The scope of the Equalization levy was expanded by the Government of India in the Finance Act, 2020 in order to include the supply of goods and/or services given by an e-commerce operator. The Equalization levy is levied at the rate of 2% on any amount received or receivable by an E-commerce operator from an e-commerce supply of service made or provided
Valuation aspects company needs to consider at the time of issue/transfer of shares
Companies Auditor’s Report Order 2020 brings more enhanced reporting disclosures which will provide more accurate insights to the business with completeness and accuracy providing the stakeholders knowledge about operational and financial position of the company. Such enhanced disclosures will provide foreshadow about corporate failures before the actual collapse Onus of comprehensive disclosure lies on both […]
In this article, we are depicting some of the key parameters which can help E-commerce sellers or anyone planning to start their E-commerce business to assess / step-up their compliance processes:
Having effective internal controls is one of the most vital aspects in any organization’s operation. Among organizations that need effective operating internal controls, Charitable Institutions are found to be at the top of the list because they are administered and functioned by different third-party stakeholders to serve the ultimate needs and goals of numerous participants or beneficiaries.
Understand the process after filing your Income Tax Return. Learn about the Department’s assessment and the actions taken.
The Income-tax department requires companies to submit a statement of Specified Financial Transactions (SFT). SFT reporting is mandatory for certain reporting entities from Finance Act 2014 by introducing section 285BA followed by additions made in Finance Act 2020 through notification no. 16/2021, dated 12-03-2021. This article focuses on SFT reporting which is applicable to the companies and documents require for reporting such transactions.
Introduction- Process review or process audit is an examination of significant process/processes i.e. business and operational key risks and the controls established to mitigate those risks, including compliance with laws, regulations & established policies. Process audit stages & deliverables- Audit Stages Deliverables Pre-planning Determining the scope, area & period of process to reviewed Planning Understanding […]
The import of goods has been defined in the IGST Act, 2017 as bringing goods into India from a place outside India. All imports shall be deemed as inter-State supplies and accordingly Integrated tax shall be levied in addition to the applicable Custom duties.
What is Due Diligence & Need for Due Diligence Due diligence is the investigation or exercise of care that is normally expected to take before entering into an agreement or contract with another party so as to ensure that all risks have been disclosed and all opportunities are on the table before the commercial deal […]
