"27 November 2022" Archive

GST: Transfer of Business in the case of Death of Proprietor

Transfer of business in GST is considered as supply and is liable to GST. However, if the business is transferred as going concern with all its liabilities and assets then the same is exempt. There can be many forms of transfer of business – Transfers can be done through direct sale of business, amalgamations, mergers, […]...

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GST Registration – An Analysis

1. Section 22 (CGST ACT, 2017) – Persons liable for registration. 1. Every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a financial year […]...

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Points to be considered in Annual Report Preparation of Companies – PART I

Non-compliance pointed out in the Annual Reports of various companies related to (AS) Accounting standards used in the preparation and presentation of financial statements. AS -1 Disclosure of Accounting Policies 1. Company Policy regarding timing of recognition of revenue from sales, royalty or dividend have fail to disclosed which is co...

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Disallowance of excess/ short year end provisions in current year and allowing in subsequent year is revenue neutral

Novartis India Limited Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that provisions made on best estimate basis is allowable as deduction as disallowance of excess and short year end provisions in current year and allowing the same in subsequent year is revenue neutral....

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Payment of one-time premium was not chargeable to tax under Service Tax under Renting of Immovable property

CESTAT Ahmedabad in the case of Gujarat Power Corporation Ltd. v C.C.E. & ST held that payment of one-time premium under renting of immovable property services is not chargeable to Service Tax....

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Online Sales Business – Challenges faced in Accounting

Looking at the quantum of sales and getting happy about it while wondering where did the money go? The most common challenge faced by all the entities is that how to record all the transactions properly to get to know the actual position of the business....

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How To View Or Download Form 26AS From Income Tax Portal

Form 26AS is an Income Tax form that records various transactions that occurred over the course of a fiscal year, such as fiscal year 2022-23. When we thoroughly understood the Form 26AS, we encountered many fields, including the amount of TDS that was deducted from our wages. Earnings can take the form of the sale […]...

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Delayed payment in respect of employees contribution to PF & ESI is not allowable

BBG Metal Syndicate Pvt Ltd Vs DCIT (ITAT Cuttack)

BBG Metal Syndicate Pvt Ltd Vs DCIT (ITAT Cuttack) Admittedly, the Hon’ble Supreme Court in the case of Checkmate Services Pvt Ltd(supra) has categorically held that the employees contribution to PF and ESI to the extent it is not paid within due date prescribed under the PF Act, is not allowable u/s.36(1)(va) of the Act. […]...

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Delayed Deposit of EPF & ESI- Whether Allowable

After the decision of SC in Check mate Services Pvt. Ltd. vs. CIT order dated 12.10.22, the legal position is now settled that the delayed deposit of employees contribution shall be held as deemed income u/s. 2(24) of the income tax act....

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Departmental Audit Under GST: Are You Ready???

With GST being implemented from July 2017, it brought a paradigm shift in the way business and operations are conducted across India. Although it’s been 5 years since the new law came into force, business in India are still struggling to cope up with the changes which the government is making on a recurring basis. […]...

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January 2023