In today’s economic climate, it is common for chartered accountants to venture into a private practice. This is among the best ways to establish yourself in any market and grow as a professional. However, running a business is an expensive undertaking, no matter if you’re located in metropolitan cities or not. Whether you’re looking to […]
A lot of legal considerations have to be kept in kind before finalizing books of accounts for the auditor to give a reasonable assurance that the financial statements of the client give a true and fair view. One of such legal considerations involve compliance with GST Act. In this article we shall learn the GST considerations with respect to balance sheet items w.r.t what all needs to be ensured and verified by the auditor.
University Grants Commission Bahadur Shah Zafar Marg, New Delhi-110002 off: 011-23238865 E-mail: ssingh.ugc@nic.in Dr. Surender Singh Joint Secretary D.O.No.9-35/2016 (CPP-II) 15 March, 2021 Sub: To consider CA/CS/ICWA qualification equivalent to PG Degree for appearing in UGC-Net Sir/ Madam, UGC had received requests from the Institute of Chartered Accountants of India, the Institute of Company Secretaries […]
Important Changes with effect from 01-04-2021 in GST 1. E-Invoicing A. A notified class of registered persons must prepare invoice by uploading specified particulars of the invoice on the Invoice Registration Portal (IRP) and obtain an Invoice Reference Number (IRN) The invoice copy containing inter alia, the IRN with QR Code issued by the notified […]
ACIT Vs Overtop Marketing Pvt. Ltd. (ITAT Kolkata) when the assessee as well as the lenders had discharged the onus upon them to prove the identity, creditworthiness and genuineness of the loan transaction, the AO could have disbelieved the transaction only on the basis of reliable material to disprove the same. In this case the […]
The Hon’ble Rajasthan High Court in Jodhpur Vidyut Vitran Nigam Ltd. v. UOI & ors. [D.B. Civil Writ Petition No. 9397/2018, decided on February 5, 2021] quashed Para 4(1) of Circular No. 34/8/2018-GST dated March 1, 2018 (Impugned Circular) which clarifies that following activities provided by DISCOMS to consumers are taxable: i. Application fee for […]
100 percent of the estimated GST compensation shortfall of Rs.1.10 Lakh crore released. 20th Instalment of Rs. 4,104 crore released to the States on Monday, 15th March, 2021. The Ministry of Finance, Department of Expenditure has released the final weekly instalment of Rs.4,104 crore to the States to meet the GST compensation shortfall. Out of […]
In view of the challenges faced by taxpayers due to the outbreak of Novel Corona Virus (COVID-19), the Government of India has taken several taxation measures to extend tax exemptions received by the industries.
APPLICABILITY CORPORATE SOCIAL RESPONSIBILITY As per Section 135 (1) following companies in immediately preceding Financial Year: > Having net-worth of Rs. 500 Crores or; > Having Turnover of Rs. 1000 Crores or; > Having net profit of Rs. 5 Crores shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or more […]
a. All Cinema Halls (Single Screens and Multiplexes)/ hotels/ restaurants to operate on 50% capacity with following restrictions: i. No entry will be allowed without proper wearing of Masks. ii. Temperature measuring devices to be used to ensure no one with fever gets an entry.
