All GCC Countries have agreed to implement the VAT latest w.e.f. 01.01.2019 and in that direction, have already passed the Framework for common law. The Framework unanimously passed by all GCC Countries is on consumption based model of VAT suggesting that tax shall be imposed wherever value is added to the product in its supply chain.
Introduction:-Section 269ST of Income Tax Act, 1961 restricts the cash transaction. It was introduced to do cashless transaction for avoid evasion of Taxation. Lets we discuss about the Section in Details. Sec 269ST prescribes that no person shall receive amount of two lakh or more– 1. In aggregate from a person in a single day;or […]
A special fund ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES FUND)’ has been set up for providing relief to the persons affected by the outbreak of Coronavirus. Contribution towards PM CARE Fund was eligible for 50% deduction in view of it being notified under section 80G(5), as against PM National […]
Comprehensive summary on approaches of Expected Credit Loss (ECL) under Ind AS 109 Financial Instruments COVID-19 has already disrupted most of the business. As it has been said by many professional colleagues it will have a great impact on financial statements as well in terms of assumptions, disclosures, etc. One of the areas which will […]
