1. What dose Bonus Share means? Bonus shares are additional shares given to the current shareholders without any additional cost, based upon the number of shares that a shareholder owns. These are company’s accumulated earnings which are not given out in the form of dividends, but are converted into free shares. 2. What are the […]
Nowadays cheques are used closely everywhere for many purposes which include loan repayment, salary & wage payment, bill payment, and fee payment, etc. so on a daily basis, banks process and clear the vast majority of cheques which is used to secure evidence of payment. However, cheques are still a very common mode of payment for all nowadays. It is always advisable to issue crossed “Account Payee Only” cheques in order to avoid its misuse.
What is reconciliation? The word “reconciliation” has not been defined under the GST Act. Although, in accounting terms, “reconciliation” can be explained as a process of matching balances at the end of a particular period to ensure two sets of accounting records agree with one another. With the amendments brought out in Finance Budget, 2021, […]
Comparative study on Schedule VII of Companies Act, 2013 vis-a- vis UN SDG vis vis Income Tax Provision (refer to provisions relating to Charitable Institutions / Trusts / NGOs / Section 8 companies) and also mention projects / activities, clause wise, which can be covered under the different Clauses of Schedule VII presented in tabular form. […]
Expenditure on COVID-19 Healthcare facilities and Infrastructure counted under CSR Expenditure Pursuant to the General Circular No. 09/2021, issued by Ministry of Corporate Affairs, on 5th May, 2021, and in continuation to the General Circular No. 10/2020, as issued on 23rd of March 2020, the MCA hereby elaborated on various health related expenditures that can […]
Article explains GST Provision related to Blocked Credit under section 17(5) of CGST Act 2017 on Supply of Goods /Service involved, Insurance of Motor Vehicle including motor cycle, Cost of Motor Vehicle, Servicing of Motor Vehicle, Life Insurance/health insurance of Worker & office Staff, Food & Beverages, Works contract service & Goods & Service for […]
Naresh Kabra “Is HINDI a ‘Vernacular Language’?” (Core issue w.r.t New process of registration of Charitable Institution Under Income-tax) OVERVIEW: This is with reference to the new process of registration of 12AB, approval of 80G and 10(23C) under Income-tax 1961, as per ‘The Income-tax (6th Amendment) Rules, 2021‘ notified by Central Board of Direct Taxes […]
Whether the assessee is entitled to a particular deduction or not will depend on the provision of law relating thereto and not on the view which the assessee might take of his rights nor can the existence or absence of entries in the books of accounts be decisive or conclusive in the matter .The following […]
GST not leviable on subscription/infrastructure development fee collected from members, unless amended provision is notified The AAR, Karnataka in the matter of M/s. Bowring Institute [Order No. KAR ADRG 27/2021, dated April 22, 2021] held that, the members-club is not liable to pay Goods and Services Tax (“GST”) on subscription fees and infrastructure development fund […]
You don’t pay taxes – they take taxes – Chris Rock The tale of the issue, ‘IGST rebate/refund to AA holder’ started from the judgment in the case of Watson Pharma Private Limited vs The Union of India (2018) and ended (not completely ended) on Gujarat High Court Judgement in the case of Cosmo Films […]
