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Supreme Court allows two month window for Claiming Transitional Credit

August 1, 2022 3267 Views 0 comment Print

Supreme Court grants relief to taxpayers, allowing a two-month window for claiming transitional credits on GST portal. Learn who benefits, the courts ruling, and steps for aggrieved taxpayers. Ensure your pre-GST credits flow seamlessly with this landmark judgment.

Internal Auditing : Value Addition Mechanism

August 1, 2022 2520 Views 0 comment Print

Unlock the value of Internal Auditing as a mechanism for organizational enhancement. Explore its traditional role in ensuring controls and accuracy, and delve into the modern approach of providing analysis, recommendations, and valuable insights. Discover the diverse scope covering information reliability, compliance, asset safeguarding, resource efficiency, and goal accomplishment. Elevate your business with Internal Audit’s proactive problem-solving and future-focused contributions.

Summary of NCLAT Judgement on IBC 2016 for September 2021

August 1, 2022 1074 Views 0 comment Print

Explore the key insights from the NCLAT Judgements Compendium for September 2021 on IBC, 2016. Gain a concise overview of significant cases, including discussions on pre-existing disputes, withdrawal of funds during CIRP, and adherence to statutory timelines. Stay informed about the latest rulings and enhance your understanding of the nuances in insolvency proceedings.

Section 152(6) & (7) of Companies Act, 2013 – Concept of Flexibility & Rigidity

July 31, 2022 28557 Views 4 comments Print

Explore the delicate balance of flexibility and rigidity in the Composition of the Board of Directors under Section 152(6) & (7) of the Companies Act, 2013. Unveil the concept of Rotational and Non-Rotational Directors, ensuring a robust governance structure. Applicable exclusively to Public Companies, witness the interplay of Members’ power in director appointments and removals. Delve into the nuanced provisions and categories exempt from rotation, from Independent Directors to Nominee Directors. Strengthen your understanding of the Companies Act, 2013, maintaining equilibrium in Board dynamics.

Secretarial Standard-1 on Board Meetings Simplified (SS-1)

July 31, 2022 44118 Views 0 comment Print

Unlock the intricacies of Secretarial Standard-1 on Board Meetings (SS-1). Navigate the nuances of convening meetings, notice requirements, quorum rules, and more. Simplifying compliance for effective corporate governance. Applicable to all companies, except OPC and Section 8 Companies.

Basics of Accounting: General Purpose Financial Statements & their Qualitative Characteristics

July 31, 2022 4716 Views 0 comment Print

Explore the basics of accounting with a focus on General Purpose Financial Statements and their Qualitative Characteristics. Learn how financial information caters to informed decision-making for investors, lenders, and creditors. Dive into the four essential qualitative characteristics: Understandability, Relevance, Reliability, and Comparability, ensuring financial statements provide meaningful and reliable insights for effective analysis and decision-making.

No Recovery of Central Excise Duty, Interest & Penalty without serving of Adjudication Order

July 31, 2022 1389 Views 0 comment Print

HC held that no recovery of Central Excise Duty, interest, and penalty can be made without service of adjudication order

GST applicability on ‘Pre-packaged and labelled commodity’

July 31, 2022 9843 Views 0 comment Print

“Explore the impact of GST on pre-packaged and labeled commodities with insights from the 47th GST Council meeting. Learn about changes in taxation criteria and its alignment with Legal Metrology Law. Navigate through the detailed analysis of the trade and industry impact, including the scope of pre-packaged and labeled commodities. Stay informed on the new GST rate chart for specified food items from Chapter Heading 1 to 21 of Customs Tariff, applicable since 18th July 2022.

10 clarifications sought by Taxpayers while filing their Income-tax returns

July 30, 2022 9702 Views 1 comment Print

Unlock the mysteries of Income-tax return filing with answers to the top ten FAQs. Discover solutions to common issues, from self-assessment tax discrepancies to claiming deductions. Get insights on bank account validation for refunds and explore the process of opting for different tax regimes. Your comprehensive guide to a hassle-free tax filing experience

Non Resident and Types of transactions under FEMA

July 30, 2022 7797 Views 1 comment Print

Dive into the complexities of Non-Resident Persons and transactions under FEMA. Understand the distinctions between NRI and PIO, and explore the nuances of current account and capital account transactions. Unravel the regulations governing dealings in foreign exchange and gain insights into the permissible and prohibited transactions under FEMA.

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