Payments to MSME vendors
Posted Date : 22-Feb-2024 , 11:43:25 am | Posted By
ANMOLBOHRA
Corporates, Non-corporates or government department all are procuring major part of services or goods from the MSMEs. There are provision under the Micro, Small, and Medium Enterprises Development (MSMED) Act, to ensure that businesses make payments to MSMEs within a specified time frame, and failur...
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Category : Income Tax |
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The Concepts of Turnover, Sales and Gross Receipts
Posted Date : 03-Feb-2024 , 06:52:10 pm | Posted By
ANMOLBOHRA
In the Income tax act, the words “Turnover”, “Gross receipts” and Sales are used at many places. In the common business parlance, the terms sales and turnover are used interchangeably. However, as per Income Tax law, guidelines are available on the question of what constitute...
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Category : Income Tax |
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0 | Hits : 10365 |
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Delay in Making Payment to Micro and Small Enterprises Means Deferred Deduction
Posted Date : 25-Jan-2024 , 07:55:34 am | Posted By
S.Mahajan
Very Important Income Tax Update regarding Micro and Small Enterprises
Section 43B-any amount remains unpaid on year end to creditors, being micro/small entity, beyond 45 days or less, as agreed or 15 days if no agmt, shall be added to taxable Income resulting in huge additional tax l...
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Category : Income Tax |
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0 | Hits : 9093 |
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WHAT IS THE VALUE OF MY BUSINESS?
Posted Date : 23-Jan-2024 , 12:35:01 pm | Posted By
Rohan Mehta
As a registered valuer entrepreneurs often ask’s us, what is the value of my Business ?
There is no right answer to this question as valuation is a very subjective thing. I will value a flat near my office higher as compared to someone whose office is far from that flat or a person will val...
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Category : General |
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GSTR 9 & GSTR 9C
Posted Date : 08-Dec-2023 , 11:32:04 pm | Posted By
CA TARUN KUMAR LAMBA
As per Sec 44 read with rule 80 :-
Every registered person whose aggregate turnover exceeds Rs 2 crore is required to file:
- Annual Return GSTR 9
- Reconciliation Statement GSTR 9C (if turnover exceeds Rs 5 crore)
- Audited financial Statement
before 31st Dec 2023
Co...
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Category : GST |
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0 | Hits : 4531 |
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Section 206C of the Income Tax Act, 1961
Posted Date : 27-Nov-2023 , 06:04:05 pm | Posted By
Ishita Ramani
Introduction
A new TCS section 206C (1H) was added to Finance Bill 2020. The updated section specifies that if a seller sells goods and the total sales value exceeds INR 50,00,000 (the threshold amount) in the same financial year, the seller must collect TCS from the customer. The content i...
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Category : Income Tax |
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0 | Hits : 4350 |
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Deduction from Capital Gain on Transfer of Capital Assets other than Residential House Property (Section 54F)
Posted Date : 24-Nov-2023 , 02:36:26 pm | Posted By
ANMOLBOHRA
Applicable to: Individual or Hindu Undivided Family (HUF)
Conditions:
The assessee must have transferred a long-term capital asset, excluding residential house property.
The assessee must acquire one residential house within a prescribed time limit, and its income must be taxable under Se...
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Category : Income Tax |
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0 | Hits : 3616 |
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INTEREST ON EXCESS REFUND
Posted Date : 20-Nov-2023 , 05:51:20 pm | Posted By
Law Legends
At times it may so happen that the taxpayer is granted excess refund. Section 234D of Income Tax Act, 1961 provides for levy of interest on excess refund granted to the taxpayer. In this blog of Law Legends you can gain knowledge about various provisions relating to intere...
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Category : Income Tax |
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0 | Hits : 2846 |
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ADVANCE TAX - WHAT,WHOM,WHEN,HOW,LEGAL ASPECTS AND BENIFITS
Posted Date : 20-Nov-2023 , 05:23:35 pm | Posted By
BRAJESH K. JHA
What is Advance Tax?
In simple words, an advance tax is the income tax which we have paid in the same financial year in which we earn it. Generally, we pay our income tax to the government in the next financial year i.e assessment year, after calculating the financial data of previous financial yea...
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Category : Income Tax |
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Biometric-Based Aadhaar Authentication & Document Verification for GST Registration
Posted Date : 09-Nov-2023 , 09:18:22 pm | Posted By
S.Mahajan
This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration process.
1. Rule 8 of the CGST Rules, 2017 has been amended to provide that an applicant can be...
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Category : GST |
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What are the benefits of maintaining Books of Accounts?
Posted Date : 08-Nov-2023 , 12:57:38 pm | Posted By
Ishita Ramani
Introduction
The practice of a company keep track of its financial transactions is as old as trade itself. The upkeep of precise books of accounts has been vital for the long-term prosperity and viability of businesses, going back to the days of barter systems and continuing into today&rsqu...
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Category : Corporate Law |
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0 | Hits : 1451 |
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What are the Roles of Registrar of Companies (ROC) in India?
Posted Date : 06-Nov-2023 , 05:16:45 pm | Posted By
Ishita Ramani
Introduction
In India, registering a company is a complex procedure. A company’s incorporation process involves a number of officials, including chartered accountants and company secretaries. These individuals make a significant contribution to the company registration procedures avai...
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Category : Corporate Law |
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0 | Hits : 1055 |
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ICAI CPE Hours Requirements for Members from 2023 Onwards
Posted Date : 04-Nov-2023 , 04:33:29 pm | Posted By
CA.Khurana Vivek
CPE Hours Requirements for ICAI Members Applicable From 2023 Onwards. Starting from 2023, members will need to fulfil their CPE hours requirements on a calendar year basis, running from 1st January to 31st December. This change does away with the previous block/rolling period concept of three...
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Category : ICAI |
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0 | Hits : 1419 |
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What is Due Diligence for Startups in India?
Posted Date : 02-Nov-2023 , 05:43:37 pm | Posted By
Ishita Ramani
Introduction
Due diligence is an inquiry or audit conducted before a transaction, such as an acquisition, investment, business partnership, or bank loan, to guarantee compliance with financial, legal, and environmental reports in order to register a company in India. The outcomes of all the...
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Category : Corporate Law |
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0 | Hits : 952 |
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Why is forming an Indian subsidiary not as tough as you think?
Posted Date : 30-Oct-2023 , 06:11:49 pm | Posted By
Ishita Ramani
Introduction
India is a country that attracts a lot of private equity and foreign direct investment (FDI) due to its rapid expansion. India has the second-largest population in the world and a wealth of skilled IT workers, which makes it an appealing destination for investment from foreign ...
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Category : Corporate Law |
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0 | Hits : 757 |
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Mandatory Demat of Shares of Private Limited Companies
Posted Date : 30-Oct-2023 , 08:04:24 am | Posted By
CA.Khurana Vivek
The mandatory dematerialisation requirement is applicable on all securities of every private company, excluding small companies and government companies. The provisions are applicable with immediate effect, and a timeline of 18 months is provided from the closure of the financial year in which a pr...
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Category : Corporate Law |
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0 | Hits : 610 |
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Difference Between PAN Card and TAN Number
Posted Date : 27-Oct-2023 , 04:29:10 pm | Posted By
Ishita Ramani
Introduction
An individual must understand the key differences between Tax Account Deduction Number (TAN) and Permanent Account Number (PAN) Card before starting a business. Any business owner should be very familiar with these three-letter terms because they will help you understand the co...
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Category : Corporate Law |
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0 | Hits : 613 |
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VAT Strategies for Business Growth & Optimization in India
Posted Date : 25-Oct-2023 , 01:29:35 pm | Posted By
Ishita Ramani
Introduction
Value-added tax (VAT) is a consumption tax that is levied on the value added to goods and services at each stage of production and distribution. VAT strategies are essential for businesses to optimize their tax strategy and ensure business growth. In this article, we will discu...
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Category : Corporate Law |
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0 | Hits : 587 |
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All you need to know about Form CHG-1 for Registering a Charge
Posted Date : 23-Oct-2023 , 04:05:33 pm | Posted By
Ishita Ramani
Introduction
The act of filing a charge provides security and enables the charge holder to collect the claim amount from the security that the company has charged in the charge holder’s favor in the event that the charge holder defaults on the loan. In this blog, we will discuss the f...
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Category : Income Tax |
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0 | Hits : 677 |
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RBI List of Central Auditors (CSAs) for Public Sector Banks for FY 23-24
Posted Date : 21-Oct-2023 , 08:05:59 am | Posted By
CA.Khurana Vivek
List of CA Firms Appointed by RBI as Central Statutory Auditors (CSAs) of 12 Public Sector Banks (PSBs) Banks for FY 2023-24.
Sl. No. Name of the Bank Names of audit firms approved for appointment as SCAs for FY 2023-24 with Firm Registration Number (FRN) and Unique Code Number (UCN)...
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Category : Bank Branch Audit |
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0 | Hits : 4355 |
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