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TAX EVASION UNDER GST AND MEASURES TO CURB IT
Posted Date : 19-Jun-2021 , 05:40:56 pm | Posted By CA. PIYUSH KAPOOR

Introduction Goods and Services Tax (GST) was implemented in the Indian economy from 1st July 2017 to replace the multiple indirect taxes and surcharges which were levied before 1st July 2017 with a single customized tax structure and also with the objectives of eliminating the cascading effect...

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Category : GST | Comments : 0 | Hits : 257

Section 206AB of the income tax act which will be effective from 01.07.2021
Posted Date : 12-Jun-2021 , 08:37:35 am | Posted By Shilpa Sardana

A new section 206AB in the income tax Act has been introduced which will be effective from 01.07.2021 - as a special provision providing for higher rate of TDS for the non filers of income tax return. This section impose a higher rate of TDS if the transactions are done with the non filers of income...

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Category : Income Tax | Comments : 0 | Hits : 767

Relief Measures announced in GST Compliances
Posted Date : 25-May-2021 , 11:57:58 am | Posted By CA Ronak Khandelwal

Relief Measures announced in GST Compliances   Extension in due date for filing GSTR-4: - Composition taxpayers for FY 2020-21- The due date extended to 31st May 2021 from current 30th April 2021.   Waiver of late fees in GSTR-3B: - GSTR-3B for the month of Marc...

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Category : GST | Comments : 0 | Hits : 871

Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs)
Posted Date : 25-May-2021 , 09:22:57 am | Posted By CA.Khurana Vivek

RBI/2021-22/25 Ref.No.DoS.CO.ARG/SEC.01/08.91.001/2021-22 April 27, 2021 The Chairman/Managing Director/Chief Executive Officer, All Commercial Banks (Excluding RRBs) All Primary (Urban) Co-operative Banks (UCBs) All Non-Banking Finance Companies (NBFCs) (Including Housing Finance Companie...

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Category : Bank Branch Audit | Comments : 0 | Hits : 2163

MOOWR Scheme – Solving Working Capital Problems for Importers
Posted Date : 20-May-2021 , 09:44:58 am | Posted By May I Help You.

With a view to promote India as a global manufacturing hub and the commitment towards ease of doing business, CBIC has notified revamped regulation under Customs Law for manufacture and other operations in bonded warehouse - Manufacture and Other Operations in Warehouse (no.2) Regulations, 2019 (her...

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Category : GST | Comments : 0 | Hits : 1038

GSTR-2A & GSTR-2B and Rule-36(4)
Posted Date : 20-May-2021 , 12:36:21 am | Posted By CA Ronak Khandelwal

Question (1) Whether GSTR-2B Legally Recognized. Question (2) Validity of Rule 36(4) as per GST law. At present time 2B not legally valid and rule 36(4) not applicable any of the client in India. Conditions to Avail GST Input Tax credit prescribed in sec 16(2) (a) he is in possession of a tax ...

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Category : GST | Comments : 0 | Hits : 1065

INTEREST ON REVERSAL OF UNUTILSED ITC
Posted Date : 06-May-2021 , 12:21:48 pm | Posted By CA. PIYUSH KAPOOR

                                      INTEREST ON REVERSAL OF UNUTILSED ITC Introduction Input tax credit (ITC) is the tax paid by the buyer on the purchase of goods or services. Such tax which is pa...

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Category : GST | Comments : 0 | Hits : 1347

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 Busines...

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Category : Income Tax | Comments : 0 | Hits : 2547

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 | Comments : 0 | Hits : 2800

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 | Comments : 0 | Hits : 2909

कैटल्स की बिक्री, टैक्सेबल taxfree?
Posted Date : 18-Jan-2021 , 02:57:09 pm | Posted By RAGHUVEER SINGH POONIA

कैटल्स की बिक्री, टैक्सेबल taxfree? pets की बिक्री से होने वाली आय टैक्सेबल या taxfree? छायादार पेड़ों की बिक्री टैक्सेबल या taxfree? ...

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Category : Income Tax | Comments : 0 | Hits : 3265

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 pur...

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Category : Auditing | Comments : 0 | Hits : 7654

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 | Comments : 0 | Hits : 11951

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 ov...

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Category : Corporate Law | Comments : 0 | Hits : 3279

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 ei...

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Category : Corporate Law | Comments : 0 | Hits : 2920

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 &quo...

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Category : Income Tax | Comments : 0 | Hits : 2497

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 | Comments : 0 | Hits : 2546

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 Require...

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Category : Students Zone | Comments : 0 | Hits : 1980

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...

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Category : Income Tax | Comments : 0 | Hits : 2849

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 proble...

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Category : Income Tax | Comments : 0 | Hits : 2907

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 i...

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Category : Income Tax | Comments : 0 | Hits : 2964

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 | Comments : 0 | Hits : 3048

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 | Comments : 0 | Hits : 2258

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 | Comments : 0 | Hits : 2462

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 | Comments : 0 | Hits : 1680

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 | Comments : 0 | Hits : 1499

Blocked Credit under Goods and Service Tax
Posted Date : 05-Sep-2020 , 11:25:26 am | Posted By Santhosh Gupta Kethepalli

Blocked Credit {Sec.17 (5) of CGST Act, 2017} Introduction:- Though the idea behind implementation of GST is free flow of tax credit, input tax credit is not available in respect of certain inward supply of goods or services as per Section 17(5) of the CGST Act, 2017.   Sec.17(5) - Cases where...

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Category : GST | Comments : 0 | Hits : 1079

All you need to know about TCS on sale of Goods
Posted Date : 02-Sep-2020 , 12:32:48 pm | Posted By Ravi Ladia

TDS and TCS have been a reliable weapon for the Government over the years serving the varied objectives of preventing tax evasion, widening the tax base and ensuring steady revenue collection for the Government. Thus, over the years, the Government’s clear intention has been to bring as many t...

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Category : Income Tax | Comments : 0 | Hits : 1155

Tax Collection at Source - Goods and Service Tax
Posted Date : 31-Aug-2020 , 10:40:23 am | Posted By Santhosh Gupta Kethepalli

TCS [TAX COLLECTION AT SOURCE] {Section 52 of CGST Act, 2017} Objective behind introduction of TCS: - refers to the Tax which is collected by the Electronic Commerce Operator when a supplier supplies some goods or services through its portal and the payment for that supply is collected...

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Category : GST | Comments : 0 | Hits : 509

Drawing power vs. Security in CC limit- open the knot
Posted Date : 30-Aug-2020 , 11:13:09 am | Posted By Mahesh Bansal

Today I am covering a very important provision in bank credit (working capital limit) which almost 100% of the people (even CAs and senior bankers) treat wrongly.   Generally banks will compute drawing power (DP) in a cash credit/overdraft account by taking into consideration book debts outst...

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Category : Banking | Comments : 0 | Hits : 676

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