"13 July 2019" Archive - Page 2

GST Input Credit on Inputs and Capital Goods sent for Job Work

Section 19 of CGST Act prescribes the provisions for taking input tax credit on inputs and capital goods sent out for job work.  Let’s discuss the same here. 1. A principal who sends out inputs or capital goods to the job worker for job work purpose is entitled to take input credit on such inputs […]...

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The Basics of Crowdfunding

A small business can raise capital in a number of different ways, including by selling its securities. Under the federal securities laws, every offer and sale of securities, even if to just one person, must either be registered with the Securities and Exchange Commission (SEC) or conducted under an exemption from registration. One of the ...

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Income Tax Updates for June 2019

NEWS  DIRECT TAX 1. CBDT clarified that an assessee is entitled to claim set-off of loss against income determined under section 115BBE of the Act till the assessment year 2016-17. [Ref: Circular no 11/2019 [F.NO.225/45/2019-ITA.II], Dated 19-6-2019] 2. CBDT issues revised guidelines for compounding of offences under Direct Tax Laws [Re...

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Unlocking GSTR 9C

What is GST Audit? Audit is examination of records, returns and other documents maintained or furnished by the registered person under GST Law or any other law. The examination is to verify the correctness of: Turnover declared; Taxes paid; Refund claimed; and Input tax credit availed; And to assess his compliance with the provisions of [...

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Classification and Taxability of Printing of pictures under GST

printing of picture fall under service code 998386: photographic and video graphic services and not under 998912:Printing and reproduction services of recorded media, on a fee or contract basis and hence printing of picture will attract GST @18% as per Notification 11/2017-CT (R) dated 28.06.2017....

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Constitution of Various Committees by Board of Directors

COMMITTEES – Committees are generally formed to perform some expertise work. -Members of the committee are expected to have expertise in the specified field. -Committees are usually formed as a means of improving board effectiveness and efficiency, in areas where more focused, specialized and technical discussions are required. Boar...

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Section 192 – TDS on Salary

The main purpose of ‘Tax deduction at Source’ is the collection of tax at the very source of income. The Deductor is required to deduct an appropriate tax and deposit the same with the Government. Different rates of TDS are prescribed for different payment. The present article would help the reader to understand the provisions [&helli...

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An Analysis of the Swachh Bharat Mission

Aligning with the ideals of Mahatma Gandhi, the Swachh Bharat Mission (SBM) was initiated in 2014 to achieve universal sanitation coverage by 2 October 2019. This flagship programme is, perhaps, the largest cleanliness drive as well as an attempt to effect behavioural change in the world ever....

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Redesigning a Minimum Wage System in India for Inclusive Growth

Despite India’s outstanding growth in the last two decades, low pay and wage inequality remain serious obstacles towards achieving inclusive growth. An effective minimum wage policy that targets the vulnerable bottom rung of wage earners can help in driving up aggregate demand and building and strengthening the middle class, and thus sp...

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Effective Use of Technology for Welfare Schemes – Case of MGNREGS

While MGNREGS was made effective from 2006, the streamlining of the programme occurred in 2015 when the government harnessed the benefits of technology. This, inter alia, included the implementation of Direct Benefit Transfer (DBT) and linking it Aadhar linked Payments (ALP)....

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