Everybody wants to reduce Income Tax liability but most of them do not know how to reduce Income Tax liability legally. Some know partially. As a result of which, they pay more tax which they can save. My efforts in this article are to throw a light on the issue to help you in reducing […]
Treatment for time barred Credit Note which cannot be adjusted on account of no GST liability during the relevant period Unresolved Technical fault of the GST portal The GST portal of the Government is still in the process of development and every now & then, the taxpayers are facing one or more technical glitches but, […]
SECTION 29 provides that ;(1) No insurer shall grant loans or temporary advances either on hypothecation of property or on personal security or otherwise ,except loans on life insurance policies issued by him within their surrender value , to any director, manager, actuary, auditor, manager or any officers of the insurance company, or to any […]
With the onset of pandemic in 2019 and the second wave worsening the situation in India, the sudden or say over demanding requirement of covid-19 supplies like Medicines, medical grade oxygen, oxygen concentrators and cylinders (hereinafter called ‘such supplies’) have come into place in 2021. The government had been imposing taxes on all of such […]
The Government has issued a flurry of circulars on 17.06.2017 covering various subjects. Basing on the recommendations of the GST council the below listed Seven Circulars all dated 17.06.2021 were issued. The gist of the circulars is tabulated in the below given table for easy reference and to have the information at a glance. Sl […]
Finalization of account means check and reconciled books of accounts is correct, perfect and accurate. Normally, books of account finalize at the end of the year. But best practice is check and reconcile accounts periodically i.e. monthly or quarterly. Steps to be taken at the time of Finalization of books of account 1. Opening balances […]
We can generate NEFT/RTGS Form within seconds with just a scroll We can add 2000 beneficiaries to the Form. We can use these beneficiaries for generating NEFT/RTGS Form at any time as well as the database of Bank details of parties. We can simply find out the Bank details of parties in future without asking […]
SEBI Vs Ajay Agarwal (Supreme Court of India) FACTS Securities and Exchange Board of India (Appellant) initiated investigations against Trident Steel (company) on receipt of a complaint by a BSE member relating to public issue of the company. The complaint alleged misstatement of facts by the Company in the prospectus issued in furtherance of the […]
Ahilya Chamber of Commerce & Industry has made a representation to Finance minister and bring to her attention the issues in New Income Tax Portal and requested for allowing taxpayers to work on Old Portal till issues on new Portal gets rectified. Full texts of their representation are as follows:- 14.06.2021 माननीय श्रीमती निर्मला सीतारमण, […]
Amendments, related to GST refund, made into CGST Rule 2017 by Central Government on the recommendation via Notification No. 15/2021 Dated 18th May, 2021 with the help of FAQ’s. These amendments shall come into the force w.e.f 18th May 2021. 1. As per Section 54(1) of CGST Act, 2017 read with Rule 90(3) of CGST […]
