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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 proble...

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Category : Income Tax | Comments : 0 | Hits : 285

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 : 474

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 : 507

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 : 444

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 : 546

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 : 611

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 : 728

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 : 799

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 : 948

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 : 432

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 : 465

E Way Bill - GST
Posted Date : 27-Aug-2020 , 12:38:26 pm | Posted By Santhosh Gupta Kethepalli

E Way Bill Electronic Way Bill [Sec.68 r.w.r. 138, 138A, 138B, 138C & 138D]   Information to be furnished prior to commencement of movement of goods and generation of e-way bill [Rule 138]:- Applicability:- Every Registered Person who Causes Movement of Goods of Consignment Valu...

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Category : GST | Comments : 0 | Hits : 492

Tax Deduction at Source under Goods and Service Tax
Posted Date : 25-Aug-2020 , 12:03:06 pm | Posted By Santhosh Gupta Kethepalli

TDS [TAX DEDUCTION AT SOURCE] {Sec.51 of CGST Act, 2017.} TDS stands for Tax Deduction at Source is a system, which was initially introduced by Indian Income Tax Department. For what:-  Prevent Tax Evasion and expands the tax net, as it provides for the creation of an Audit Trail. Sect...

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Category : GST | Comments : 0 | Hits : 514

RBI Guidelines- Opening of Current Accounts of Borrowers by Banks
Posted Date : 22-Aug-2020 , 01:09:43 pm | Posted By Mahesh Bansal

Fund diversion has always been a major problem in our banking system. It has been observed in all major cases of wilful default or fraud that the funds borrowed from banks have been diverted elsewhere and the banks had no control on utilization of funds. This situation is caused due to the fact that...

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Category : Banking | Comments : 0 | Hits : 621

TRANSPARENT TAXATION: SEAMLESS AND FACELESS
Posted Date : 14-Aug-2020 , 06:22:04 pm | Posted By Supriya Dewan

TRANSPARENT TAXATION: SEAMLESS AND FACELESS     With an aim to bring greater transparency, easing tax compliances and benefiting the honest taxpayers the platform for faceless assessment, faceless appeal has been launched which would change the way taxes have been paid in India. The tax...

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Category : Income Tax | Comments : 0 | Hits : 415

DTVSV (Vivad se Vishwas Scheme 2020)
Posted Date : 11-Aug-2020 , 06:36:29 pm | Posted By GURMUKH KOTWANI

DTVSV Vivad se Vishwas Scheme 2020       Objectives of Vivad Se Vishwas Scheme 2020   Reduce income tax pending litigation Generate timely revenues for the Government Help taxpayers end their tax disputes with the department by paying disputed tax and get wa...

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Category : Income Tax | Comments : 0 | Hits : 495

Analysis of Judgement given by Gujarat High Court in the case of VKC Footsteps India Pvt Ltd vs. Union of India
Posted Date : 10-Aug-2020 , 12:50:42 pm | Posted By Shankit Sharma

Analysis of the Landmark Judgment Passed by the Hon’ble Gujarat High Court in the case of VKC Footsteps India Pvt Ltd vs. Union of India & Others dated 24.07.2020 Background & Provisions of the GST Law In GST, Refund of Unutilised Input Tax Credit is dealt with in Section 54(3) ...

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Category : GST | Comments : 0 | Hits : 446

Framework for resolution of stressed loans on account of Covid-19
Posted Date : 08-Aug-2020 , 05:10:35 pm | Posted By Mahesh Bansal

The RBI has, vide notification dated 06.08.2020, issued a new framework for resolution of stressed loans caused by Covid-19. I am discussing the relevant portion of this notification in my own words in simple and clear language in three parts.   Part-I (General overview of the framework) ...

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Category : Banking | Comments : 0 | Hits : 388

HOW TO PREPARE FOR CA CS CMA EXAMINATION FOR 2020 – PLAN, TIPS & STRATEGY
Posted Date : 04-Aug-2020 , 08:13:44 pm | Posted By Book My Lectures

First let us tell you few facts about exams CA CS CMA examinations before moving on to the tips regarding its planning and preparation. ICAI established in the year 1949, has around 2.10 lakh members at present. More than one lakh students join the Chartered Accountancy course every yea...

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Category : Students Zone | Comments : 0 | Hits : 241

CS Exams: Tips for attaining Stress-free Success
Posted Date : 04-Aug-2020 , 08:11:50 pm | Posted By Book My Lectures

The most feared step in every student’s learning process is the exam. The two terms: ‘exams’ and ‘stress’ go hand in hand. When it comes to the preparation of national level examinations like CA, CS and CMA, students have a great challenge ahead of them b...

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Category : Students Zone | Comments : 0 | Hits : 101

Chartered Accountant as a Career Option: Frequently Asked Questions
Posted Date : 15-Jul-2020 , 05:31:08 pm | Posted By CA.KIRANKUMAR R N

Q: What is the meaning of ‘Chartered’?   (of a city, company, university, or other body) founded or having its rights and privileges. established by means of a charter. Charter means you rent or lease a particular service or object. ... Charter comes from the Latin charta, meani...

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Category : Chartered Accountant | Comments : 0 | Hits : 389

Need Income Tax planning for school
Posted Date : 15-Jul-2020 , 11:19:32 am | Posted By Sandeeprawat

                                           Need  Income Tax planning for school Gove...

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Category : Income Tax | Comments : 0 | Hits : 335

FM announces Relief for Stranded NRIs due to COVID Lockdown
Posted Date : 10-Jul-2020 , 10:57:26 am | Posted By Ca For Nri

FM announces Relief for Stranded Non-Resident Indians and Foreign Nationals for NRI tax rules due to COVID Lockdown. On Friday, Indian Finance Ministry allowed discounting of prolonged stay period in India to determine residency status amid the lockdown. In a much anticipated and awaited relief for ...

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Category : Income Tax | Comments : 0 | Hits : 159

NRI: Planning to Come Back to India for Good? Check-Points Explained
Posted Date : 10-Jul-2020 , 10:55:32 am | Posted By Ca For Nri

An individual chooses to stay outside India and work day and night away from family and social circle for years and decades. The intentions are to have better living standards by earning more, looking at opportunities available vis-a-vis in his own home country. The apparent intentions of a person...

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Category : Income Tax | Comments : 0 | Hits : 244

TAX BENEFITS NOT TO BE MISSED BY SENIOR CITIZENS
Posted Date : 09-Jul-2020 , 02:48:44 pm | Posted By Supriya Dewan

TAX BENEFITS NOT TO BE MISSED BY SENIOR CITIZENS   Who is a senior and very senior Citizen under Income tax Act? Income tax Act 1961 categorizes senior citizens into senior and very senior citizens: SENIOR CITIZEN: Those who have attained the age of 60 years or above are senior citizens and ...

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Category : Income Tax | Comments : 0 | Hits : 731

Concept of Merchant Exporter
Posted Date : 07-Jul-2020 , 10:03:06 am | Posted By Ajay Kumar

                                                        Concept of Merchant Exporter    With recent changes of indirect tax, the Council noticed...

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Category : Income Tax | Comments : 0 | Hits : 327

SEBI (Investment Advisers) (Amendment) Regulations, 2020
Posted Date : 05-Jul-2020 , 09:54:37 am | Posted By Lalit Rajput

SEBI (Investment Advisers) (Amendment) Regulations, 2020   Securities Exchange Board of India (SEBI) vide Press Release No. PR No.37/2020 dated 03rd July, 2020 has come out with Amendments to SEBI (Investment Advisers) Regulations, 2013 with an aim to strengthen the regulatory framework for...

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Category : SEBI | Comments : 0 | Hits : 370

How to file EPFO online Advance Claims
Posted Date : 05-Jul-2020 , 09:52:14 am | Posted By Lalit Rajput

How to file EPFO online Advance Claims   Employees' Provident Fund Organization (EPFO), India Ministry of Labour & Employment, Government of India has issued Instructions for filing online claims for the purpose - "Outbreak of Pandemic (COVID-19)"    Prer...

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Category : Corporate Law | Comments : 0 | Hits : 281

COMPANIES (REMOVAL OF NAMES OF COMPANIES FROM THE REGISTER OF COMPANIES) AMENDMENT RULES, 2020.
Posted Date : 05-Jul-2020 , 09:38:58 am | Posted By Lalit Rajput

COMPANIES (REMOVAL OF NAMES OF COMPANIES FROM THE REGISTER OF COMPANIES) AMENDMENT RULES, 2020.   MINISTRY OF CORPORATE AFFAIRS (MCA) vide Gazette ID CG-DL-E-29062020-220254 and G.S.R. 420(E) dated 29th June, 2020 has issued and published the Companies (Removal of Names of Compa...

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Category : MCA | Comments : 0 | Hits : 358

Revised Guidelines on Classification of MSMEs and Registration under Udyam
Posted Date : 27-Jun-2020 , 08:49:51 pm | Posted By Mahesh Bansal

  The Central Govt. has notified revised method of classification of micro, small and medium enterprises w.e.f. 1st July 2020. Those who could not find time to read entire notification or could not get any point clearly, may go through the following gist with examples for simple but clear unde...

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Category : Banking | Comments : 0 | Hits : 805

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