Meaning under GST ACT
‘Search’ involves an attempt to find something. Search, in tax/legal parlance, is an action of a government official (a tax officer or a police officer, depending on the case) to go and look through or examine carefully a place, person, object etc. in order...
GOODS TRANSPORT AGENCY IN GST
A) Definition
As per Notification-12/2017, Clause no-ze, Dt-28.06.17 (Central Tax Rate) a GTA is any person who provides service in relation to transportation of goods by road and issues a consignment note by whatever name called. Thus, it can be seen that i...
Introduction: - The Ministry of Corporate Affairs through notification dated 21st February 2019 has introduced the Companies (Incorporation) Amendment Rules, 2019. Under the new rules, all companies registered on or before 31st December 2017 are required to file form ACTIVE (Active ...
1. Whether UDIN is mandatory for Statutory Bank Audit?
For Statutory Bank Audit, UDIN is not mandatory. However, for all Certificates to be signed while conducting Bank Audit, generation of UDIN is mandatory as UDIN is already mandatory on all Certification w.e.f 1st Feb 2019.
2. W...
Infrastructure for public services—such as roads, bridges, hospitals, airports, water distribution facilities, energy supply etc.—constructed, operated and maintained by the public sector and financed through public budget appropriation.
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Scope: arrangement involves a private sec...
Many of you may have been allotted bank branch audits. I congratulate them heartily. Today, I am sharing with you few things to keep in mind while going for bank branch audit this time. It will be very much relevant for the members performing statutory audits:
1. In view of RBI circulars da...
GST Impact Transfer of Business conversion of Pvt Ltd to LLP Company Act, 2013 or LLP Act, 2008 allows companies or LLP or Partnership Firms to change their constitution or convert them i.e. from Private limited to LLP or any other combination. In such a situation, it’s very impo...
Before understanding the Norms for Agriculture Advance first should know about the Which type of Loans cover under Agriculture Advances:
Types of Agricultural Loans in India One can avail a loan for the following activities related to agriculture:
Running day to day operations
Bu...
CORPORATE Compliance CALENDAR
For the m/o March, 2019
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About Article :
This art...
Article on “KYC of Companies” introduced on 21st February, 2019
The Ministry of Corporate Affairs (MCA) has introduced Companies (Incorporation) Amendment Rules, 2019 vide its Notif...
Companies (Adjudication of Penalties) Amendment Rules, 2019:
An Analysis of Rule 3
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Ministry of Corporate Affairs (MCA), Government of India (GOI) wide notification dated 19th February, 2...
FEMA / RBI Compliance Checklist
FEMA (Foreign Exchange Management Act, 1999) has acted as a catalyst for the growth and development of various sectors in India. The main aim of FEMA is to facilitate external trade, balance the payments, promote the orderly development, and maintain the foreign ...
LLP Compliance Calendar
This article covers the Mandatory Compliances to be followed by a LLP under Registrar of Companies, Ministry of Corporate Affairs, mentioned under LLP Act, 2008 and Income Tax Act, 1961 including Tax audit provisions. Some key points are also given regarding LLP
...
BUDGET SUMMARY WITH MAJOR HIGHLIGHTS OF THE INTERIM BUDGET 2019-20
Major Highlighted Points:
1. Interim Budget 2019-20 Presented In Parliament Today Has A Major Scheme For Farmers And Provides For Income Tax Sops.
2. This Interim Budget Is To Be Viewed As A Medium For A Progressive Path ...
CORPORATE Compliance CALENDAR
For the M/o February, 2019
Compliance under Income Tax act, 1961
Applicable Laws/Acts
Due Dates
Compliance Particulars
Forms
(Filing mode)
Income Tax A...
ECB facility for Startups:
Reserve Bank of India (RBI) vide circular no. RBI/2018-2019/109 A.P. (DIR Series) Circular No. 17 dated 16th January, 2019 has issued External Commercial Borrowings (ECB) Policy – New ECB Framework. “Under the said policy, AD Category-I banks are permit...
Employees’ Provident Funds (EPF) and Miscellaneous Provisions Act, 1952 - An Overview Background: PF is the retirement saving scheme available to all the salaried employees, is backed by the government on which fixed interest is paid. The employee provident fund is administered by the&nb...
The Insolvency and Bankruptcy Board of India will launch the Graduate Insolvency Programme, globally the first-of-its-kind course for bankruptcy professionals, in the coming academic session. The bespoke 27-month degree course will create a pool of 45 bankruptcy professionals annually and the deliv...
GST, Excise, Service Tax, Customs & VAT updates for December 2018
The GST Council (‘Council’) convened its 31st Meeting on December 22, 2018 after a gap of almost 3 months. The council has proposed reduction of tax rates for serval items, legislative amendments and other c...
The Internal audit function is very popular day by day due to its advantages to the organisations.
There are so many Guidance Notes, Standards on Internal Audit (SIA) and books published on the subject in detail.
The Guidance Note contains the Internal Audit industry wise and are informative. ...
SEBI (Securities Exchange Board of India), the Compliance Regulatory Authority for Stock/Securities
Market has issued Circular No. "SEBI/HO/CFD/CMD/CIR/P/2018/77 dated 03rd May, 2018"
On SUBJECT : ACTION TO BE TAKEN AGAINST LISTED COMPANIES IN CASE OF NON-COMPLIANCES.
The recogniz...
"List of Penalties under SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015"
SEBI (Securities Exchange Board of India), the Compliance Regulatory Authority for Stock/Securities Market has issued Circular No. "SEBI/HO/CFD/CMD/CIR/P/2018/77 ...
In continuation of the series of big reliefs granted to MSME borrowers earlier vide notifications dated 7th Feb and 6th June 2018, yesterday RBI has granted a much awaited relief to this category of borrowers by permitting banks to restructure 'standard' loans of this category without downgr...
List of audit firms approved for appointment as Statutory Central Auditors in 21 Public Sector Banks for the year 2018-19
Sl. No.
Name of the BankStatutory Central Auditors for the year 2018-19
1
Allahabad Bank
1. M/s Nandy Halder & Gangul...
CORPORATE Compliance CALENDAR For the M/o JANUARY, 2019
Compliance under Income Tax act, 1961
Applicable Laws/Acts
Due Dates
Compliance Particulars
Forms (Filing mode)
Income Tax Act, 1961
07.01.2019
Due date for...
Does your heart aspire to unleash the fullest potential of yourself and become one of the finest “Chartered Accountant”? I am sure it’s a thundering YES!! We keep upgrading our cell phones every year to have better camera, better speed, better memory and better experience. Anyone...
Procedural checklist for conversion of Partnership Firm into Private Company
Applicability of Law(s):
Chapter XXI, Part A
Section 366 to 374 of Companies Act 2013
The Companies (Authorized to Registered) Rules, 2014.
Mode(s) / Method(s) of Conversion:
Form a New C...
Board Meeting:
A meeting of the board of directors of a company at which the policy of the Company and major decisions as to its future actions are discussed.
The powers of the board are usually set out in the company's Articles of Association (AOA).
Frequen...
Dear Professional Colleagues,
This Amendment Will Apply To Assessment Year 19-20 & Subsequent Years.
1)The finance minister has proposed to increase cess on personal income tax and corporation taxto 4% from present 3%. This will increase the effective income tax an individual...
List of Goods and Services not Eligible for Input Tax Credit under GST
According to Section 17, the input tax credit is available only to the extent of the goods or services used for the business purpose or effecting taxable supplies including zero rated supplies as prescribed in Rule 42 &a...
