"13 October 2020" Archive

Misinterpretation of LTC stimulus and its benefits

A report has appeared in the Economic Times Markets (ETMarkets.com) which gives the impression that the LTC voucher scheme for Government employees may not be attractive. Unfortunately, the piece which it relies on has a serious factual error in its understanding of how Government LTC works....

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Highlights of 43rd GST Council meeting held on 12th October 2020

Highlights of 43rd GST Council meeting held on 12th October 2020 which was continuation of earlier meeting Today’s meeting was a continuation of the 42nd GST Council meeting, to discuss one agenda item, namely no. 9A. Finance Minister Smt. Nirmala Sitharaman has chaired the GST Council meeting via video conferencing in the presence ...

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Posted Under: Finance |

Revised Schedule of CA Examinations, November 2020

In view of prevailing circumstances; it has now been decided that the   Chartered Accountant Examinations earlier scheduled from 1st November 2020 to 18th November 2020: now to be held from 21st  November 2020 to 14th December, 2020 as per details given below....

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Posted Under: Finance |

Provisional Registration in CA Foundation Course after passing Class X Exam

Students after passing Class 10th examination conducted by an examining body constituted by law in India or an examination recognised by the Central Government or the State Government as equivalent thereto, may provisionally register in Foundation Course of ICAI....

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Posted Under: Finance |

Tax Audit – New clauses inserted in form 3CD wef 01.10.2020

Tax Audit -New clauses inserted by Income Tax (22nd Amendment) Rules 2020 in form 3CD with effect from 01st October 2020 1. As per the Notification No. 82/2020/F. No. 370142/30/2020-TPL dated 1st October 2020 (Notification) issued by the Central Board of Direct Taxes (CBDT), the Income Tax (22nd Amendment) Rules 2020 have been notified ef...

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Posted Under: Finance |

Procedure for opening & operating designated FCRA Account

F.No. II/21022/23(35)/2019-FCRA-III (13/10/2020)

Procedure for opening & operating the designated FCRA Account as provided under the amended Section 17(1) of The Foreign  Contribution (Regulation) Act , 2010...

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All about Form GST REG-05

The proper officer passes an order in Form GST REG-05 in case of rejection of any of the following application- -Application for GST registration, -Application for amendment of GST registration, -Application for cancellation of registration, or -Application for revocation of cancellation of registration. The present article explains the c...

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Posted Under: Finance |

Recent Updates In GST till 12th October 2020

World Bank has now signaled that Indian economy may contract 9.6% in Financial Year 2020-21. It says that Indian economy was already slowing before the pandemic and its situation is worse than before. There had been a 33% rise in poverty. India’s growth is projected to rebound to 5.4% in Financial Year 2022. However, new […]...

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Posted Under: Finance |

GST Portal – Known Issues & Suggested Solutions

Clause 1 of the Code on Wages, 2019 provides that the Code shall come into force on such date as the Central Government may, by notification in the official gazette appoint and different dates may be appointed for different provisions under the Code....

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Posted Under: Finance |

TCS Under Section 206C(1H)

TCS Under Section 206C(1H)  Background: Section 206C of the Income-tax Act, 1961 (‘the Act’) provides for the collection of tax at source (‘TCS’) on stipulated kinds of goods. TCS is a procedure where payee collects an amount as TCS from the buyer in addition to amount of receipt of sale consideration and pays to ...

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Posted Under: Finance |

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