Thursday 17 November 2016

200% Penalty- Section 270A, of The Income Tax Act, 1961

After demonetization of `500 and `1000 currency notes by Government of India the most talked about penal provision is penalty @200% on misreported income. Section 98 of Finance Act 2016 has inserted this new section 270A in Income Tax Act 1961, it provides the procedure to charge penalty for under reporting and misreporting of income. This atrocious penal provision on under reporting and misreporting of income is effective from 1st day of April, 2017 i.e. applicable for financial year 2016-17. 

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Sunday 11 September 2016

Extension of due date for submission of Income Tax return

CBDT vide order u/s 119 dated 09/09/2016 has extended the 'due date' for submission of Returns of Income from 30/09/2016 to 17/10/2016 in the case of income tax assessees throughout India who are liable to file their Income tax returns by 30/09/2016. For details:

Thursday 4 August 2016

Goods and Service Tax- NEXT STEPS

With Rajya Sabha approving the long-delayed GST bill, the government has announced on thursday, 4th Aug., 2016,  roadmap on implementation of GST.
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Monday 1 August 2016


At Vinay Kaushik & Co. 

We offer:- 

⇒ Best professional environment and valued exposure in the fields of:
  •       Direct and Indirect Taxes, 
  •       Corporate Laws, 
  •       Labour Laws, 
  •       Management consultancy,
  •       Accounting and Auditing 

⇒ Flexibility in exams preparation leave, within the parameters of ICAI guidelines.

⇒ Unsurpassed monthly stipend, ranging between Rs.4,000.00  to Rs.6,000.00, plus other allowances (on actual basis).

⇒ Modern infrastructure and gadgets.

⇒ Exposure to latest licenced softwares and IT Tools for auditing and accounting.

⇒ Exposure to enhance communication skills. 

Apply at the following address / Email:
Vinay Kaushik & Co.
Chartered Accountants
2nd floor, Meridian Tower-2,
Near Passport Office, 
Indira Gandhi Marg,
Udhna Darwaja, 

 Tel. +261-2333527 / 6534665
 Cell +9227907024

Sunday 31 July 2016


The objective of the presentation is to impart understanding on various issues which a business unit/service provider shall face in this change over from earlier law to GST.

Wednesday 1 June 2016

TCS important amendments w.e.f.01.06.2016

Tax Collected at Source TCS important amendments effective from 1st June, 2016
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Vinay Kaushik and Co.: Point of Taxation for New Levy of Krishi Kalyan Ce...

Vinay Kaushik and Co.: Point of Taxation for New Levy of Krishi Kalyan Ce...: Government is seeking to impose KKC in cases, where the invoice and provision of service has taken place prior to June 1, 2016, however pa...

Point of Taxation for New Levy of Krishi Kalyan Cess(KKC)

Government is seeking to impose KKC in cases, where the invoice and provision of service has taken place prior to June 1, 2016, however payment is not received till June 1, 2016. This would imply that on all debtors as on May 31, 2016, assesses will be liable to pay KKC. KKC would be payable in case liability to pay Service tax is on service provider but under similar situation KKC would not be payable when liability to pay Service tax is on the service recipient under reverse charge.
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Thursday 4 February 2016


Gujarat Commercial Tax department has issued a circular dated 06.01.2016 making e-payment of Gujarat VAT mandatory for those traders whose total amount payable (tax, interest and penalty) is equal or more than  Rs.50,000.00 ( Rupees Fifty Thousand) in any one tax period. This is effective for all those tax payments, including interest and penalty, required to be made for the month of December 2015 or Quarter ending on 31st December 2015, i.e. up to 22.01.2016 and also for all such amounts payable for all the tax periods there after.
Copy of the circular:

How the e-payment is  made?
Explained in the link below through snap shots:

Courtesy: CA. Kamlesh Sandanshiv
                       Vinay Kaushik & Co.
                     Chartered Accountants

Wednesday 27 January 2016


On 26th Jan., 2016 Government has notified the Companies (Incorporation) Amendment Rules, 2016. With the amendment, process of  registration of company has been more simplified.

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