"04 May 2021" Archive - Page 3

Building Blocks of basics: ABCD of audit

RPA, Block chain, CAAT, etc. sounds C- suit words to apply at times. Let us build basic wall based on bits & pieces blended by story. The story is based on teaching a new joinee ABCD of the audit by his senior whose vein is well equipped with audit flow. Here he begins to transform […]...

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Posted Under: CA, CS, CMA |

GST: Chart of Waiver of interest & late fee for March & April, 2021

Advisory No. 468 04/05/2021

Waiver of interest and late fee to normal taxpayers (filing return on monthly or quarterly basis) and composition taxpayers, for the tax periods of March and April, 2021 Government has granted waiver from payment of interest and/or late fee to normal (Monthly / Quarterly) & composition taxpayers for the tax periods of March and April,...

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Anatomization of Substantial Consolidation

Introduction Today’s business trend as it is, companies these days readily establish a subsidiary or associate company, the purpose of which varies from commercial gains to supplementing sister concerns. Consequently, these group companies become so interrelated that it is very difficult to find out single thread from the wool to the ex...

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Posted Under: CA, CS, CMA |

MCA relaxes compliance for Board meetings & Filing of certain forms

MCA Relaxation due to Covid Pandemic as on 03.05.2021: In respect of Number of Board meetings and Filing of certain forms 1. Section 173: Number of Board Meetings Before Relaxation– Every company shall hold a minimum number of four meetings of its Board of Directors every year; and gap between two consecutive board meetings shall [&...

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Posted Under: CA, CS, CMA |

Section 194P Tax deduction in case of a specified senior citizen

Section 194P to the Income Tax Act, 1961 is inserted vide the Finance Act, 2021. Provisions of section 194P provide conditional relaxation to the specified senior citizen from filing of an Income Tax Return. The entire provisions of the newly introduced section 194P are briefly explained in the present article. Meaning of term ‘specifie...

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Posted Under: CA, CS, CMA |

Let us do our karma Diligently

Principle of karma, wherein intent and actions of an individual (cause) influence the future of that individual (effect): good intent and good deeds contribute to good karma and happier rebirths, while bad intent and bad deeds contribute to bad karma and bad rebirths...

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Posted Under: CA, CS, CMA |

Determination of Place of Supply of Goods & Services under GST

Ever wondered why they ask billing and shipping address separately. How to identify whether the transaction is covered under IGST or CGST/SGST? Place of supply (POS) is the answer. This article covers major cases which will help you to determine Place of supply. Export of services- Supplier is located in India, recipient is located outsid...

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Posted Under: CA, CS, CMA |

Case Analysis – PILCOM Vs Commissioner of Income Tax

CASE ANALYSIS PILCOM v. COMMISSIONER OF INCOME TAX (C.I.T.) A.I.R. 2020 S.C. 204 Bench: Justice Uday Umesh Lalit and Justice Vineet Saran SIGNIFICANCE OF THE CASE: With an increase in various International Sporting events such as the Indian Premier League (IPL), Pro Kabaddi, Indian Super League (ISL), etc, which are been held in India, th...

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Section 80C – Investment cum Deduction

Chapter VI-A contains deductions from Gross Total Income. It is to be noted that if there is no Gross total Income than no deduction will be permissible. That means maximum deduction one can claim from chapter VI-A is equal to his Gross total Income. The chapter contains deductions in respect of certain payments, deductions in […]...

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Posted Under: CA, CS, CMA |

Analysis of GST notification issued on 1st MAY 2021

After a long time, Hope all readers are doing well… As we all know Government come up with relaxations in GST on May 1, 2021 so I am just discussing today four important notifications – Notification No 8/2021-Cenral Tax dated -01.05.2021 Waiver of Interest for delay in filling in of GSTR-3B for Month of MARCH […]...

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Posted Under: CA, CS, CMA |

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