Introduction : During the Year 1993, we had gone to Audit an PSU Bank in Shimoga as an Articled Clerk and since it was a Statutory audit of the Branch, we were going through all the physical documents since there were no core banking or the banks were not computerized, one particular account which I […]
The 42th Council meeting of 2020 held on 05.10.2020, has introduce new Return scheme with some relaxation of monthly return filing for small business registered under GST Act. Here is this Article we discuss in details the notification and circular that has been issued and applicable from 1st January 2021 Notification Number & Dated Remarks […]
Background of the provision: Over the period of time, the Government of India has time to time amend these provisions. Before 2017 Gift was taxable in hands of Individual, HUF, Firm and Closely held Company at tax is levied at the rates prescribed by Finance Act. The scope of chargeability under the said section can […]
Is it possible for a company to appoint or continue with a director aging 70 years or above? Answer to it is affirmative that too without any restriction. However a Managing Director, Whole-time Director or Manager cannot be appointed or continued if aged 70 years or above, but their appointment is also possible subject to […]
Allegation of Wrong Availment Of Input Tax Credit (ITC) is Not Sustainable If Conditions of Section 16 of CGST Act Satisfied and Tax Has Been Paid at The Time of Supply The wrong and fraudulent availment of input tax credit and their utilization became a matter of discussion now a days, as recently department arrested […]
The Allahabad High Court in the case of Yashwant Singh v. State of UP & Ors. decided on 23 December 2020 held in explicit terms that merely expressing dissent against the affairs of a government or its functionalities is not a criminal offence. It is noteworthy that the Right to Dissent is the most important […]
The expected event since 2016 has happened. On 1 January 2021, the United Kingdom will leave the EU Single Market and Customs Union, and all EU policies. This was its choice. As a result, it will lose all the rights and benefits it had as an EU Member State, and will no longer be covered […]
The Food Safety and Standards Authority of India, vide Gazette ID CG-DL-E-10122020-223635 issued dated 18.11.2020 and published in Gazette on 10.12.2020 has framed The Food Safety and Standards (Labelling and Display) Regulations, 2020. The Food Authority has decided to divide the Food Safety and Standards (Packaging and Labelling) Regulations, 2011into two regulations, – (i) the […]
Special Provisions For Full Value Of Consideration For Transfer Of Assets Other Than Capital Assets In Certain Cases [Section 43CA] Section 43CA inserted by the Finance Act, 2013, with effect from 01.04.2014 (i.e. with effect from A.Y. 2014-15) which provides that where the consideration received or accruing as a result of the transfer by an […]
To create a retirement corpus one of the secured way is National Pension Scheme (NPS). Resident as well as Non- Resident can open this account. Do you want to know how to start contributing to NPS without going anywhere physically? Let’s find the answer below. There is an eNPS facility which you can use to […]
