2 Archive - 06 April 2020

"06 April 2020" Archive - Page 2

Vouchers- Concept & GST implications thereon with Practical Case Studies

A. Concept: Voucher in terms of clause (118) of Section 2 of Central Goods and Services Tax Act, 2017 has been defined as follows: “”voucher” means an instrument where there is an obligation to accept it as consideration or part consideration for a supply of goods or services or both and where the goods or services or […]...

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Provisional Credit under rule 36(4) of the CGST,2017

CGST Rule 36(4) states that the provisional tax credit (without invoices on GSTR-2A) can be claimed in the GSTR-3B only to the extent of 10% of eligible...

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Analysis of changes brought in by CARO, 2020

Company Auditor’s Report Order, 2020 (CARO, 2020) is passed by Government through Official Gazette on 25.02.2020. It consists 21 clauses to be reported/commented/addressed by the auditor of the company to which this CARO applies. Before this CARO-2020, CARO-2016 was in practice. In that order 16 clauses were covered on which auditor was...

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Income Tax Structure for Company and LLP for FY 2020-21

Do you know that manufacturing companies incorporated after 01st Oct, 2019 can opt for an optional tax rate and pay 15%? March 31, 2020 is already knocking its door. We would be stepping in the new Financial year. Definitely new year may have some changes in the tax rates. Here we come up with an […]...

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ICAI allows provisional registration in CA Foundation Course

Allowing provisional registration in the Foundation Course of Institute of Chartered Accountants of India (ICAI) for students who have been allotted either admit card and/or appeared in one or more papers of Class XII examinations...

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Recent Changes in GST due to Corona Lockdown

Relaxation of Provision Under Rule 36(4): In Terms of Notification No. 30/2020, a proviso has been inserted in CGST Rules 2017 to provide that the condition as stated in Rule 36(4) of the CGST Rules, 2017 shall not apply to input tax credit availed by the registered person in the returns in FORM GSTR-3B for the […]...

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Claim of ITC under GST in case of Business Reorganization

Under this topic one need to understand how we will claim the unclaimed ITC as on the date of business reorganization means thereby that when there is change in the constitution of business under the following circumstances ;...

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Section 44DA prevails over Section 44BB after amendment w.e.f. 01.04.2011

Paradigm Geophysical Pty Ltd. Vs CIT (Delhi High Court)

Paradigm Geophysical Pty Ltd. Vs CIT (Delhi High Court) After 01.04.2011, income falling within the scope of Section 44DA (1) of the Act would be excluded from the scope of Section 44BB of the If the income of a non-resident is in the nature of fees for technical services or royalty, it shall be taxable […]...

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Risk assessment and Management Policy

Risk Management is a key aspect of the 'Corporate Governance Principles and Code of Conduct' which aims to improvise the governance practices across the Company’s activities. Risk Management Policy and processes will enable the Company to proactively manage the uncertainty and changes in the internal and external environment to limit ne...

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EPFO Revises Instructions for rectification of Birth Records of PF Members

EPFO Issues Revised Instructions to Facilitate PF Members to Rectify their Birth Records In a move to extend the availability and reach of online services in the wake of the COVID-19 pandemic, EPFO has issued revised instructions to its field offices to facilitate PF members to rectify their date of birth in EPFO records, thus […]...

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