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Archive: 12 May 2021

Posts in 12 May 2021

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7170 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Delhi HC quashes provisional attachment order of bank a/c of Director on fake ITC allegations on its company

May 12, 2021 1482 Views 0 comment Print

Roshni Sana Jaiswal Vs Commissioner of Central Taxes (Delhi High Court) The petitioner was acting as a director on the Board of Directors of a company, between 2006 and 2008 and the department initiated investigation against that that company alleging that the company was availing Input Tax Credit against fake/ineligible invoices. The petitioner was also […]

Covid-19 Vaccine – GST or no GST?

May 12, 2021 18753 Views 3 comments Print

Since last year or so, the entire country is going through tumultuous patches for society as a whole. Present second wave of COVID-19 has put the resources of country at greater strain wherein the entire mankind is struggling to keep their hope float leave alone the prospects of future.

Section 194N of Income Tax Act 1961 and Its Validity

May 12, 2021 8889 Views 3 comments Print

Section 194N was introduced by Finance Act 2019 and substituted by Finance Act 2020. The main ingredient of Section 194N is that TDS @ 2% shall be deducted in case any person withdraws in cash an amount exceeding Rs. 1.00 Crore  In cash   from his bank account in an year. A person who has not […]

Issue of Bonus Shares | Section 63 | Companies Act, 2013

May 12, 2021 18084 Views 1 comment Print

1. What dose Bonus Share means? Bonus shares are additional shares given to the current shareholders without any additional cost, based upon the number of shares that a shareholder owns. These are company’s accumulated earnings which are not given out in the form of dividends, but are converted into free shares. 2. What are the […]

Mandatory updation of UDINs in all Income Tax Forms at e-filing Portal

May 12, 2021 2799 Views 0 comment Print

Members are aware that the CBDT vide its press release dated 26th November 2020 has mandated the validation of the Unique Document Identification Number (UDIN) generated from ICAI portal in all the Income Tax Form and Audit Reports uploaded at the e-filing portal.

Share Covid vaccines liberally with those who are in dire need of it

May 12, 2021 276 Views 0 comment Print

Shri Piyush Goyal urges the countries to share Covid vaccines liberally with those who are in dire need of it, stating that Global solidarity is the need of the hour;

Dishonored Cheques Provision Under NI Act, 1881

May 12, 2021 26910 Views 1 comment Print

Nowadays cheques are used closely everywhere for many purposes which include loan repayment, salary & wage payment, bill payment, and fee payment, etc. so on a daily basis, banks process and clear the vast majority of cheques which is used to secure evidence of payment. However, cheques are still a very common mode of payment for all nowadays. It is always advisable to issue crossed “Account Payee Only” cheques in order to avoid its misuse.

Reconciliation under GST

May 12, 2021 34263 Views 0 comment Print

What is reconciliation? The word “reconciliation” has not been defined under the GST Act. Although, in accounting terms, “reconciliation” can be explained as a process of matching balances at the end of a particular period to ensure two sets of accounting records agree with one another. With the amendments brought out in Finance Budget, 2021, […]

CSR under Companies Act vis-a-vis UN SDG & Income Tax Act

May 12, 2021 4821 Views 0 comment Print

Comparative study on Schedule VII of Companies Act, 2013 vis-a- vis UN SDG vis vis Income Tax Provision (refer to provisions relating to Charitable Institutions / Trusts / NGOs / Section 8 companies) and also mention projects / activities, clause wise, which can be covered under the different Clauses of Schedule VII presented in tabular form. […]

Expenditure on COVID-19 Healthcare facilities & Infrastructure counted under CSR

May 12, 2021 2949 Views 0 comment Print

Expenditure on COVID-19 Healthcare facilities and Infrastructure counted under CSR Expenditure Pursuant to the General Circular No. 09/2021, issued by Ministry of Corporate Affairs, on 5th May, 2021, and in continuation to the General Circular No. 10/2020, as issued on 23rd of March 2020, the MCA hereby elaborated on various health related expenditures that can […]

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