SC held that once the court has drawn presumption of existence of legally enforceable debt as per Section 139 of the NI Act, factors like source of funds are not relevant if the accused has not been able to rebut the presumption.
The Institute of Chartered Accountants of India UDIN BEING MADE MANDATORY IN 2nd PHASE FOR GST & TAX AUDIT REPORTS You may be aware that Unique Document Identification Number (UDIN) has been made mandatory as per the Council decision taken at its 379th Meeting held on 17th – 18th December, 2018 in the following phases: […]
Till now, everything was going ok. But all cannot be on the same page all the time. During the 31st GST Council meeting on 22nd December, 2018, States must have felt that due to the pattern allowed to offset the GST input credit, they are having cash flow problems. So decision was taken to insert section 49A & 49B to bring new provision on GST set-off.
Desk review is the first and foremost step taken by an Auditor to conduct an audit . It simply means performing initial audit procedures in the office itself without going to auditees place of business. It involves collecting some important information from the assessee to understand the operations prior to the conduct of field audit.
Shree Enterprises Vs CTO (Karnataka High Court) Facts- Petitioners have challenged the order of confiscation as illegal, seeking all consequential reliefs. Petitioners are claiming to be the consignee and transporter of the goods in question. It is their contention that the Respondent has detained the goods and vehicle illegally for more than a month in […]
SECTION 168 OF THE COMPANIES ACT, 2013 Section 168- Resignation of Director (1) A director may resign from his office by giving a notice in writing to the company and the Board shall on receipt of such notice take note of the same and the company shall intimate the Registrar in such manner, within such […]
Recent Judgement of Hon’ble Supreme Court in case of NRA Iron and Steel Pvt Ltd.- After this judgement, the authorities would get right to question the integrity of every issue or reissue of share capital, especially those by company in which public are not substantially interested because these companies generally issue shares on private placement basis.
Applicability of 44AD and 44AB in case of Derivative (F&O) transactions: Para 5.14 of Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 provides for method of calculating the turnover or gross receipts to ascertain whether tax audit will be applicable or not. The same is reproduced as under: Derivatives, futures […]
A mutual fund distributes the returns to the investors in the form of periodic dividends and appreciation in the value of the units. The tax liability will depend upon the type of mutual fund scheme, the type of investor and the period of holding. Rules – 1. If a mutual fund scheme invests more than […]
Concurrent audit means doing the examination of the financial transactions at the time of happening or parallel with the transaction. It is part of a bank’s early warning system to ensure timely detection of irregularities and lapses. It helps in preventing fraudulent transactions at branches. here the check list and procedure, I hope you will […]
