Hon’ble PM launched Transparent Taxation Scheme on 13th August 2020 in which Income-tax Assessments through electronic mode was made mandatory. The move was made to reduce interaction between Income-tax Officers and Assessee as a result of which corruption will be reduced to greater extent.
INTRODUCTION: > Any country suffering disputes with respect to Transfer Pricing adjustments, Existence of a Permanent Establishment, Attribution of profits to a Permanent Establishment, Characterisation or re-characterisation of an income or expense lead, on being result taken, by legal or administrative authorities as per domestic laws underprivileged (deprived) either/both of treaty partners for having access […]
WEBINAR on the Opinion of the Council of Institute of Cost Accountants of India on Statutory Audit and eligibility for appointment as Internal Auditors in Public Companies under section 138 of the Companies Act, 2013 CMA B. B. GOYAL Former Addl. Chief Adviser Cost Ministry of Finance, Government of India What is Internal Audit? Internal […]
The Board of Directors of Company is primarily an oversight board. It oversees the management of the company to ensure that the interest of non-controlling shareholders are protected, it also functions as advisory board. Meetings of the Board: -Section 173 of the Act deals with Meetings of the Board and Section 174 deals with quorum. […]
Frequently Asked Questions (FAQs) – Distressed Asset Fund – Subordinated Debt for Stressed MSMEs (DAF-SDSM) / Credit Guarantee Scheme for Subordinate Debt (CGSSD) 1. What is Distressed Asset Fund – Subordinated Debt for Stressed MSMEs? The “Distressed Asset Fund – Subordinated Debt for Stressed MSMEs” is a scheme framed by Ministry of MSME under which […]
a) Legal Measure Applicable to Receipt of Money i. Section 13A : Exemption for certain income of political parties No donation exceeding Rs.2000 is received by such political party otherwise than by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank […]
There are many queries regarding whether all types of advances are exempt from payment of GST. I wish to clarify this doubt by taking the help of various provisions of the law. As per Sec 12 of the CGST Act, 2017 Time of supply of goods is earliest of: 1. Date of issue of invoice 2. […]
Sub section 5 of Section 49 of CGST Act, 2017 states the manner of utilization of Input Tax Credit in the following manner: -integrated tax shall first be utilized towards payment of integrated tax and the amount remaining, if any, may be utilized towards the payment of central tax and State tax, or as the […]
GTA means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called. The GST Act does not provide the definition of GTA. The above definition of GTA is given as per para 2(ze) of notification 12/2017- Central Tax (Rate) dated 28-06-2017.
The Reserve Bank of India (RBI) in its recent circular (FIDD.MSME & NFS.BC.No.4/06.02.31/2020-21 dated August 21, 2020) to all Commercial Banks including Small Finance Banks, Local Area Banks and Regional Rural Banks, all Primary (Urban) Co-operative Banks/State Co-operative Banks / District Central Co-operative Banks, all-India Financial Institutions, all Non-Banking Financial Companies clarified on new definition […]
