It is a known fact that the global pandemic of COVID-19 has brought grave losses to humanity as well as the tax collections this year as per the Government reports. Since the introduction of GST in 2017, the Union Government had promised a certain amount of their revenues as GST compensation to the states till the year 2022 to compensate the […]
GST Audit involves verification various GST compliances w.r.t. books and other records maintained by the entity. As the title suggests, GST Audit involves not only verification of Statement of Profit and Loss for ensuring compliances w.r.t. Outward Supplies & Reverse Charge Mechanism etc., but also involves study of Balance Sheet in depth to ensure complete compliance in accordance with GST Laws.
Ladies and Gentlemen, a very good morning to all of you. I would like to thank AMFI for giving me this opportunity to address their 25th AGM. Leaving aside the limitations of a virtual mode of address, I will try to share my thoughts with you on the Mutual Fund industry at this crucial time.
In scrutiny assessments it is sometimes seen that huge demands are created against the assessee by framing high pitched assessments due to difference in opinion on interpretation of law or interpretation of facts or due to the fact that AO is not satisfied with the explanations offered by the assessee in regard to loan creditors or cash credits or gifts etc.
The Scrutiny Assessments under Income Tax Act 1961 are made u/s 143(3). For many years now many of the returns of the assesses are accepted as they are being filed by the assesses and intimation is sent u/s 143(1) and only fewer cases are selected for scrutiny assessment based upon some predetermined criterias. Therefore every assessee desires that his return should be accepted as it is filed u/s 143(1) and not subjected to scrutiny.
This office has been receiving references/suggestion that cover page of both SB-5 and SB-5A passbooks used in CBS and non CBS Post Offices should be different for better identification as well as ease of operation.
Section 10A. Notwithstanding anything contained in sections 7, 9 and 10, no application for initiation of corporate insolvency resolution process of a corporate debtor shall be filed, for any default arising on or after 25th March, 2020 for a period of nine months or such further period, not exceeding one year from such date, as may be notified in this behalf:
Textile sector is highly unorganized sector. The government has initiated special measures to help ameliorate the conditions in textile sector due to Covid pandemic and to boost production, marketing and job opportunities in the sector.
MSME implements various schemes and programmes for promotion and development of Micro, Small and Medium Enterprises (MSMEs) throughout the country.
The Employees’ Provident Fund Organisation (EPFO), is an organisation tasked to assist the Central Board of Trustees. Employees’ Provident Fund is a statutory body established by the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 and is under the administrative control of the Ministry of Labour and Employment, Government of India Whatsapp helpline Number of […]
