Important Income Tax Provisions applicable to Co-Operative Societies.
Posted Date : 23-Mar-2021 , 05:59:11 pm | Posted By
CA M.RAGHAVENDRA PRASAD
The Income Tax Provisions, as applicable to Co-Operative Societies are lucidly mentioned herein below : 1. Section 40A particularly Sub- Section (3): If any payment , whether Capital Expense or Revenue Expense , exceeding Rs 10,000:/is made on one day to one person , then in computing Business...
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Category : Income Tax |
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DOWNSIDE OF BELATED RETURN
Posted Date : 15-Mar-2021 , 02:16:37 pm | Posted By
RAMAN KUMAR
As per rules notified under section 234F of the Income Tax Act which came into effect from 1 April 2017, filing your ITR after the due date, can make you liable to pay a maximum penalty of Rs 10,000.
** However a relief to small taxpayers, the Income Tax Department has stated that if your&nbs...
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Category : Income Tax |
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Difference between Statutory provisions applicable to Companies under Existing Payment of Gratuity Act 1972 (Amended) & The Social Security Code 2020
Posted Date : 24-Feb-2021 , 10:26:47 pm | Posted By
TIKARAM CHAUDHARY
This article is an attempt to elaborate the difference between Statutory provisions applicable to Companies under Existing Payment of Gratuity Act 1972 (Amended) & The Social Security Code 2020 effective from 01.04.2021. Background Gratuity being an important retirement benefit to employees in...
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Category : Income Tax |
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कैटल्स की बिक्री, टैक्सेबल taxfree?
Posted Date : 18-Jan-2021 , 02:57:09 pm | Posted By
RAGHUVEER SINGH POONIA
कैटलà¥...
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Category : Income Tax |
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Policy of Empanelment of CA Firms/LLPs and Selection of Auditors from 2021-22 onwards
Posted Date : 18-Jan-2021 , 09:15:32 am | Posted By
CA.Khurana Vivek
A. Empanelment of CA firms/LLPs Chartered Accountant firms (firms) and Limited Liability Partnerships (LLPs) in India with at least one full time [1] FCA (Partner/Sole Proprietor) can apply for empanelment with this office for the purpo...
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Category : Auditing |
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Names of Audit Firms approved for appointment as Statutory Central Auditors
Posted Date : 15-Jan-2021 , 10:52:55 am | Posted By
CA.Khurana Vivek
Names of Audit Firms approved for appointment as Statutory Central Auditors in the 12 Public Sector Banks for FY 2020-21
Sl. No. Name of the Bank Statutory Central Auditors for FY 2020-21
1
Bank of Baroda
1. M/s Dass Gupta & Associates, New Delhi
2....
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Category : Bank Branch Audit |
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SME Listing Requirements in Stock Markets
Posted Date : 12-Jan-2021 , 09:02:58 pm | Posted By
CS Tanuj Saxena
SME Listing Requirements in Stock Markets:- The following are the listing requirements for the BSE SME Exchange:
The SME must be a PUBLIC LIMITED COMPANY.
The issuer or SME must have a post-issue face value capital of Rs.1 crore to Rs.25 crores. Entities having a post-issue face value of over R...
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Category : Corporate Law |
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FAQ ON COST AUDIT AS PER COMPANIES ACT 2013
Posted Date : 12-Jan-2021 , 08:39:09 pm | Posted By
CS Tanuj Saxena
ARTICLE ON COST AUDIT AND ITS APPLICABILITY AS PER COMPANIES ACT 2013 ============================================================================= FAQ ON THE APPLICABILITY OF COST AUDIT AS PER COMPANIES ACT 2013 Applicability of Cost Audit: All the prescribed companies which meet either...
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Category : Corporate Law |
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Residential status of taxpayers in India
Posted Date : 21-Dec-2020 , 05:37:45 pm | Posted By
RAGHUVEER SINGH POONIA
Some smart taxpayers, along with some smart tax consultants, had developed a system that they would not pay tax in any country of the world. In the finance act 2020, for such taxpayers, the Government of India has tried to bring such taxpayers into the tax net by introducing a new concept "Dee...
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Category : Income Tax |
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QRMP Scheme – A beneficial scheme for small and middle- level businesses and traders
Posted Date : 20-Dec-2020 , 09:28:29 am | Posted By
DEEPTI ASAWA
A registered person who need to file a return in FORM GSTR-3B, and who has an aggregate turnover of up to 5 crore rupees in the preceding financial year, is eligible for the QRMP Scheme. The aggregate annual turnover for the preceding financial year shall be calculated in the common GSTN portal taki...
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Category : GST |
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MSME Ministry introduces Artificial Intelligence (AI) and Machine Learning (ML)
Posted Date : 31-Oct-2020 , 09:58:31 pm | Posted By
Lalit Rajput
MSME Ministry introduces Artificial Intelligence (AI) and Machine Learning (ML)
Key highlights:
MSME Ministry introduces Artificial Intelligence (AI) and Machine Learning (ML) strengthening its Single Window System Portal ‘Champions’ to assist MSMEs of the country
Ministry impl...
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Category : Income Tax |
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NMC Notifies Medical Education reform 2020
Posted Date : 31-Oct-2020 , 09:55:15 pm | Posted By
Lalit Rajput
NMC Notifies Medical Education reform 2020 The National Medical Commission (NMC), with an of aim affordable medical education has notified its first major regulation titled as 'Minimum Requirements for Annual MBBS Admissions Regulations 2020 to replace the Minimum Standard Requirements ...
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Category : Students Zone |
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TAX COLLECTION AT SOURCE [SEC. 206C (1H) OF INCOME TAX ACT, 1961]
Posted Date : 04-Oct-2020 , 11:56:59 am | Posted By
Santhosh Gupta Kethepalli
Tax Collection at Source [Sec. 206C (1H) of Income Tax Act, 1961]
Introduction:-
Section 206C of the Income Tax Act provides for the collection of Tax at Source
In order to widen and deepen the tax, a new sub-section (1H) is inserted with effect from 1st October, 2020.
Who is Liable to coll...
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Category : Income Tax |
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Measures taken to discourage Cash Transactions and to promote Digital Economy by CBDT
Posted Date : 25-Sep-2020 , 12:33:12 pm | Posted By
Santhosh Gupta Kethepalli
Measures taken to discourage Cash Transactions and to promote Digital Economy by CBDT
Introduction:-
Sections 269SS and 269T which deals with cash payment and repayment of loans and deposits.
Both the sections were introduced to curb the black money. Tax evasion is one of the serious problems i...
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Category : Income Tax |
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When Income of a Previous Year assessed in Previous Year Itself
Posted Date : 16-Sep-2020 , 12:55:58 pm | Posted By
Santhosh Gupta Kethepalli
Cases where Income of a Previous Year will be assessed in the Previous Year itself under Income Tax.
General Rule:-
Income of a previous year is assessed in the assessment year following the previous year.
Exception to this rule:-
Cases where income of a previous year is assessed in the p...
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Category : Income Tax |
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Accounting of Compensatory Absences (Leave Encashment Obligations)
Posted Date : 12-Sep-2020 , 03:24:26 pm | Posted By
TIKARAM CHAUDHARY
This article is based on my understanding whilst providing support services in the matter of financial reporting in compliance of AS 15 (Revised 2005), IndAS 19 & IAS 19 (Revised 2005) . The note reflects only my personal understanding and perception of the subject. The readers should ...
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Category : Auditing |
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Why Qualified Actuary needed to compute Gratuity Liability of School / University
Posted Date : 11-Sep-2020 , 11:33:05 pm | Posted By
TIKARAM CHAUDHARY
This article is in continuation with my earlier article “Payment of Gratuity Act is fully applicable to Teachers in Schools“. This article is attempt to give the briefing about “Need of Actuarial Services of A Qualified Actuary for computation of Gratuity Liability for Ac...
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Category : Income Tax |
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Payment of Gratuity Act is fully applicable to Teachers in Schools
Posted Date : 11-Sep-2020 , 11:20:51 pm | Posted By
TIKARAM CHAUDHARY
This article is prepared to create awareness amongst CA’s, Accounting/Finance Personnel & Management of Schools about Supreme Court Judgment dated 07.03.2019 about Eligibility of Teachers in Schools for Gratuity Benefits under the ‘Payment of Gratuity Ac...
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Category : Income Tax |
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Formation of An Approved & Registered Gratuity Trust
Posted Date : 11-Sep-2020 , 11:06:48 pm | Posted By
TIKARAM CHAUDHARY
indian and Multinational Companies form Gratuity Trust in terms of Part C of Fourth Schedule of IT Act, 1961 for getting tax benefits available under Section 36 (1) (v) & Section 10 (25) (iv) of the Income Tax Act, 1961. These 2 Tax Benefits Are Not Available To Companies, If They Make The ...
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Category : Income Tax |
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A General Discussion on Notice issued U/s 142
Posted Date : 06-Sep-2020 , 07:10:08 pm | Posted By
Akash Dhanuka
Notice u/s 142(1) of the Income Tax Act, 1961
Rationale behind introduction of Section 142 in the Act:
Assessee fails to file the ROI within due date u/s 139(1) is expose to risk of Best Judgment Assessment us 144 of the Act.
It would be unfair for him if after the due date revenue ...
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Category : Income Tax |
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