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Cma Ramesh Krishnan

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Critical amendment proposed in Zero rated supplies under IGST act

February 5, 2021 6285 Views 1 comment Print

Clause 114 of the Finance Bill 2021 seeks to amend section 16 of the Integrated Goods and Services Tax Act, 2017 so as to make provisions for restricting the zero rated supply on payment of integrated tax only to specified class of taxpayers or specified supplies of goods or services. It further provides to link […]

Not filed income tax returns- Get ready for higher rate of TDS/TCS deduction

February 5, 2021 7491 Views 0 comment Print

The Finance bill 2021, propose to inserts two new section i.e. Sec. 206AB and Sec. 206CCA to enable for deduction and collection of TDS and TCS at higher rates  for those who have not filed their income tax returns. Brief about these sections is as  below- Applicability of the Section 206AB: This section is applicable […]

Lower or No Tax certificate under Income tax- Procedure

September 12, 2020 11592 Views 1 comment Print

The concept of TDS under Income tax act is a common procedure and the object of TDS to collect tax from the very source of income. As per TDS concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the […]

Pure Agent Concept under GST

September 5, 2020 11724 Views 2 comments Print

An agent is a person who has been authorised to act or represent on behalf of some other person, that some other person may called as Principal. An agent is under the control (is obligated to) the principal, and (when acting within the scope of authority delegated by the principal) binds the principal with his […]

Overview of TDS under section 194N of Income tax Act, 1961

September 4, 2020 8994 Views 1 comment Print

The Finance act, 2020, amended with section.194N with an intention of curb black money and track the persons those having huge cash withdrawal from bank and not filed their return of income as per the requirement under income tax act. Section.194N requires to TDS on some specified conditions and specified amount, the detailed implication of […]

FAQ – TDS on Non residents – Section 195

March 29, 2020 764248 Views 81 comments Print

In our country the TDS on Non resident under section 195 is the unique section to identify the tax rates and deductions on our business transaction with non resident day to day basis. In this article I would like to discuss about the Frequently Asked Questions (FAQ) on TDS on Non resident payments under section 195 of Income tax act.

GST input tax credit restriction new rules- Accounting perspective

December 30, 2019 11358 Views 2 comments Print

GST input tax credit restriction new rules- Accounting perspective The CBIC imposed the restriction on availment of input tax credit (ITC) under GST in respect of invoices or debit notes, the details of which not have been uploaded by the supplies under sub section (1) of section 37 of CGST act. CBIC inserted the new […]

Job work under GST- an overview

December 26, 2019 11838 Views 2 comments Print

Job work sector is an integral part of manufacturing process and contributing significant role in the Indian manufacturing industry, by its nature and importance GST gives the special attention on this sector and made some special provision related to Job work industry. Generally job work sector majorly consists of small scale industries, hence GST provision […]

Revenue recognition under IND-AS & IFRS – Comparative overview

December 9, 2018 6855 Views 1 comment Print

Revenue recognition under IND-AS & IFRS – Comparative overview- Article discusses Applicability of IFRS-15 and IAS-115 and further discusses the following- Revenue recognition steps- 5 steps model Step: 1  Identify the contract(s) with a customer Step: 2 Identify the performance obligations in the contract Step: 3 Determine the transaction price Step: 4 Allocate the transaction […]

Checklist for GST Annual return

October 20, 2018 41940 Views 0 comment Print

Basic checklists before proceeding for GST annual return filling

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July 2024