. One of the most significant changes is the requirement for CAs, CSs, and CMAs to report suspicious transactions to the Financial Intelligence Unit (FIU) within 15 days of identifying them, up from the previous requirement of 7 days. Failure to comply with this requirement could result in a penalty of up to Rs. 10 lakh.
As finance professionals, we are all familiar with the concept of prudence. In accounting, prudence is the principle of exercising caution when making estimates or judgments about uncertain events or transactions.
Section 13(8)(b) of the IGST Act read with Section 2(13) and 2(6) to the extent, these provisions seek to levy GST on services provided by the taxpayers to its overseas customers, which are consumed by such customers/ recipients outside India, by fiction of law as created by these provisions are treated as intra-state supply making GST leviable on such export of service, under the CGST Act and MGST Act.
Explore the legal perspective on property transfer in a BOO contract. Learn how the Kerala High Court ruled on the taxation of fixed costs in the case of Prodair Air Products India Pvt. Ltd. v. State of Kerala, clarifying that payment of fixed costs does not necessarily imply a transfer of property.
Companies Act, 2013 doesn’t specifically defines Secretarial Audit. But for understanding purpose, it can be said as the process of checking compliance to various acts, rules, regulations, circulars, notifications as applicable on the Company
Learn about the taxation of EPF, Superannuation, Leave Encashment, Gratuity, NPS, and PPF under the Income Tax Act, 1961. Explore eligibility criteria, taxability, exemptions, and rules for withdrawal, ensuring comprehensive knowledge for better financial planning.
जीएसटी एक्ट के अंतर्गत चैप्टर 7 में टैक्स इनवॉइस, क्रेडिट एंड डेबिट नोट को सेक्शन 31 से 34 तक एक्सप्लेन किया गया है । जिस पर हम आज संक्षिप्त में विचार करेंगे। साथ ही उपरोक्त सेक्शन पर उसके नियमों का भी संक्षिप्त में चर्चा करेंगे ।आप लोग पूर्व में भी उपरोक्त सेक्शन पर पढ़ चुके […]
Understand the concept of Authorised Representative (AR) in Corporate Insolvency Resolution Process (CIRP). Learn about the duties, criteria, and selection process for AR, ensuring effective representation of creditors in COC meetings. Explore the role of the Interim Resolution Professional (IRP) in ascertaining the class of creditors and facilitating the appointment of AR in compliance with the Insolvency and Bankruptcy Code, 2016.
Discover who is required to file an Income Tax Return (ITR) and the mandatory criteria. Learn about the advantages of filing ITR, the due date, and the importance of compliance for various financial activities. Avoid late fees, tax notices, and ensure eligibility for loans, credit cards, and other financial transactions.
Explore the MSME scenario in India with insights on employment, exports, and financing trends. Learn about the digitization impact, cross-border financing, and ECGC services for exporters. Gain valuable insights into the evolving MSME landscape.
