"24 June 2020" Archive - Page 3

Treatment of Fixed Cost In Cost Accounting/Cost Records

The fixed Overhead amount is constant per period; the cost per unit of production varies with the volume, this variation is inverse since with increase in production, Cost per unit decreases as the same amount of fixed overheads is spread over larger units of production. As Graphical representation given below- Example:-    Case   Outp...

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Posted Under: CA, CS, CMA |

Decoding ‘One House’, ‘One Unit’ Concept in Section 54F

Assesses wanting to claim exemption u/s 54F should ensure that there is unity of structure and they are indeed just independent units and not independent houses altogether that are located in different places....

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Posted Under: CA, CS, CMA |

Procedure for Shifting of Registered Office form One State to Another

This article is all about complete procedure to be followed  for shifting of Registered Office from One State/UT to Another State/UT in accordance with Section 13 of Companies Act, 2013, and Company (Incorporation) Rules, 2014. Applicable Sections: Sec 13(4) and 13(5) of Companies Act 2013. Applicable Rules: Rule 30 and 31 of Companies (...

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Posted Under: CA, CS, CMA |

RCM implications on Services provided by Directors – A Circular with hidden challenges

Section 9(1) of the CGST Act,2017 is the basic provision which provides for levy of GST on all intra-State supplies of goods or services or both, except on the supply of alcoholic liquor for human consumption. The question of payment of GST under reverse charge would arise only when the said transaction qualifies to be […]...

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Posted Under: CA, CS, CMA |

Section 234E late fees leviable despite existence of reasonable cause

Government Secondary School Principal Officer Vs ACIT, CPC-TDS (ITAT Jaipur)

Government Secondary School Principal Officer Vs ACIT (ITAT Jaipur) The issue under consideration is whether the late filing fees u/s 234E can be deleted if there is a ‘reasonable cause’ for such default? In the present case, the assessee is the Principal of Secondary School and responsible for deducting tax at source, depositing the ...

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SEBI extends Time to Submit Financial Results to July 31, 2020

Circulars No. SEBI/HO/CFD/CMD1/CIR/P/2020/106 24/06/2020

SEBI further extend timeline for submission of financial results under Regulation 33 of the LODR Regulations, by a month, to July 31, 2020, for the quarter and year ending 31st March 2020....

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Angel Tax – A Saviour For Start-Ups

Before understanding the concept of an Angel Tax, let’s know, who is an Angel? Imagine a situation when you have a brilliant business idea but you do not have adequate funds to execute your idea and you look for different sources to fund your business idea. That’s where an investor comes in to rescue you […]...

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Posted Under: CA, CS, CMA |

Litigation Aspect of Sale of Developed Plot of Land

GST IMPLICATION ON SALE OF DEVELOPED PLOT OF LAND We are of the view that Sale of Developed Land is not leviable to GST. However, we always suggest an alternative tax efficient model for such transactions to keep it free from unnecessary litigation. Serial Number 5 to Schedule III of the CGST Act: “5. Sale […]...

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Posted Under: CA, CS, CMA |

GST Implication on Merchant Trade Transactions & AAR Ruling

AAR clarified that GST is not payable on goods procured from vendor located outside India, where the goods purchased are not brought into India. AAR held that IGST will be payable on goods sold to an overseas customer shipped directly from an overseas vendor, while the location of supplier continues to be in India....

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Posted Under: CA, CS, CMA |

Supply to SEZ Unit under GST-Detailed Analysis

A Special Economic Zones ( SEZs ) are established worldwide by each and every country. SEZs are located within a country’s national borders. There is 240 operational SEZs as on 31-12-2019 in India. The Government aims to establish SEZs are growth in trade, increased investments, job creations and attract FDI etc.. To encourage entrepren...

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Posted Under: CA, CS, CMA |

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