"05 April 2020" Archive

Reduced interest under GST- Practical examples & solutions

Practical examples and solutions to understand applicability of reduced interest under GST There has been whole lot of discussions about how the applicability of reduced rate of interest and waiver of late fees shall work in case of taxpayers having turnover exceeding Rs. 5 crores. The Notification Nos 31/2020, 32/2020 and 33/2020 – Cen...

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Transfer of funds from NRO A/c. to NRE A/c. or Remittance Abroad

If you are a Non-Resident Indian (NRI) or a Person of Indian Origin (PIO), you can open, hold and maintain (without permission from the Reserve Bank of India) following types of accounts with an authorised dealer in India i.e. a bank authorised to deal in foreign exchange: a) Non-Resident (Ordinary) Rupee Account – NRO Account […...

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New Income Tax Rate for manufacturing companies @ 17.01%

To boost manufacturing in India and to promote SMEs, Government took this initiative of reduced tax rate for manufacturing Company. Let me give you a complete understanding of to whom it is applicable, how and when. Read the complete article to not miss a single update and a deep understanding. To whom it is applicable: […]...

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GSTN enables tax-officers keep moving despite the lockdown

The Goods and Services Tax Network (GSTN) has said that has enabled tax officers of different states and union territories (UTs) to access their offices during the lockdown period. The company is providing secured access to the office network on request....

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Summary of GST Notifications & Circular issued on 3rd April 2020

Summary of various GST Notifications & circular issued on 3rd April 2020 in Tabular form in respect of various measures announced by the Government for providing relief to the taxpayers in view of the spread of Novel Corona Virus (COVID-19)....

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Management reports for decision making

There are few reports form Tally accounting software which helps a business owner to get a real picture of his business. These reports are very important when it comes to understanding your business, preparing the projections for next 3 months and for taking important decisions. Cash flow Report: Cash flow Report is the report I […...

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Audit areas for audit of Quality of Packing Bags for Cement Packing

Background: Quality control is applied to achieve company’s vision to be a distinguished company. By maintaining a standard quality of packing bags often termed as PP Bags, the company can increase its brand in the market. Further, certain industries such as Cement industries are regulated by BIS (Bureau of Indian Standards) norms. The ...

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Customs not to insist on presence of Customs Broker/Importer

Standing Order No. 09/2020-JNCH (05/04/2020)

Presence of Customs Broker/Importer will also not be insisted by the officer and the delivery of goods will be given to the driver who produces the Gate pass issued by the CFS containing the number and date of the bill of entry or the Bill of Entry, to the Gate Officer....

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Point to be considered before financial year closure

Our Financial year is about to end and here are few points which should be considered before closing the financial year. These points should not be missed and every startup or business owner should understand its importance. Closing stock: Ensure that you have properly counted your closing stock and the figures are genuine. Closing stock ...

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Nomination and remuneration committee

Corporate Governance Corporate Governance is a system by which companies are directors and controlled. Board of the directors of company has to ensure that efficient corporate governance structure is in place. These Corporate Governance committees if set up properly ensure that the business runs smoothly, it helps the company in framing c...

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