Interest Calculation in TDS-Demystified This article aims to simplify interest calculation when TDS CPC aims processes TDS returns with interest demands. There are two sections that are constantly used in TDS interest calculation: 1. Section 201(1A)-Interest on failure to deduct tax and interest on failure to deposit deducted tax amount. 2. Section 220(2)-Interest on failure […]
Section 94B, was inserted by the Finance Act, 2017, w.e.f. 01.04.2018 which provides that interest expenses claimed by a Company to its associated enterprises shall be restricted to 30% of its earnings before interest, taxes, depreciation and amortization (EBITDA) or interest paid or payable to associated enterprise, whichever is less.
Based on my understanding, I would like to explain the meaning of Exempt Supply under Goods & Services Tax (GST), Nil Rated Supply under GST, Zero Rated Supply under GST and Non GST Outward Supply with the help of definitions or explanations etc. given under the Central Goods and Services Tax Act, 2017 and Integrated […]
A. Internal Control verification:- As Auditor we check the Internal control, just to ascertain whether weak internal controls are materially affecting financial statements. Give separate report on internal control, wherever applicable:- – Check processing pattern of company / firm from purchase order placed by company to actual delivery to its customer. – If there are […]
Arbitration comprises of a panel of Arbitrators which can be selected by the parties and such process is a very common gesture to analyse and consummate a dispute through understanding the disparity between any contractual obligations or indenture. Notwithstanding, such freedom of process imparted to the parties, “The Arbitration and Conciliation Act” (amendment in 2016) […]
