After the announcements made in the Finance bill 2017 it is important to discuss the comparison between an LLP and Private limited company from a taxation point of view.
As per the existing provisions of the Act, donations made by a trust to any other trust or institution registered under section 1 2AA or to any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via)
Where a person required to furnish a return of income under Section 139, fails to do so within the time prescribed in sub-section (1) of said section, he shall pay, by way of fee, a sum of- (a) Five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year; (b) Ten thousand rupees, in any other case;
Conceptual Framework for Financial Reporting under Indian Accounting Standards (Ind AS) applicable for Standard-setting Activity from accounting periods beginning from April 1, 2020, and for the preparers of financial Statements from a future date
This Compendium of Ind AS is an endeavour of ICAI to facilitate ease of reference and ready source of comprehensive literature for all those entities that are preparing financial statements under Ind AS, either mandatorily or voluntarily.
As we are aware, the due date for filling GSTR 9 and GSTR 9C for F.Y 2018-19, is 30th September 2020 according to Notification No. 41/2020 – Central Tax dated 5th May 2020 and we humbly requests CBIC to extend the due date of filling GSTR 9 and GSTR 9C for Financial Year 2018-19 up […]
A person can open two accounts under National Pension System (NPS). The main account is called Tier I account and an additional account is labelled as Tier II account. Let us understand about both of these accounts. Features of Tier I NPS account: Tier I is the default and proper pension account under NPS. This […]
A Company may issue Bonus Shares out of- its free reserves; Securities Premium Account; Capital Redemption Reserve Account. Further, it has been provided that Issue of Bonus Shares shall not be made out of Capitalising Reserves created out of revaluation of Reserves. Free Reserves means such reserves of the Company which is available for distribution as Dividend.
AS PER THE PROVISIONS OF GST ACT FOLLOWING SECTIONS NEED TO ANALYSIS AND INTERPRET FOR GST REGISTRATION Liability for Registration (Section 22) : According to Section to 22(1) of the CGST Act, 2017, If the Supplier makes a taxable supply of goods or service or both from his State or Union territory and his aggregate turnover in a financial year exceeds 20 lakhs rupees, he shall […]
The retrospective applicability of Benami law has been a subject matter of controversy, particularly after the amendments introduced in year 2016. In this article, an attempt is being made to identify and analyse various issues involved, and discuss the present judicial stand on such issues pending final verdict by Hon’ble Supreme Court. A) Introduction: Originally, […]
