FAQs

All about filing of Form GST ITC-02 with FAQs

Goods and Services Tax - FAQs on Filing of Form GST ITC-02A Q.1 What is Form GST ITC-02A? A person having multiple places of business in a State or Union territory may be granted separate registration for each place of business. If a registered person, who has obtained separate registration for multiple places of business in a State/UT and intends […]...

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FAQs on Statutory Registers under Companies Act 2013

Goods and Services Tax - Q.1 What are Statutory Registers?  Ans: Statutory Books are the official records kept by the company relating to all legal and statutory matters. The registers that contain the specific record of the company’s shareholders, directors, deposits, loan & guaranty, etc. Q. 2 What are the examples of Statutory Registers? Ans: 1. Re...

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Presumptive taxation- Section 44AD, 44ADA, 44AE

Goods and Services Tax - To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE. In this part you can gain knowledge about various provisions of the presumptive taxation scheme ...

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Important FAQs on MCA Independent Directors Exam

Goods and Services Tax - Brief Background: In a bold move in October, 2019 the Ministry of Corporate Affairs (MCA) which regulates the functioning of corporate sector in india had with a view to enhance corporate governance made certain changes to the provisions governing appointment and qualification of independent directors (IDs) under Companies Act, 2013. The ...

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FAQ’s on GST on Real Estate Transaction

Goods and Services Tax - GST  REAL ESTAE TRANSACTION:- In this Article We will discuss here mainly GST implication on Affordable housing Scheme (AFS) and other than Affordable housing Scheme (AFS) in Real Estate Sector. A number of issues have been raised and taxpayers have different opinion regarding the new GST rate structure notified for real estate sector ef...

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Reduction in statutory rate of EPF contribution from 12% to 10% – FAQs

Goods and Services Tax - FREQUENTLY ASKED QUESTIONS Reduction in statutory rate of EPF contribution from 12% to 10% Q 1. What is revised rate of EPF contribution announced by the Central Govt. under Atmanirbhar Bharat package? Ans. Under this package the statutory rate of EPF contribution of both employer and employee has been reduced to 10 percent of basic [&hel...

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PF Transfer Claims for Employees- FAQs

Goods and Services Tax - Q.1: How do I know if I require a PF transfer? Ans. If the member has more than one PF member IDs (MIDs) and the PF amount of these MIDs has not been transferred into the latest MID, member is required to get his PF transferred into his current MID. Q.2: What are the types […]...

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Employer’s DSC /e-Sign in Lockdown Period on EPFO portal- FAQs

Goods and Services Tax - Q.1: Why is it necessary to have DSC/e-Sign? Ans. Many important tasks like KYC attestation, transfer claim attestation etc are done online by the authorized persons of employer using their digital signatures or Aadhaar based e-Sign on EPFO portal. This ensures seamless online service to members. Q.2: What role does EPFO plays in use of [...

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Going Concern- Key Considerations for Auditors Amid COVID-19

Goods and Services Tax - Timely and effective communication between the management and the auditor is essential in ensuring that both are able to fulfil their respective responsibilities in relation to going concern aspect during these uncertain times....

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Cash Withdrawal Facility at Point of Sale (PoS) Terminals- FAQs

Goods and Services Tax - Q.1 Which types of cards are allowed for withdrawing cash at PoS terminals? Ans. Under the facility of cash withdrawal at PoS terminals, cardholders can withdraw cash using their debit cards and open system prepaid cards issued by banks in India. However, credit cards cannot be used under this facility. Cash can also be withdrawn at [&he...

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55 FAQs on Direct Tax Vivad se Vishwas Bill, 2020

Circular No. 7/2020-Income Tax - (04/03/2020) - After introduction of Vivad se Vishwas in Lok Sabha, several queries have been received from tile stakeholders seeking clarifications in respect of various provisions contained therein. Government has considered these queries and decided to clarify the same in form of answers to frequently asked que...

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FAQs on Long Term Repo Operations (LTROs)

Press Release: 2019-2020/1945-RBI - (13/02/2020) - What is the maximum amount that a single market participant can bid in LTROs? A market participant can place bids of amount less than or equal to the notified amount. RBI may reject all the bids of the participant if the total bid amount submitted by the participant exceeds the notified amount....

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CBDT issues FAQs on filing of ITR-5, ITR-6 and ITR-7

Circular No. 26/2019-Income Tax - (26/09/2019) - Circular No. 26 of 2019- CBDT clarifies on certain issues relating to filing of Forms ITR-5, ITR-6 and ITR-7 which includes furnishing of details of shareholding in Schedule SH-1 / SH-2, details of assets and liabilities in Schedule AL-1 / AL-2. It also provide solutions to queries of Partnership fi...

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FAQ’s: Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Ordinance, 2019

Trade Circular No. 20T of 2019 - (15/05/2019) - Clarification and FAQ’s on Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Ordinance, 2019  related to the provisions of the Ordinance more particularly relating to determination of requisite amount, un-disputed tax to be paid under the Ordinance, issue based withdrawa...

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GST on Real Estate: CBIC release FAQs (Part II)

F.No. 354/32/2019-TRU - (14/05/2019) - A number of issues have been raised regarding the new GST rate structure notified for real estate sector effective from 01-04-2019. A compilation of Frequently Asked Questions (FAQs) containing 41 questions was issued on 7th May, 2019. Part II of the FAQ is presented below....

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Recent Posts in "FAQs"

All about filing of Form GST ITC-02 with FAQs

FAQs on Filing of Form GST ITC-02A Q.1 What is Form GST ITC-02A? A person having multiple places of business in a State or Union territory may be granted separate registration for each place of business. If a registered person, who has obtained separate registration for multiple places of business in a State/UT and intends […]...

Read More
Posted Under: Income Tax | ,

FAQs on Statutory Registers under Companies Act 2013

Q.1 What are Statutory Registers?  Ans: Statutory Books are the official records kept by the company relating to all legal and statutory matters. The registers that contain the specific record of the company’s shareholders, directors, deposits, loan & guaranty, etc. Q. 2 What are the examples of Statutory Registers? Ans: 1. Re...

Read More
Posted Under: Income Tax |

Presumptive taxation- Section 44AD, 44ADA, 44AE

To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE. In this part you can gain knowledge about various provisions of the presumptive taxation scheme ...

Read More
Posted Under: Income Tax | ,

Important FAQs on MCA Independent Directors Exam

Brief Background: In a bold move in October, 2019 the Ministry of Corporate Affairs (MCA) which regulates the functioning of corporate sector in india had with a view to enhance corporate governance made certain changes to the provisions governing appointment and qualification of independent directors (IDs) under Companies Act, 2013. The ...

Read More
Posted Under: Income Tax |

FAQ’s on GST on Real Estate Transaction

GST  REAL ESTAE TRANSACTION:- In this Article We will discuss here mainly GST implication on Affordable housing Scheme (AFS) and other than Affordable housing Scheme (AFS) in Real Estate Sector. A number of issues have been raised and taxpayers have different opinion regarding the new GST rate structure notified for real estate sector ef...

Read More
Posted Under: Income Tax |

Tax on Blogging income under Income Tax & GST with FAQs

In recent times, blogging has become one of the trending professions in the market. One of the major reasons behind it is income generating capacity of this profession. Bloggers can earn lakhs of rupees per month but most of the time they are unaware about the tax implications on their income. Hence today we are […]...

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Posted Under: Income Tax | ,

Assessments under Income-Tax Act, 1961

Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing up his return of income. Once the return of income is filed up by the taxpayer, the next step is the processing of the return of income by the Income Tax Department. ...

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Posted Under: Income Tax | ,

Valuation and Valuation Standards Compliance- FAQs

Valuation Standards Board, ICAI ICAI-  Release of Answers to the Questions (ATQ’s) raised during the Live Webcast on “Valuation and Valuation Standards Compliance and other aspects under various Laws” on 19th April, 2020 We are happy to inform you that Valuation Standards Board of ICAI (VSB) had organised a live webcast on Valuatio...

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Posted Under: Income Tax |

Tax Deduction/Collection Account Number (TAN)

Article discusses about Meaning/ Structure/ Relevance of TAN, Persons liable to apply for TAN, Consequences of not quoting TAN, Procedure to obtain TAN, Places from where to obtain Form 49B, Authority empowered to allot TAN, Procedure for online TAN application....

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Posted Under: Income Tax | ,

Section 269SU Acceptance of payment through electronic modes

Section 269SU has been introduced by the government under Income Tax Act with an intention to promote cashless economy and digital mode of accepting payment. Section 269SU prescribes for accepting payment through certain electronic modes as prescribed in addition to other electronic modes. This article is a detailed discussion on Section ...

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Posted Under: Income Tax | ,

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