Introduction Recently, there have been multiple amendments and notifications under GST. This leads to difficulty in confirming whether an entity is in compliance with the GST law or not. Some of the recent changes are: -E-invoicing being introduced in a phased manner from October 2020. -Finance Act 2021, having major modifications but not yet notified […]
There are many items which has different treatment in Income tax v/s treatment under GST Laws. So while auditing we should careful about the same. As per charging section of GST act, GST shall be levied on supplies of goods or services or both, except on the supply of alcoholic liquor for human consumption. Supply […]
√ Today I will discuss provisions of works contract under GST in simplified manner- Definition of works contract under GST- Section 2(119) CGST ACT 2017– defines works contract as contract for- -Building -Construction -Fabrication -Completion -Erection -Installation -Fitting out -Improvement -Modification -Repair -Manitenance -Renovation -Alteration – Commissioning Of any Immovable Property –wherein transfer of property […]
Brief History and Rationale behind the IBC The bankruptcy code is a one stop solution for resolving insolvencies which previously was a long process that did not offer an economically viable arrangement. The code aims to protect the interests of small investors and make the process of doing business less cumbersome. Previously in India there […]
Analysis of sections 147, 148, 148A, 149 and 151 of the Income Tax Act, 1961 (Act) as substituted vide Finance Act, 2021 For the sake of convenience, pre-substituted sections and sections substituted Vide Finance Act, 2021 are tabulated as under: Pre-Substituted Sections Newly amended/substituted sections by Finance Act, 2021 Income escaping assessment. 147. If the […]
The Institute of Chartered Accountants of India has established a society “The Chartered Accountants’ Benevolent Fund” to extend financial help to its members in distress. Every active member of the Institute is eligible to get financial aid from the CABF. The objects for which the Fund is established is to provide financial assistance for maintenance, […]
Lalit Kumar Jain Vs Union of India (Supreme Court of India) A Supreme Court bench held that approval of the resolution plan for revival of sick companies under the Insolvency and Bankruptcy Code 2016 does not discharge personal guarantors of their liability to pay back the banks or financial institutions (FIs) as they are bound […]
WHETHER LOOSE SHEETS FOUND IN SEARCH WITH THIRD PARTY WILL CONSIDERED AS BOOKS OF ACCOUNTS. Dear friends, we know that where any sum is found credited in the books of an assessee, maintained for any previous year and the assessee offers no explanation about the nature and source thereof or the explanation offered by him […]
1) Mandatory Registration of NGO’s with MCA for raising CSR Funds. (a) Every entity, covered under sub-rule (1) of Rule 4 of Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021, who intends to undertake any CSR activity, shall register itself with the Central Government by filing the form CSR-1 electronically with the Registrar, with effect […]
This article deals with the concept of Input Tax Credit (ITC) under GST. What is Input tax Credit, how it can be claimed, what is the maximum time limit and other related questions regarding ITC has been answered. I have tried to explain the concept in simple language for better understanding. Q1- What is Input […]
