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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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 i...
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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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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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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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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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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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Income Tax
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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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GST
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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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Income Tax
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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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GST
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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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Banking
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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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GST
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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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GST
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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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Banking
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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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Income Tax
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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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Income Tax
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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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GST
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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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Banking
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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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Students Zone
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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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Students Zone
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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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Chartered Accountant
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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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Income Tax
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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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Income Tax
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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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Income Tax
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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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Income Tax
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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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Income Tax
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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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SEBI
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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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Corporate Law
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0
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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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MCA
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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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Banking
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