Posted Date : 20-Apr-2023 , 07:36:30 am | Posted By S.Mahajan

According to Section 35(1), every registered person shall keep and maintain, at his principal place of business, as mentioned in the certificate of registration, a true and correct account of: production or manufacture of goods inward and outward supply of goods or services or both stock of goo...

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Category : GST | Comments : 0 | Hits : 561

Posted Date : 19-Apr-2023 , 12:06:57 pm | Posted By Ishita Ramani

Introduction The term "Annual Return" refers to the returns on an investment that are computed as a percentage of the initial investment over the period of a year. A gain on the initial investment occurs when the return is positive. It would also be regarded as a loss on the investment if it were...

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Category : Corporate Law | Comments : 0 | Hits : 546

Posted Date : 19-Apr-2023 , 08:08:34 am | Posted By S.Mahajan

Updated GST Advisory: Time limit for Reporting Invoices on the IRP Portal Dear Taxpayers,  1. It is to inform you that it has been decided by the Government to impose a time limit on reporting old invoices on the e-invoice IRP portals for taxpayers with AATO greater than or equal to 100 crores...

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Category : GST | Comments : 0 | Hits : 424

Posted Date : 18-Apr-2023 , 12:00:28 pm | Posted By Ishita Ramani

Updates concerning TDS in Union Budget 2023-24 The TDS Rate Chart for FY 2023-2024 / AY 2024-2025 includes several updates and changes. These changes are outlined below:   Section 194BA: TDS introduced on income from online gaming, applicable from 1st April, 2024.   Section 196A:...

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Category : Corporate Law | Comments : 0 | Hits : 565

Posted Date : 17-Apr-2023 , 05:01:38 pm | Posted By Ishita Ramani

Introduction Cost Inflation Index is a term used in the context of income tax in India. It refers to the index that helps taxpayers determine the inflation-adjusted purchase price of an asset, which in turn is used to calculate capital gains. The government of India announces the Cost Inflation Ind...

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Category : Corporate Law | Comments : 0 | Hits : 361

Posted Date : 17-Apr-2023 , 11:40:52 am | Posted By Ishita Ramani

The taxation system in India is characterized by a progressive approach, where the amount of tax payable rises as income increases. In order to facilitate this approach, Income Tax slabs have been introduced in the country. The applicability of these slabs is influenced by various factors, such as t...

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Category : Corporate Law | Comments : 0 | Hits : 337

Posted Date : 15-Apr-2023 , 11:56:26 am | Posted By Ishita Ramani

The Income Tax Department has introduced seven different forms, namely Form ITR 1 to ITR 7, for filing Income Tax Return based on the type of income and entity. It is crucial for every taxpayer to file their Income Tax Return within the stipulated due date. In this article, we have compiled all the ...

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Category : Corporate Law | Comments : 0 | Hits : 347

Posted Date : 15-Apr-2023 , 09:55:15 am | Posted By CA.Khurana Vivek

Canada PR - Canada Invites Record immigrants in March 2023 | Latest Express Entry Draw for Canada PR. Latest Express Entry Draw on 12th April 2023 This draw follows three consecutive Express Entry draws in which 7,000 candidates were invited. March was an unprecedented month in Express Entry&rsqu...

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Category : General | Comments : 0 | Hits : 258

Posted Date : 14-Apr-2023 , 11:36:32 am | Posted By Ishita Ramani

Every business structure registered in India such as Private Limited Company, Public Limited Company, One Person Company, Limited Liability Partnership, etc. is obligated to file specific forms every year with the Registrar of Companies. According to the Companies Act, 2013, and the Limited Liabilit...

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Category : Corporate Law | Comments : 0 | Hits : 298

Posted Date : 13-Apr-2023 , 12:23:29 pm | Posted By Ishita Ramani

What is OPC Annual Filing? One Person Company (OPC) has comparatively lower compliance requirements than Private Limited or Public Limited Companies, resulting in lower OPC Annual Compliance costs. OPCs are required to file two annual forms, namely MGT 7A and AOC 4, every year. It’s importan...

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Category : Corporate Law | Comments : 0 | Hits : 236

Posted Date : 12-Apr-2023 , 11:55:11 am | Posted By Ishita Ramani

At the beginning of every financial year, companies registered in India are reminded to take note of all the important due dates for Company Annual Filing. This applies to all types of companies, whether they are Private Limited, Public Limited, Small or Large. It is essential that companies are awa...

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Category : Income Tax | Comments : 0 | Hits : 307

Posted Date : 11-Apr-2023 , 12:40:20 pm | Posted By Ishita Ramani

In India, it is crucial to comply with the necessary regulations for your business structure if it is registered. Limited Liability Partnership (LLP) is a type of business structure that requires a minimum of two members and has no limit on the maximum number of members. Compared to a Private Limite...

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Category : Corporate Law | Comments : 0 | Hits : 395

Posted Date : 07-Apr-2023 , 06:24:36 am | Posted By CA.Khurana Vivek

Core Banking System - CBS A composite system / software which handles Transactions, Customer Relations, Regulatory compliances, MIS / Reports request is the need of an Hour. Core Banking Systems provide the solution for the same. There are various Core Banking Software's available in the mark...

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Category : Bank Branch Audit | Comments : 0 | Hits : 579

Posted Date : 05-Apr-2023 , 11:54:21 am | Posted By Ishita Ramani

Introduction A wholly owned subsidiary is a company with 100% of its shares owned by another corporation, which is the parent company. A parent company can acquire a wholly owned subsidiary or create one through a split-off. The parent company usually owns 51% to 99% of the subsidiary, and in cases...

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Category : Corporate Law | Comments : 0 | Hits : 463

Posted Date : 05-Apr-2023 , 07:32:40 am | Posted By CA.Khurana Vivek

Registration of Transactions with CERSAI:- In terms of circular DBOD.Leg.No.BC.86/09.08.011/2010-11 dated April 21, 2011 on ‘Setting up of Central Electronic Registry under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002’...

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Category : Bank Branch Audit | Comments : 0 | Hits : 452

Posted Date : 04-Apr-2023 , 08:21:34 am | Posted By CA.Khurana Vivek

Role and Responsibility of the Auditor - SA 240 | Fraud Detection Techniques in Banks | Tips for the Auditors to identify frauds in Bank Branch Audit. Types of Fraud in Banking System:- There are numerous ways in which banking frauds are committed. The frauds committed in banking system can be cla...

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Category : Bank Branch Audit | Comments : 0 | Hits : 595

Posted Date : 02-Apr-2023 , 09:37:42 am | Posted By CA.Khurana Vivek

Important Update for Bank Branch Auditors - Must Check Appointment Letter and Terms of Engagement Important Update for Bank Branch Statutory Auditors - Must Check Appointment Letter and Terms of Engagement and check regarding Reporting of Material Irregularities mentioned there. Many Banks have ad...

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Category : Bank Branch Audit | Comments : 0 | Hits : 728

Posted Date : 01-Apr-2023 , 10:44:12 am | Posted By May I Help You.

How to Calculate Drawing Power for a Cash Credit / Working Capital Facility with Examples The Cash Credit limit (known as working capital limit) is sanctioned by banks and financial institutions to business organizations to run their day to day functions and achieve growth of business.&nb...

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Category : Bank Branch Audit | Comments : 0 | Hits : 16446

Posted Date : 23-Mar-2023 , 07:33:06 am | Posted By CA.Khurana Vivek

Concept of Revenue Leakage in Bank's Audit :- One of the most important aspects of a bank audit is revenue leakage. In some banks, it is conducted separately while some consider it as a part of Concurrent Audit or Statutory Audit or Internal Audit. The revenue leakages could have two limbs, on...

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Category : Income Tax | Comments : 0 | Hits : 2616

Posted Date : 22-Mar-2023 , 08:53:04 am | Posted By S.Mahajan

1. GSTN is pleased to inform the taxpayers that the functionality for geocoding the principal place of business address (i.e. the process of converting an address or description of a location into geographic coordinates) is now available on the GST Portal. This feature is introduced to ensure the ac...

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Category : GST | Comments : 0 | Hits : 707