"26 June 2021" Archive

GST Applicability on Foreign Diplomatic Mission (FDM)

What is an FDM ? Before diving into GST applicability on FDM, let us understand what is Foreign Diplomatic Mission. Basically FDM is a group of people from an organisation of a country located in other countries. (i.e. embassies, UN Agencies, UN offices, consulates, etc.) FDMs are under the jurisdiction of the country in which […]...

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Applicability of TDS on Cash Withdrawals

CBDT introduced a new section in the Income Tax Act, w.e.f.1st September 2019, to bring in transactions of cash withdrawals under the tax net. According to Section 194N, all the Banks to which Banking Regulation Act applies, a Co-operative Society and a post office shall be responsible to deduct TDS, if any person withdraws cash […...

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Internal Audit of Company (FAQs)

Q.1 What is Internal Audit? Ans. -Internal Audit(s) is/are performed to assess and improve the effectiveness of governance, risk management, and control over critical processes. Also, it provides the board and management with information and assurance related to their duties. -Technically, Internal Audit is a cost center in a company—it...

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How to become a Registered Valuer under Insolvency and Bankruptcy Board of India (IBBI)?

How to become a Registered Valuer under Insolvency and Bankruptcy Board of India (IBBI)? Becoming a Registered Valuer is becoming tough day by day as the Examination questions were getting tough tougher and toughest. Unless and until we are conceptually strong, it is difficult to crack the Exam. The good thing about this Valuation Course ...

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माल की खरीद पर टीडीएस धारा 194Q और धारा 206(C)(1H) से जुडा एक बड़ा सवाल

माल की खरीद पर टीडीएस धारा 194Q और धारा 206(C)(1H) से जुडा एक बड़ा सवाल सुधीर हालाखंडी दिनाक 1 जुलाई 2021 से आयकर कानून में टीडीएस को लेकर एक नई धा...

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TDS and TCS Ready Recokoner – Recent Amendments

The recent amendments together with some earlier amendments have brought about confusion as regards its implications. A brief note in a summary form is prepared for a clear understanding of such provisions....

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Right Issue Vs. Preferential Allotment under Companies Act, 2013

Comparison between Issue of shares on Right Basis (Right Issue) and Issue of shares on Preferential Basis (Preferential Allotment through Preferential Offer) under Companies Act, 2013 Issue of share on Rights Basis and issue of shares on Preferential Basis are covered under Section 62 of the Companies Act, 2013 and Companies (Share Cap...

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All about My CA service on Income Tax e-Filing Portal

All about My CA service on Income Tax e-Filing Portal – FAQs Q.1 How can I add my CA to e-Filing account? Ans. You can add your Chartered Accountant(s) to your e-Filing account using this service after you log in to your account. The My CA service allows you to do the following: -View a […]...

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How to View & Submit Income Tax Compliance on Reporting Portal

How to View & Submit Income Tax Compliance on Reporting Portal – FAQS Q.1 What are the Compliance Portal and Reporting Portal used for?  Ans. The Compliance Portal can be used by taxpayers using Single Sign On (SSO) to respond to the compliances of various kinds including e-Campaign, e-Verification, e-Proceedings and DIN Authen...

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How to View Rectification Status on Income Tax Portal

How to View Rectification Status on Income Tax Portal – FAQs Q.1 What is rectification? Ans. Rectification is an option given to you by the Income Tax Department for correcting a mistake apparent from record in your Income Tax Return. You need to submit a rectification request if there is any mistake apparent from record in [&helli...

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