"20 March 2021" Archive - Page 3

CAG have no jurisdiction to audit the accounts of a non-government entity

The Hon’ble Bombay High Court in Kiran Gems Private Limited v. Union of India and Ors. [Writ Petition No. 1135 of 2019, decided on January 29, 2021] quashed the notice/intimation demanding audit of a private entity by Central Excise Revenue Audit (CERA) and requiring information/records for the period 2015-16 to 2017-18 to the officers ...

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Posted Under: Service Tax |

115BAC: Option to choose new New Tax Rates

As financial year 2020-21 is going to end, there is confusion in every taxpayer’s mind, what option of tax calculation he / she have to choose? What has created this confusion? Answer is Finance Act 2020. Through Finance Act 2020, the Government has given an option to Individual and HUF taxpayers to pay tax using […]...

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Posted Under: Service Tax |

Statutory Bank Audits: – FY 2020-21

As we all are aware about that the season of Statutory Bank Audits is on its verge. It’s the time when professionals are getting the straps of their boots ready to have a crisp walk. I thought it desirable to pen down a few things, which are basic and my experience of Bank Audits and […]...

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Posted Under: Service Tax |

Logic of Section 139 of Income-Tax Act, 1961

First of all, one question must come into your mind that why there is need to file income tax return so answer to this question is that through ITR you provide your income details, tax details, personal details etc. to the Government and it enables Government to complete your assessment and to recover tax and […]...

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Posted Under: Service Tax |

Advantages and Procedure For Registration of Trademark

ADVANTAGES OF TRADEMARK REGISTRATION Exclusive rights to the owner of Trademark A registered Trademark owner has an exclusive right to utilize the Trademark under the each class where it is registered. The proprietor has the sole authority of a Trademark and others cannot use that mark under the same Class. Create Goodwill or Trust Tradem...

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Posted Under: Service Tax |

Applicability of GST E-Invoice to Stock Brokers & Companies Dealing in Securities

Since securities are not covered under Goods definition, E - Invoicing will not be applicable to companies dealing in securities however if the company is also providing broking services & is registered under GST and turnover is exceeding Rs. 100 Cr, then registration will be required under E - Invoicing....

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Posted Under: Service Tax |

GST Checklist W.R.T Profit and Loss Items (PART-II)

GST Checklist Before Finalisation of Books of Accounts W.R.T Profit and Loss Items (PART-II) INTRODUCTION: 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 […]...

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Posted Under: Service Tax |

ICAI Technical Guide on Audit of Internal Financial Controls in Case of Public Sector Banks

Assessment of internal financial controls over financial reporting is a vital responsibility of the auditor, cast by Standards on Auditing (SAs). Reporting on internal financial controls by auditor is also not a new requirement in India....

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Posted Under: Service Tax |

Uber India not liable to deduct TDS on payment Made to Driver Partners

It could be safely concluded that UISPL cannot be treated as a'person responsible for paying' for the purpose of section 194C read with section 204 of the Act, for more than one reason and also the provisions of section 194C of the Act cannot be made applicable thereon....

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Posted Under: Service Tax |

Income Tax Department conducts searches builder in Mumbai

The Income Tax Department carried out searches on 17.03.2021 in the case of a prominent builder and developer group based in Mumbai. Searches were also conducted in the case of dealers engaged in the business of trading of mobiles accessories. In all, 29 premises located in Mumbai were covered under search operation, while 14 premises wer...

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Posted Under: Service Tax |

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