Understanding the provisions: Let us take a look at the provisions of Income Tax Act 1961(here referred as ‘the Act’). As per section 2(1B) of the Act, one company can amalgamate or merge with another company wherein all the assets and liabilities of an amalgamating company are transferred to the amalgamated company which is the […]
Amidst the second wave of covid-19 pandemic throughout the country and complete/partial lockdown already in force in most parts of the country, CBIC comes out with another set of midnight notifications to provide relief to the taxpayers for various GST compliance/returns. The relief comes in the form of waiving late fees for certain Certain returns […]
TDS PROVISIONS UNDER GST TDS under GST Law shall be deducted as per the provisions of section of 51 under CGST Act,2017, section 21 of the UTGST Act,2017 and section 20 of the IGST Act,2017. Section 51 of CGST Act,2017 Notwithstanding anything to the contrary contained under this act, the government may mandate – A […]
Gist of extension notifications No. 8/2021-Central Tax to 14/2021-Central Tax issued by CBIC on 01.05.2021 by which Relaxation has been provided in respect of Various GST Returns and GST Compliance. 1. Applicable rates of interest (08/2021 – Central Tax): Particulars Months Rate of interest Turnover > 5 crores in Last FY (Monthly Returns) March and […]
Legal entity identifier (LEI) code is a unique identification code which is being issued to the entities which trade in financial markets. These Financial Markets may be stocks, bonds, futures, forex, etc. The transactions or the deals conducted in the markets by one entity will have connected to another entity by an LEI code. LEI codes are generally used for regulators to oversee financial markets. LEI help to connect the financial markets, companies and the regulators.
You are a Rank holder. You should follow one course until you successful. Don’t think of Job or practice just focus on clearing the CA Exam. Wake up early in the morning at 4 am and study with full focus. I need to clear this exam anyhow no matter what. Don’t ever waste your time […]
For FY 2020-21 there are no changes in auditors report format of companies, same format of FY 2019-20 will be followed. SAMPLE FORMAT OF Statutory AUDITORS REPORT FOR FY 2020-21 XYZ & CO. CHARTERED ACCOUNTANTS INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ABC CO. PRIVATE LIMITED Report on the Financial Statements Opinion We have audited […]
Relief Measures announced in GST Compliances In view of spread of pandemic COVID-19 (Issued vide gazette notifications dated 1st May 2021) 1. Waiver of Late Fees for delayed filing of GSTR 3B Return for the month of March & April 2021 [Notification No. 9/2021-CT dated 1st May 2021]: Late fees for delayed filing of GSTR-3B […]
Certain notifications have been issued by the CBIC yesterday night providing relief in certain matters in view of the ongoing pandemic situation in the country. A synopsis of them all is as under: Notification No. 08/2021 – Central Tax, Notification No. 01/2021-Integrated Tax , Notification No. 01/2021-Union Territory Tax Seeks to provide relief by lowering […]
In this document we have discussed the amendment relating to Goodwill, Slump Sale, ULIP and Taxability on Reconstitution/Dissolution of Firm/AOP/BOI. We believe that you will find the same useful. > Depreciation on Goodwill of Business or Profession: Section Covered – 2(11), 32(1)(ii), 32(1) Explanation 3 (b), 43(6)(c)(ii) Definition of “block of asset” u/s 2(11) is […]
