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Pratik

Latest Posts by Pratik

TDS under Section 194M w.e.f. 01.09.2019

December 24, 2019 8142 Views 1 comment Print

Section 194M: TDS @ 5% on payment to Resident Contractors & Professionals by an Individual / HUF [applicable w.e.f. 01.09.2019] A New Section 194M is inserted in The Income Tax Act, 1961 [“The Act”] vide Finance Act, 2019 to provide for levy of TDS at the rate of 5% on the sum paid or credited in a […]

Key additional Disclosures in ITR-6 for A.Y. 2019-20

September 17, 2019 44874 Views 2 comments Print

Learn about key additional disclosures in ITR-6 for A.Y. 2019-20. Find out what information you need to provide when filing your company’s income tax return.

Analysis of MSME Form-I for Micro and Small Enterprises

April 12, 2019 5358 Views 0 comment Print

The Ministry of Micro, Small and Medium Enterprises (MSME) had vide notification dated 2nd November 2018 directed all companies, who get supplies of goods and services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed 45 days from the date of acceptance or deemed acceptance to file a half […]

New standard Ind AS 116 – Leases

April 3, 2019 6495 Views 0 comment Print

Ind AS 116 shall be applied for recognition, measurement, presentation and disclosure of leases. It provides guidance on accounting of leases by lessor and lessee separately. Principles of Ind AS 116 with respect to accounting of leases by lessor are substantially same as previously provided under Ind AS 17. However, there is significant change in […]

Key Highlights of Interim Budget 2019

February 2, 2019 17115 Views 1 comment Print

Interim Budget 2019: Friday, 01 February 2019 The Interim Budget presented by Piyush Goyal is the last Budget of the NDA government led by Prime Minister Narendra Modi before the Lok Sabha elections due by May 2019. Goyal, who has been given charge of the finance portfolio in place of Arun Jaitley who is in […]

Startup India: A flagship initiative of GOI and Role of Chartered Accountants

January 1, 2019 7800 Views 1 comment Print

Startup India is a flagship initiative of the Government of India, intended to build a strong ecosystem that is conducive for the growth of Startup businesses, to drive sustainable economic growth and generate large scale employment opportunities. The Government through this initiative aims to empower Startups to grow through innovation and design. Several programs have […]

TReDS_Trade Receivables Discounting System: A game changer and Role of CA’s

December 10, 2018 6849 Views 1 comment Print

Micro, Small and Medium Enterprises (MSMEs), despite the important role played by them in the economic fabric of the country as they are the backbone of the Indian economy; continue to face constraints in obtaining adequate finance, particularly in terms of their ability to convert their trade receivables into liquid funds, infrastructure and logistics, entrepreneur […]

Secondary Adjustment – Section 92CE & Rule 10CB

November 17, 2018 35232 Views 0 comment Print

Transfer pricing provisions seek to ensure that there is fair and equitable allocation of taxable profits amongst the tax jurisdictions. In cases where the underlying transaction is held not to be at arm’s length, a primary adjustment is made to align the transfer price with the arm’s length price (ALP) which is known as primary […]

Thin Capitalization – Section 94B

November 8, 2018 28326 Views 2 comments Print

India has time and again shown its commitment to BEPS initiative of the OECD and introduced several reforms in domestic tax legislation to plug loopholes, strengthen information sharing between the contracting states and prevent double non-taxation. In line with its commitment, vide Finance Act 2017; the government has introduced measures to curb thin capitalization in […]

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