"22 April 2019" Archive

Empanelment with United Bank of India for Concurrent/Revenue Audit

United Bank of India invites application from practicing Firms of Chartered Accountants in India who fulfill the eligibility criteria as mentioned here under and are willing to have their firms empanelled as Concurrent Auditor and Revenue Auditor of the Bank for conducting Concurrent Audit and Revenue Audit of branches/offices. ...

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Employers and Employees Beware! Changes in Form 16

Form 16 is a certificate issued by an employer to employee evidencing details of salary and other income and the TDS which is deducted from salary and deposited with the Income Tax Department. Form 16, essentially has two components to it- Part A and Part B. ...

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Posted Under: CA, CS, CMA |

Meaning and Scope of Supply

The concept of ‘Supply’ is the cornerstone of GST architecture. The provisions relating to meaning and scope of supply are contained in Chapter III of the Act read with various Schedules given under the said Act....

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Posted Under: CA, CS, CMA |

NO TDS Deduction on Reimbursement to Foreign Entity

A pure reimbursement doesn't constitute a reward or compensation paid for a service rendered. Hence, a mere reimbursement of expenses cannot be construed as ‘royalty’ or ‘payments for services rendered’ since what is achieved by a reimbursement is a mere repayment of what has been already spent....

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Posted Under: CA, CS, CMA |

Appointment of a Company Secretary (CS)

Appointment of a Company Secretary has been one of the most talked topics in the recent times as Companies not just appoint them because there is a statutory requirement for a few class of the company including listed companies or company having paid-up capital more than the prescribed limited but due to the reason or the compliance to ...

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Posted Under: CA, CS, CMA |

5 Situations in which Notices under Income Tax Act may come

You can get the Income Tax Notices When the employer has deducted tax from the Salary and you have not file the return, When there is mismatch in TDS (tax Credit), You entered in High Value Transactions, You made Investments in the name of close relatives, For Discrepancy in the Return etc. 1. When the […]...

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Posted Under: CA, CS, CMA |

Types of Income Tax Notices

We become surprised when we receive any intimation or notice from Income tax department even when we have successfully filed our Income tax return. First thing we have to understand the difference between an intimation and a notice. Intimation is just the outcome of the processing of return and we may not be required to […]...

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Posted Under: CA, CS, CMA |

GST Exemption on outward transportation of goods by air & sea till 30.09.2019

Exemption granted on outward transportation of all goods by air and sea by another one year i.e. upto 30th September 2019 GST Council in its 28th GST Council  meeting held at New Delhi on 21.07.2018 has decided to Extend the exemption granted on outward transportation of all goods by air and sea by another one […]...

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Posted Under: CA, CS, CMA |

Share Capital Audit Report Unlisted Public Companies

UNLISTED PUBLIC COMPANIES – SHARE CAPITAL AUDIT REPORT HALF YEARLY Rule 9A of Companies (Prospectus and Allotment of Securities) Rules, 2014 inserted by Companies (Prospectus and Allotment of Securities) Third Amendment Rules, 2018 dated: 10.09.2018 The provisions of the Depositories Act 1996, the Securities and Exchange Board of India...

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Posted Under: CA, CS, CMA |

If two Views are Possible, Revision U/s. 263 is not permissible

Tata Motors Ltd. vs. CIT (LTU) (ITAT Mumbai)

As the issue of allowability of deduction u/s 37(1) of foreign tax credit on which tax credit is not available u/s 90 has been admitted by the Hon’ble Bombay High Court in the case of Tata Sons (supra), the same being a debatable issue, no revisionary proceedings u/s 263 is tenable....

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