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Ca. M.s. Prasad

Latest Posts by Ca. M.s. Prasad

Analysis of Section 186 of Companies Act i.e. Loan & Investment by Company

August 2, 2021 33819 Views 0 comment Print

Analysis of Sec-186 of Companies Act i.e. Loan and Investment by Company, Notified date of section is 1st April 2014 It explains Inter-corporate Loans and Investments (i.e. investment by one company in another company). Sec-185 applicable where Company gives Loan / Guarantee / Security to Director or any person in which he is interested. Sec-186 […]

Newly inserted Section 194Q of Income Tax Act w.e.f.1st July 2021

June 21, 2021 9447 Views 0 comment Print

TDS on PAYMENT on Certain sum for PURCHASE of GOODS; conditions / compliances as under; 1. Purchase of goods covered and not Services 2. Rate of TDS; 0.1% of such sum exceeding Rs. 50 Lakh. 3. Who liable to deduct; a buyer whose total sales /gross receipts / turnover of the business > Rs. 10 […]

MSME notes for Real Estate/Construction Services

June 2, 2020 32115 Views 4 comments Print

Notes on MSME for Real Estate (Micro, Small & Medium Enterprises) 1. IDR Act 1951 (Industries Development and Regulation Act, 1951 2. MSMED Act 2006 (Micro, Small & Medium Enterprises Development (MSMED) Act, 2006)e.f. 02.10.2006 3. MSME sector contributes about 40% of the total employment in India 4. Contribution of MSME sector to India’s GDP […]

How to work from home during Coronavirus Lockdown

April 17, 2020 1482 Views 1 comment Print

Staying motivated, retaining work-life balance and video conference etiquette are just some of the challenges during work from home environment. Few tips listed below; 1. Work out to work well, Meditation or focus power; Start 10 minutes a day and move up to 30 minutes but do it on daily to see results in 2-3 […]

Extended due date chart of GSTR 1 & GSTR 3B

April 10, 2020 1638 Views 0 comment Print

CBIC Extended DUE DATE of filing GSTR 1 & GSTR 3B by providing Late fees waiver & relief in Interest as per Notifications issued on 03rd April 2020. Article compiles chart of GSTR 1 Due Date Extension & Late Fees Waiver and GSTR 3B Due Date Extension, Late Fees Waiver & Interest.

Union Budget 2020 – Brief Highlights

February 2, 2020 3621 Views 0 comment Print

The Hon’ble Finance Minister Smt. Nirmala Sitharaman on Saturday presented Union Budget in Lok Sabha, Based on her speech on 01.02.2020. The prominent themes of Union Budget are Aspirational India, Economic Development and Caring Society. DIRECT & INDIRECT TAX:  1. Individual Slab Rate Tax for Financial Year 2020-21, an option to select either OLD or […]

Consequences for TDS non compliances

October 30, 2019 7113 Views 4 comments Print

1. Disallowance of expenditure; u/s 40(a)(i) of and section 40(a)(ia), if Tax not deducted / not deposited till the due date of filing of return; a. Payment to Non-resident ;100% expenses disallowed b. Payment to resident ;30% expenses disallowed However, if tax is deducted or deposited in subsequent year, the expenditure so disallowed shall be allowed […]

Disbursement of Housing Loan to Individual Linked to stages of Construction

August 3, 2019 1983 Views 0 comment Print

National Housing Bank (NHB) policy circular no. 96/2019-20 dt. July 19, 2019 Several complaints for offering loan 1. Housing Finance Companies (HFC) were advised while introducing any kind of product ‘Customer suitability’ and ‘Appropriateness’ issues should be taken into account by the Cos. 2. Frauds being committed by certain builders using subvention schemes have also […]

Rera Registration or Exemption of Real Estate Project and Real Estate Agent

July 29, 2019 22743 Views 5 comments Print

Applicability of RERA registration / Exemption of  Real Estate Project and Real Estate Agent Section 3 & 9 of RERA (Real Estate Regulation and Development Act, 2016) Conditions for Registration / Exemption under RERA  1. The area of land proposed to be developed <= 500 sq meters(5382 sqft) 2. The no. of apartments proposed to be […]

Tax Benefits on Home Loan for Joint Owners

July 26, 2019 31632 Views 10 comments Print

Income Tax benefits on Housing Loan for Joint Owner of Rs. 2 Lakh each Section 24(b) of Income Tax Act, 1961 (amended) Conditions for claiming Interest on Home Loan ↓ 1. Income Tax benefits on a joint home loan can be claimed by all the joint owners. 2. Ownership is required for joint owners i.e. […]

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