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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Income Tax
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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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Income Tax
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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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Income Tax
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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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Income Tax
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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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Auditing
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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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Bank Branch Audit
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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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Corporate Law
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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
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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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Corporate Law
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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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Income Tax
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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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GST
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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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Students Zone
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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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Income Tax
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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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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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