Cumulative application of rule 36(4) for availing ITC for tax periods April, May and June, 2021 in the return for the period June, 2021. In 43rd Meeting of the GST Council, dated 28th May 2021 there is one major relief relating to COVID 19 is provided i.e Cumulative application of rule 36(4) for availing ITC […]
Applicable Provision: Second Proviso of Sub-section (1) of Section 123 of Companies Act, 2013 & Rule 3 of the Companies (Declaration and Payment of Dividend) Rules, 2014 If there’s any inadequacy or inadequate profits in any year, a company may declare dividend out of surplus provided fulfilment of below-mentioned conditions: a. The rate of dividend […]
India had been agriculture based economy and the sector has significant contribution in GDP as well in terms of generation of employment. Monsoon has always played a crucial role in the health of economy in any financial year. However, being the core sector for the human needs and survival, the intention of the government has […]
SME means Small and Medium Enterprise under section 7 of the ‘Micro, Small and Medium Enterprises Development Act, 2006’ which classifies micro, small and medium enterprises into the following: A micro enterprise, where the investment in Plant and Machinery or Equipment does not exceed one crore rupees and turnover does not exceed five crore rupees; […]
Significance of SQC 1 – Quality Control for Firms that Perform Audits & Reviews of Historical Financial Information and Other Assurance & Related Services Engagements This topic is most important for Chartered Accountants firm having practice in areas of Audit, Review, Assurance services. Will it be Tax Audit, Statutory Audit, Review of quarterly results of […]
What is a Debenture? Section 2(30) of the Companies Act, 2013 defines a debenture which includes debenture stock, bonds or any other instrument of a company evidencing a debt, whether constituting a charge on the assets of the company or not. So basically, it is a kind of document evidencing a debt or acknowledging it […]
Introduction The automobile industry in the 20th Century is ruled by the United States of America and other European nations. It would not be a hyperbole to state that the western world has mastered the art of Internal Combustion technology (ICT) in automobile manufacturing and India due to its colonial shackles was never in a […]
It is important to note that exemptions have been given on import of only those items whose availability are not in adequate quantity in India, therefore, one may find masks, sanitizers, PPE kits, oximeter, thermometer, Test kit, etc. not been exempted from these taxes.
GSTR-9 : Annual return for the regular tax payer (Due Date – 31st December of next F.Y.) Before going to file the GSTR-9 annual return, we should have several data ready with us to provide in the annual return. 1. List of tax invoices (Taxable, Exempted & Non- GST Supplies) issued during the period in […]
Gifts are usually capital receipts by nature. The Income Tax Act, 1961 (‘Act’) which is levies tax on incomes, that is revenue receipts, carves out certain exceptions and levies tax on capital receipts as well. Gifts are one such receipt. The Act defines gifts as any asset received without consideration like money or money’s worth (in kind).
