As per the existing provision, a Mutual Fund scheme is permitted to invest certain percentage of its AUM in schemes of same Mutual Fund or other Mutual Funds. In order to avoid such investments being considered by both the investee and investing scheme, it is clarified that the investing scheme shall exclude the same while reporting the data on AUM in the MCR.
Invoicing / billing is the most crucial part under GST. An invoice or a bill is a list of goods supplied or services provided, along with amount and taxes payable on the same. Every registered person is required to issue an appropriate tax invoice containing specific details as provided under the GST law. Through this […]
In re Odyssy Tour & Travels Pvt Ltd (GST AAR Goa) Through this application, the applicant has informed that they had paid GST correctly but had not distributed the tax amounts correctly over the different States and Union Territories in last 13 months. To rectify their mistakes, they were advised to re-issue rectified invoices for […]
Whether the ‘Power Bank’, traded by the Applicant, is classifiable under Heading 8504 40 90 as ‘Static Converter – Others’? The ‘Power Bank’, traded by the Applicant, is classifiable under Heading 8507 as Accumulator and not as Static Converter.
ITO Vs Mohanraj Trading & Exchange (ITAT Mumbai) Hon’ble Madras High Court in the case of CIT vs Ramdas Pharmacy [1970] 77 ITR 276 (Mad) had expounded that an appellate authority cannot decide only one issue arising out of many issues and decline to go into the other issues raised before it on the ground […]
Director General Anti-Profiteering Vs M/s Satya Enterprises (National Anti-Profiteering Authority) 1. The brief facts of the present case are that a reference was made by this Authority to the Director General Anti-Profiteering (DGAP), erstwhile Director General Safeguards, under rule 128 of the Central Goods and Services Tax (CGST) Rules, 2017 intimating that certain major manufacturers […]
Companies (Prospectus and Allotment of Securities) Rules, 2014 shall not apply to an unlisted public company which is:— (a) a Nidhi; (b) a Government company or (c) a wholly owned subsidiary.
Recently a colleague was preparing rent receipts on his own , signing, putting figures and stamping etc. Seeing this checked the correctness and consequences of the same and founding’s require thinking for a while . Is it worth doing ?
Through this article, we are going to discuss first about the Internal Audit and how internal auditor going to be appointed in a Company under the Companies Act, 2013. 1. Concept of Internal Audit: Audit is the systematic scrutiny of books of accounts of an organization in order to calculate, ascertain or check their accuracy […]
Assessment Procedure under Income Tax Act, 1961 Assessment in income tax is estimation of total income and tax thereon either by assessee himself or by income tax officer. Assessment is broadly covered in following types: (1) Self-assessment u/s 140A Every assessee before filing income tax return under various sections viz. 139, 142(1), 148 or 153A is […]
