An Overview of announcement by honorable finance minister Nirmala Sitharaman on Wednesday 13/05/2020 regarding EPF contribution by which EPF Contribution was reduced for Employers and Employees for 3 months to 10% from 12% for all establishments covered by EPFO for next 3 months i.e. May 20, June 20 & July 20. Union finance minister Nirmala […]
1. BENEFITS TO MSME 1. Central Government reserved three hundred fifty (350) items for purchase from MSMEs, under the Government Stores Purchase Programme. 2. MSE sector now has greater access to credit as a result of its classification as a priority lending sector. The banks are required to compulsorily ensure that specified percentage of their […]
Section 11- Power to grant exemption from tax – Today i will discuss provisions of Section 11 in very simplified manner- Section 11 (1) – Where the Government is satisfied that it is necessary in the public interest so to do, it may, on the recommendations of the Council, by notification, exempt generally, either absolutely […]
Clarification by CBIC in respect of levy of GST on remuneration payable to Directors – Much confusion was created by recent Advance Ruling passed by Rajasthan Authority for Advance Ruling in the case of M/s Clay Craft India Pvt Ltd (Jaipur) (Order No RAJ/AAR/2019-20/33 dated 20th February, 2020) which held that remuneration payable to Directors […]
On 8th and 9th June 2020, CBIC has issued notifications to give effect to certain changes in GST Provisions which included facility for NIL filing of GSTR 3B through SMS. The details of such notification is given below – 1. Summary of Notifications under Central Tax – S. No Notification Category Notification No and Date […]
1. General – Area of Review Pre Audit a) Review of Latest available inspection reports of Internal/Concurrent/RBI/Statutory Auditors and compliance thereof. b) Review of Closing Circular issued by Head Office c) Study of Significant accounting policies of the Bank & computer system d) Study of Business mix of the Branch & determination of the sample […]
The issue under consideration is whether the addition under section 68 is done by AO is justified in law whenm addition was based on third party statements which were retracted by them and Assessee was not given opportunity to cross examine them and when Addition are based merely on Surmises?
The issue under consideration is whether the CIT(A) is correct in holding that the payment for provision of transponder capacity is in the nature of Royalty?
Amid epidemic COVID-19 and continuous extension of Lockdown in the Country, the essential items shows business trend, which magnet the entrepreneur to take thought of initiation of FMCG manufacturing business in India.
Introduced by: LLP (Second Amendment) Rules, 2018. Relevant date : 18th September 2018 Purpose: -A initiative of ease of doing business -To simplified the procedure of the incorporation of the LLP -To launched another major reform by way of process re-engineering of Incorporation of LLP. Provisions of LLP(Second Amendment) Rules, 2018. The effective date of […]
