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Union Minister of Commerce & Industry Chairs Meeting on Export Credit 

June 7, 2019 825 Views 0 comment Print

To take Indian economy to 1 trillion dollar exports in goods, and 1 trillion dollar exports in services in the next five years, the Commerce Minister reiterated the importance of availability of credit at low rate of interest. He emphasised that it is the joint responsibility of banks and Government to ensure that export credit at competitive rates are available to businesses.

Format of Standalone Statutory Audit Report of Listed Company

June 7, 2019 19173 Views 1 comment Print

We have audited the accompanying standalone financial statements of XYX Limited, which comprise the Balance Sheet as at March 31, 2019, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a summary of the significant accounting policies and other explanatory information

Extend due date of Annual GST Return/ GST Audit in Form GSTR-9, 9A, 9B-9C

June 7, 2019 90615 Views 50 comments Print

Representation on Extension of Due Date For Filing of Annual Return In Form GSTR-9, 9A, 9B And Audit Report In Form GSTR-9C

Format of Consolidated Statutory Audit Report of Listed Company

June 7, 2019 40887 Views 1 comment Print

We have audited the accompanying consolidated financial statements of ________ Limited and its subsidiaries (the Company and its subsidiaries together referred to as “the Group”), which comprise the Consolidated Balance Sheet as at March 31, 2019, the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Consolidated Statement of Changes in Equity and the Consolidated Statement of Cash Flows for the year ended on that date

Genuine Advances from customers cannot be treated as undisclosed income

June 7, 2019 3966 Views 0 comment Print

When assessee received advances from customers and the same were subsequently adjusted against goods sold to them, then, the advances could not be treated as unexplained cash credit under section 68, therefore, addition under section 68 made by AO on account of unexplained cash advances was deleted.

List of items, samples of which can be tested in revenue laboratories

June 7, 2019 594 Views 0 comment Print

The Revenue Laboratories have now acquired testing facilities for some of the samples listed in the said Annexure following the up-gradation and induction of more sophisticated equipment. These items are listed in Annexure I annexed with this Circular.

How to Raise Request for Resolution’ & Track on TRACES

June 7, 2019 11064 Views 1 comment Print

Article explains Important Information on Request for Resolution for Taxpayer,  Brief Steps for Raising ‘Request for Resolution, and Pictorial Guide for ‘Raising Request for Resolution’ and ‘Resolution Tracking’ 1. Important Information on “Request for Resolution” for Taxpayer Only a Registered Taxpayer can avail the facility of raising “Request for Resolution” under “Online grievances module”. This […]

26QB Correction – Using E-Verification (Net Banking)

June 7, 2019 29457 Views 2 comments Print

Important information on 26QB Correction Buyers registered on TRACES only can avail the facility of ’26QB correction’ under ’26QB’ Menu after login. Request for 26QB correction can be raised from Assessment Year 2014-15 onwards If Buyer files 26QB correction and seller is Known, correction can be submitted through e-Verify (Net Banking) /AO Approval / DSC (If […]

RBI reduces policy repo rate by 25 basis points wef June 06, 2019

June 6, 2019 1158 Views 0 comment Print

RBI in its Second Bi-Monthly Monetary Policy, 2019-20 has decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 5.75 per cent from 6.0 per cent with immediate effect. Consequently, the reverse repo rate under the LAF stands adjusted to 5.50 per cent, and the marginal standing […]

 Provision of e-Nomination at Member Interface at Unified EPFO Portal

June 6, 2019 20793 Views 8 comments Print

A facility for filing of online e-nomination is available at Member Interface of Unified Portal. In order to make this functionality compatible with online Form 10D claim to be filed by members and online composite claim Form 10D/20/5IF to be filed by nominees, some modifications have been incorporated in consultation with the Finance and Pension Division.

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