Important Question on NFRA -1 Applicability
What is the reason that NFRA is not applicable to the Company as defined under Section 2(20) of the Companies Act, 2013 ?
Interpretation only
In E-form NFRA-1, details of Auditors is required to be filed. As under Companies Act, ...
Hello to all professional colleges!! It is easy to advise the client about the conventional form of business concerns, but what made us different from other players in the market is that at what extent we can advise them novation, benefits/ exemptions from various governing laws, extent of co...
Key Higlights of Budget - Direct Taxes
Increased turnover threshold for claiming 25 percent tax rate
The current lower tax rate of 25 percent is applicable only to companies whose annual turnover is up to Rs. 250 cr. This annual turnover threshold is proposed to be in...
Clarification regarding Annual Returns and Reconciliation Statement
The Government of India has been receiving a number of representations regarding Annual Return (FORM GSTR-9 / FORM GSTR-9A) and Reconciliation Statement (FORM GSTR-9C). In this regard the following clarifications are issued for inf...
Arjuna (Fictional Character): Krishna, When is GST Audit applicable?
Krishna(Fictional Character): Arjuna, GST Audit for FY 2017-18 is applicable to every registered person whose aggregate turnover during a financial year exceeds Rs. 2 Crores. The copy of audited annual accounts and a reconciliat...
GST AUDIT CHECKLIST
To help in conducting GST audit and in order to facilitate a clause by clause analysis of Form GSTR-9C by members and other stakeholder, GST & Indirect Taxes Committee of ICAI has brought out the Technical Guide on GST Audit. Since GST Audit is the last activity to be done ...
The Finance Act, 2018 has withdrawn the exemption under section 10(38) of the Income-tax Act, 1961 and has introduced a new section 112A in order to levy long term capital gain tax on the transfer of a long term capital asset being an equity share in a company or a unit of an equity oriented funds o...
Civil Appeal No.3747 of 2019 titled Hari Sankaran vs. Union of India & Others filed by Ex-Director of Infrastructure Leasing & Financial Services Limited before the Apex Court has been dismissed by the Hon’ble Court.
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Central Board of Indirect Tax & Customs has made certain changes with regard to Prosecution of Foreign Nationals for the offences covered under the Customs Act, 1962 involving Foreign Currency vide Circular No.12/2019-Customs dated 24th May, 2019. The aforesaid changes is attributed to inc...
Sr. No.
Issue addressed
Details
1
Auto-Population of Form GSTR-9 from GSTR-2A
Terminology:-
GSTR-2A:_Details of auto drafted supplies
GSTR-9: Annual Return
Clarification:-
Information contained in GSTR-2A(table 3 & 5) as on 01.05...
Solution to GSTR 9 Queries (GST Annual Return)
v Annual Return Form?
Form GSTR 9
v Filing by whom?
Every Registered Person
v Turnover Criteria for GSTR 9?
To be filed irrespective of Turnover in FY 2017-18
v Form to be filed PAN or GSTN ...
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...
