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Registration u/s 12AA of the Income tax Act, 1961 is a significant compliance requirement as far as Charitable Trusts are concerned. While making application to the Income Tax Department for Registration u/s 12AA in Form 10A, along with many other particulars, documents, trust deed, activity reports, financial statements, declaration u/s 13(1), an undertaking that the […]
We are well aware that as per Section 22 of CGST Act, GST registration is required if the supply of goods or services exceeds the value of Rs.20 lakhs in a year. With effect from 1st April 2019 this threshold limit has been increased from Rs.20 lakhs to Rs.40 lakhs only for supply of goods. […]
Liability to pay interest on delay filling of GSTR 3B on delayed payment of GST to be calculated on net cash component after adjusting Input Tax Credit and not on Gross amount 1. In this Article an attempt has been made by the author to examine the scope of the delayed filling of Return GSTR […]
Background: This Act called The Prohibition of Benami Property Transaction Act 1988 (w.e.f Sept-1988) subsequently name substituted by THE Benami Transaction (Prohibition) Amendment Act, 2016 ( w.e.f Nov-2016). Benami Transaction (As Amended By Finance (No. 2) Act 2019) DEFINITION (u/s 2) BENAMI PROPERTY: Any property which is subject matter of Benami transaction. It also included any […]
1. How is an employee defined for the purpose of formal insolvency proceedings? 2. What are the entitlements provided to an employee within the framework of the Code, and to what extent are they given priority treatment during the formal insolvency proceedings?
Contracts of Guarantee are required in cases when a party requires a loan, goods or employment. There are three parties in this form of contract, namely, Principal Debtor, Creditor and Guarantor/Surety. The person in respect of whom the surety is given is called the Principal Debtor, and the person to whom the guarantee is given is called the Creditor.
Its been 20 days now since the results of CA Final was declared and since CA is one of the Toughest Professional Course, I am sure many of students wouldn’t have made this Time. Never Mind!!! I am sure you will surely turn it around in next 2-3 months. No Need to loose Hope as […]
10 SUGGESTIONS FOR SIMPLIFICATION OF GST LAW, PROCEDURES & FORMS to provide ease of business to dealers & to make GST simple. 1. FOR LATE FEES – Refund of all late fees for all GSTR 3B filled upto period March 2019. It was anyways waived for some very late fillers lately. Otherwise it will be […]
MCA), Government of India wide notification dated 05th September, 2019 has amended the National Financial Reporting Authority Rules, 2018, (NFRA Rules). These rules may be called the National Financial Reporting Authority (Amendment) Rules, 2019 {NFRA (Amendments) Rules, 2019}.
SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019 is a bold endeavor to unload the baggage relating to the legacy taxes viz. Central Excise and Service Tax that have been subsumed under GST and to allow business to make a new beginning. It may be appreciated that the ambit of the scheme is wide enough to cover all kinds of pending disputes except for a few exclusions.
