"13 July 2019" Archive - Page 3

Enabling Inclusive Growth through Affordable, Reliable & Sustainable Energy

Energy is vital for development and prosperity of any economy. India, however, lags behind significantly in energy usage: despite accounting for 18 per cent of world’s population, India uses only around 6 per cent of the world’s primary energy. Energy poverty has been more pervasive in India than income poverty: 53 per cent of our pop...

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Posted Under: Finance |

Format of letter to be written by Registered Person u/s 73 (6) of CGST Act, 2017

s per the provisions of Section 73(5) of the CGST Act, 2017, where any GST has not been levied or paid or has been short levied or short paid or erroneously refunded, the person, chargeable with the GST , may pay the amount of such duty before service of notice on him under sub section (1) of Section 73 and inform the GST officer in writi...

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Posted Under: Finance |

Check List for GST audit of Traders

Check list for Audit of Traders 1. INVOICING PATTERN: 1. Whether the invoice issued contains all the information prescribed in Rule 46 of CGST Rules and is being numbered accordingly 2. Whether revised invoice or credit note or debit note issued contains all the information prescribed in Rule 53 of CGST Rules 3. Whether the […]...

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Posted Under: Finance |

Check List for GST Audit of Composite Dealers

CHECK LISTS FOR COMPOSITE DEALER which includes To check whether turnover is under prescribed limit or not as P & L account provide turnover of all business related to a PAN, To check Break up of Sales/Revenue from operations with regard to income from Supply of Goods or Services with regard to study of exclusion […]...

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Posted Under: Finance |

Accounting Entries of GST Transactions (Part 1)

Some Accounting Entries in Financial Books under GST : PART-1 According to Section 35(1), Registered persons have to keep and maintain the Accounts and Records of (a) production or manufacture of goods; (b) inward and outward supply of goods or services or both; (c) stock of goods; (d) input tax credit availed; (e) output tax […]...

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Posted Under: Finance |

Letter of Credit- A Basic Understanding

In this article will try to understand the concepts and mechanism of international trade involving Letter of credit. Since the concept can be very lengthy and wide we will try to understand it moderately. We will discuss about the governance, Documents involved, the overall mechanism, and a little bit of in-depth mechanism of the internat...

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Posted Under: Finance |

All About GST PMT- 09: An Urge of Taxpayers Comes True

PMT 09 consists of minor and major heads. You can mention the amount of tax you wish to shift as in the details of the amount to be transferred from one account head to another. The reallocation of tax can be from major head to minor head and vice versa....

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Posted Under: Finance |

Union Budget 2019: Quick Insight on Direct Tax Proposals

Direct Tax Proposal – Quick Insight [Budget for clean environment, technology advancement, low cost housing and less cash economy] Brief presentation dealing with following subject areas proposed in Budget. i)  Tax Rate ii) Electric vehicle [Section 80EEB] iii) Affordable Housing [Section 80-IBA & Section 80EEA] iv) Start-ups ...

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Posted Under: Finance |

FLA return due date extended to 31.07.2019

July month has already observed too many due dates for the professional. New forms have also been introduced out of which BEN 1 and NFRA 1 is still a confusion for many learned professionals. Moreover, RBI also changed the e-mail based FLA filing to web based filing for FLAIR from 2019 which will have its […]...

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Posted Under: Finance |

Income Tax on F&O Trading

Future and Options (F&O) Trading is a popular activity amongst taxpayers due to availability of  multiple online trading platforms. The Income Tax provisions on F&O trading need to be analysed carefully. Meaning of F&O Trading F&O Trading comprises of trading in futures and options. They are classified under Derivatives. ...

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Posted Under: Finance |