E-invoicing is shortly and more popularly known as e-invoice under GST. E-invoice is basically a system through which normally generated invoices are electronically authenticated by GSTN. Mistakenly it is understood that e-invoice means the generation of invoice via GST portal. However, correctly, the same means submitting/ uploading of ERP/ accounting software generated invoice into Invoice […]
[1] Provision for Income Tax : This provision is created from profit. This is below the line entry. After adjusting necessary items from gross profit, ( e.g. depreciation booked in books of accounts and depreciation allowable as per income tax rules ) taxable income arrives. On that taxable profit we have to make provision for income tax at prevailing rate of income tax.
Appellant is not liable to pay GST on the delayed payment charges on reimbursement of amount by client to Appellant, where client failed to pay amount paid to Stock Exchange for purchase of securities with T+1 (trading day plus one day) under SEBI Regulation norms and the amount was deducted by Stock Exchange from the Appellant’s account being purchase consideration of securities which are neither goods nor services under CGST Act.
The word Deferred is derived from the word Deferments which means arranging for something to happen at a later date. Thus, deferred tax is the tax for those items which are accounted in Profit & Loss A/c but not accounted in taxable income which may be accounted in future taxable income & vice versa. The deferred tax may be a liability or assets as the case may be.
PTEC stands for Professional Tax Enrolment Certificate and PTRC stands for Professional Tax Registration Certificate. Usually these Registration are required to conduct business in Maharashtra and in many other States. PTEC allows to pay professional tax of a business entity and also of the professional or owner of the business. In other words PTEC allows […]
NSE/BSE Membership & Inspection Compliance Calender For Trading Members (TM). Compliance includes Daily Compliance which include Daily MTR File Uploading, Weekly Compliance which includes Enhanced Supervision-Weekly data submission towards monitoring of client funds, Holding statement, Client Level Cash & Cash Equivalent Balances, Reporting of securities Pay-in / Pay-out shortages by Members etc, Monthly Compliance which […]
The purpose of CSR is to ensure that corporates give back to the community as they are using the social resources. CSR is extremely important for sustainable development of all stakeholders. India is the only country which has regulated and mandated CSR for some select categories of companies registered under the companies act. The CSR […]
To ensure that there are no major/ material misstatements, it is imperative that an auditor checks compliance with GST laws and rules even during the finalisation and audit of the Financial Statement under other statutes. It will not be out of place to state that the auditor should broadly review the reconciliation items for differences […]
In this scripture there are two fictional characters, Avinash who is recently qualified CA who and pursuing job after obtaining membership of ICAI and the second character is Mohit who is a practicing CA. Due to lack of awareness of welfare kind of activities of ICAI through funds etc., Avinash thinks that no effort is […]
This part 2 will deal with FOB contracts of import, in which Freight component is separate and identifiable, as it is not included in the value of goods. The Importer pays the freight to the Shipping Line either directly or through his appointed CHA (Clearing House Agent), which is subject to RCM u/s 5(3) of the IGST Act, 2017.
