to public pressurez they had to give GST exemption (and ultimately it was not beneficial for sanitary pad industey and there was no price reduction).
No five-year ban on Deloitte, KPMG in big IL&FS breather
https://economictimes.indiatimes.com/industry/services/consultancy-/-audit/big-win-for-deloitte-kpmg-in-ilfs-case-where-government-was-seeking-to-ban-them/articleshow/75269235.cms
https://economictimes.indiatimes.com/industry/services/consultancy-/-audit/big-win-for-deloitte-kpmg-in-ilfs-case-where-government-was-seeking-to-ban-them/articleshow/75269235.cms
The Economic Times
Big win for Deloitte, BSR in IL&FS case where government was seeking to ban them
The Bombay High Court said that the Ministry of Corporate Affairs (MCA) cant take action against the two.
Big win for Deloitte and KPMG...At a time when theur business is already under pressure, this verdict will give some breather to them. Although it is highly likely Gov will definately file appeal against this order to SC
You are all seeing the news flash talking about oil price going negative. So here is a very brief simplified explanation for what's happening
1. Most of the oil is traded via Futures Contracts. There is a Spot Price as well, which is taken into account while arriving at the "theoretical futures price"
2. There are two main Futures Contracts (remember this is simplified) - The WTI and the Brent
3. WTI refers to the Oil from North America, while Brent refers to oil from Middle-east, Europe and Russia
4. There are a million variants, but we will omit those for the moment, since they complicate the discussion without really adding any clarity
5. The "Oil Price" that's gone negative is the settlement prices for the May 2020 Delivery Contract (ONLY THAT ONE)
6. Some more complexity - There are two forms of settlements for Crude Oil Futures Contracts (and for most commodities), viz Net Settlement and Physical Delivery
7. Net settlement allows the buyers of the contracts to settle the financial difference between the buying price and the settlement price
8. If a buyer of a Futures Contract doesn't opt for net settlement on or before the "Notice Date", which passed last week for the May 2020 Delivery, then they are assumed to be taking physical delivery of the underlying quantity of Crude Oil
9, And that's the "technical problem" that's pushing the settlement price of May 2020 Delivery Contracts to become negative. There is a buyer, or a series of buyers, who are stuck with physical delivery option that they can't actually use, ie they can't take physical delivery of the underlying crude oil because they don't have the storage capacity to store this
10. The negative price indicates that they are getting some buyer, probably a refiner, or a storage facility or a driller, to take the delivery off their hands by PAYING them to buy the oil that's ready for May delivery
11. It's never happened before in the history of Crude Oil Futures trading. It's a very unique situation
12. However, the June delivery WTI futures are still trading in positive territory at $20+/ BBL. And the Brent Futures for June 2020 delivery are trading at $25+/ BBL
13. Will this have implications: surely so. It means that the US Crude Oil producers are now facing a glut and if they don't stop drilling, they will have to give the oil away free, and/or pay people to buy that oil.
14. This oil can't be dumped or disposed off, since that will cause an environmental disaster and result in billions of dollars of penalty (Exxon Valdez, Deepwater Horizon, etc.)
But now problem is drilling cannot be stopped as cost of drilling high & cannot be kept idle.
1. Most of the oil is traded via Futures Contracts. There is a Spot Price as well, which is taken into account while arriving at the "theoretical futures price"
2. There are two main Futures Contracts (remember this is simplified) - The WTI and the Brent
3. WTI refers to the Oil from North America, while Brent refers to oil from Middle-east, Europe and Russia
4. There are a million variants, but we will omit those for the moment, since they complicate the discussion without really adding any clarity
5. The "Oil Price" that's gone negative is the settlement prices for the May 2020 Delivery Contract (ONLY THAT ONE)
6. Some more complexity - There are two forms of settlements for Crude Oil Futures Contracts (and for most commodities), viz Net Settlement and Physical Delivery
7. Net settlement allows the buyers of the contracts to settle the financial difference between the buying price and the settlement price
8. If a buyer of a Futures Contract doesn't opt for net settlement on or before the "Notice Date", which passed last week for the May 2020 Delivery, then they are assumed to be taking physical delivery of the underlying quantity of Crude Oil
9, And that's the "technical problem" that's pushing the settlement price of May 2020 Delivery Contracts to become negative. There is a buyer, or a series of buyers, who are stuck with physical delivery option that they can't actually use, ie they can't take physical delivery of the underlying crude oil because they don't have the storage capacity to store this
10. The negative price indicates that they are getting some buyer, probably a refiner, or a storage facility or a driller, to take the delivery off their hands by PAYING them to buy the oil that's ready for May delivery
11. It's never happened before in the history of Crude Oil Futures trading. It's a very unique situation
12. However, the June delivery WTI futures are still trading in positive territory at $20+/ BBL. And the Brent Futures for June 2020 delivery are trading at $25+/ BBL
13. Will this have implications: surely so. It means that the US Crude Oil producers are now facing a glut and if they don't stop drilling, they will have to give the oil away free, and/or pay people to buy that oil.
14. This oil can't be dumped or disposed off, since that will cause an environmental disaster and result in billions of dollars of penalty (Exxon Valdez, Deepwater Horizon, etc.)
But now problem is drilling cannot be stopped as cost of drilling high & cannot be kept idle.