Mitigate compliance risk in the insurance sector to protect your company’s reputation. Learn about the consequences of non-compliance and regulatory interventions.
Advocates has privilege of not to pay GST on their output supply, while the taxes on their supplies has to be paid by recipient under Reverse Charge Mechanism (RCM). In this write up, I made a try to answer the questions related to GST on Advocate Services.
One of the major amendment proposed by the Companies (Amendment) Act, 2020 is with regard to remuneration to independent director and non-executive directors in Case of Absence or Inadequacy of Profits. In this write-up, author has analysed the impact of such amendment. Relevant changes has been made in section 149 and 197 so that non-executive […]
Article contains Comparison Of Section 194Q AND 206C(1H) Of Income Tax Act, 1961 – For TDS & TCS and Comparison Of 206AB & 206CCA of Income Tax Act, 1961 – For Higher TDS/TCS Rates -In Case of Non-Filers of Returns. Comparison Of Section 194Q AND 206C(1H) Of Income Tax Act, 1961 – For TDS & […]
Profits and Gains of Business or Profession (PGBP) Additions and Deductions Following things should be added to ‘Net Profit as per books’: 1. Depreciation as per BOOKS 2. Income tax in BOOKS (including duty, cesses, late fee, or any other payments related to income tax liability) 3. 30% sum payable to residents on which TDS […]
N. Srinivasan National MSME Bills Payment (Factoring) Portal (NMBPP) The main problem faced by MSME to-day is collection problem for the bills/Invoices raised for goods and Services. Even though many schemes are introduced like “Mudra” “Samadhan” etc., it will be of very temporary in nature and may not be a long lasting Solution. Liquidity affects […]
Friends, “Commendable work has been done in the year gone by both in the area of facilitation and enforcement with numerous cases of fraudulent dealers and ITC being registered. The enhanced revenue collection in recent months should now be the ‘new normal.”- Hon’ble Finance Minister Nirmala Sitharaman. There are some other relevant changes in GST […]
When the Commission itself categorically made a finding that it was not possible to settle the matter and documents and evidences were to be examined by the Adjudicating Authority, then there was no much scope for the High Court to interfere with the orders passed and by sending the matter back to the Adjudicating Authority, assessee would also get an opportunity to produce all the documents and evidences to establish his case. Thus, sssessee had not established any acceptable reasons for the purpose of interfering with the order passed by the Settlement Commission.
Addition to income cannot be made merely based on Valuation Report if no defect found in books of assessee If books of accounts are realistic , reliable and without any fault, then and not rejected by the AO then there comes no requirement to call for valuation report from registered Valuer in the case when […]
Practical FAQs on applicability of TDS under section 194Q & TCS under section 206C(1H) w.e.f. 1st July 2021 Sub-section (1H) was inserted in Section 206C by Finance Act, 2020 for collection of tax at source (TCS) by the seller on sale of any goods and was made operative with effect from 1st October 2020. On […]
