"22 March 2021" Archive

Refund of ITC on Export of Goods & Services without payment of IGST

Every company export of their goods & services under bond/LUT without payment of IGST and GST Credit for the purchase of Inputs, Capital goods & Input Services are remains unutilised due to the majority of goods are Exported. Credit available at the time of procuring of goods and services are unutilized and remains idle in [&helli...

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Important GST compliances as on April 1, 2021

In this article, we have discussed about the compliances that have to be complied by the registered taxpayers under the provisions of the GST Law as on April 1, 2021. Such Compliance includes Compliance related to  Annual GST Return, Composition Scheme under GST, New/Unique series of invoice, E- Invoicing, QR Code, HSN code requirements,...

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Bank Audits 2021- Key Finacle Menus For Loans & NPA

The banking sector in India has developed tremendously after it adopted the Core Banking Solution (CBS). Finacle is also one of such CBS software’s developed by Infosys. A number of Nationalised Banks are using Finacle as their CBS platform. Our Alma mater plays an important role in the process of auditing of PSU banks. The exercise [&...

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How to use Excel flash fill

We often know so many tools. The big question is when and how do I use the tool? Sharing small snippets on using Excel flash fill along with a few use cases. What is Flash Fill in Excel? Excel Flash Fill is a special tool that analyses the information you are entering and automatically fills […]...

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E-invoice and its applicability under GST

E-invoicing is shortly and more popularly known as e-invoice under GST. E-invoice is basically a system through which normally generated invoices are electronically authenticated by GSTN. Mistakenly it is understood that e-invoice means the generation of invoice via GST portal. However, correctly, the same means submitting/ uploading of E...

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How to account Income Tax Provision, TDS & Advance Tax

[1] Provision for Income Tax : This provision is created from profit. This is below the line entry. After adjusting necessary items from gross profit, ( e.g. depreciation booked in books of accounts and depreciation allowable as per income tax rules ) taxable income arrives. On that taxable profit we have to make provision for income tax ...

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No GST on delayed payment charges recovered from client towards trading of securities

Appellant is not liable to pay GST on the delayed payment charges on reimbursement of amount by client to Appellant, where client failed to pay amount paid to Stock Exchange for purchase of securities with T+1 (trading day plus one day) under SEBI Regulation norms and the amount was deducted by Stock Exchange from the Appellant’s accoun...

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All about DEFERRED TAX and its entry in books

The word Deferred is derived from the word Deferments which means arranging for something to happen at a later date. Thus, deferred tax is the tax for those items which are accounted in Profit & Loss A/c but not accounted in taxable income which may be accounted in future taxable income & vice versa. The deferred tax may be a liability or...

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PTEC And PTRC Registration in Maharashtra

PTEC stands for Professional Tax Enrolment Certificate and PTRC stands for Professional Tax Registration Certificate. Usually these Registration are required to conduct business in Maharashtra and in many other States. PTEC allows to pay professional tax of a business entity and also of the professional or owner of the business. In other ...

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When information discovered during search capable of generating satisfaction for issuing a notice cannot become irrelevant for further action

ACIT Vs Manorama Devi  (ITAT Allahabad)

ACIT Vs Manorama Devi  (ITAT Allahabad) Conclusion: Once satisfaction note for initiation of proceedings against the assessee under section 158BD was furnished to assessee, the entire grievance of assessee were disposed off and as per AO, in any case incriminating documents and undisclosed assets belonging to assessee were found and seiz...

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May 2021