The implementation of GST will go down in history as one of the most fundamental landmark reforms in Indian taxation. Before GST, the combination of VAT, Excise, Central Sales Tax and the cascading effect of tax on tax resulted in the standard rate of tax being as high as 31% in many cases. The multiple […]
The Reserve Bank of India (RBI) in its recent circular (FIDD.MSME & NFS.BC.No.4/06.02.31/2020-21 dated August 21, 2020) to all Commercial Banks including Small Finance Banks, Local Area Banks and Regional Rural Banks, all Primary (Urban) Co-operative Banks/State Co-operative Banks / District Central Co-operative Banks, all-India Financial Institutions, all Non-Banking Financial Companies clarified on new definition […]
Section 134 of the Act enjoins upon the Board a responsibility to make out its report to the shareholders and attach the said report to financial statements laid before the shareholders at the annual general meeting, in pursuance of Section 129 of the Act. The Board’s Report is very important communication by the Board of […]
In a recent notification, Reserve Bank of India (RBI) on 6th August 2020, instructed all Scheduled Commercial Banks to maintain a discipline on opening of Current Account. The below are highlights from the notification: 1. No bank shall open current accounts for customers who have availed credit facilities in the form of cash credit (CC)/ […]
Orientation Course and Information Technology Training through virtual mode for Foundation and Direct Entry route students by the Regional Councils and Branch offices of ICAI 1. The course registration will be through https://www.icaionlineregistration.org by paying the requisite fees online. 2. The registered students will be sent the virtual platform link by the PoUs/Branches. 3. The […]
Q: What is MSME Saksham? MSME Saksham is one stop knowledge platform for MSMEs launched by SIDBI and TransUnion CIBIL In order to support the revival of India’s economy and strengthen Micro, Small and Medium Enterprises (MSMEs), Small Industries Development Bank of India (SIDBI) in association with TransUnion CIBIL (Credit Information Bureau (India) Limited or […]
DOs FOR TDS DEPOSIT AND TDS STATEMENT FILING: 1. Deposit TDS and file statement before due dates to avoid last moment hustle and late payment of Interest and Late Filing Fee Respectively. Note, the due date for filing Form 24Q for Q4 of FY 2019-20 is 31st July, 2020 2. Always double check TAN and […]
Form GSTR-4 (Annual) is annual return which all Composition Taxpayers are required to file a return on annual basis after the end of the Financial Year which was rolled out from 01-04-2019. All registered taxpayers, who have opted for Composition Scheme for any part of the Financial Year, are required to file a return in […]
Today, the Reserve Bank released the 21st Issue of the Financial Stability Report (FSR), which reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability, and the resilience of the financial system in the context of contemporaneous issues relating to development and regulation of the financial […]
GST and Compensation Cess Applicability on Sale of Old/Used Motor Vehicle in different Scenario Take Away from this article: Whether GST and Compensation Cess is applicable at different rates and/or Concessional rates or not on sale of old/used motor vehicle GST applicability on sale of Old/Used car in the following scenario has always been subject […]
