Section 34 of CGST Act, 2017 read with Rule 53 1) Relevant terms: A. Section 2(41): Document includes written or printed record of any sort and electronic record (B). B. As per clause (t) of section 2 of the Information Technology Act, 2000: “Electronic record” means data, record or data generated, image or sound stored, […]
The Indian Parliament, on 6 August 2019, passed the landmark Consumer Protection Bill, 2019 which aims to provide timely and effective administration and settlement of consumer disputes.
ACCOUNTS & RECORDS – SECTION 35 – CGST ACT 2017– GST SERIES – PART 23 1. Maintenance of accounts and records is one of the important compliance under the GST Act. The term books of accounts include all the records maintained in respect of money, sales, purchases, assets, liabilities, and items of cost. Section 35 […]
P&H HC orders FIR & CBI enquiry into Builder/State connivance & declares construction of Ambience Mall, Gurgaon illegal The Punjab & Haryana High Court in the case of Amitabha Sen v. Raj Singh Gehelot, decided recently on 10-7-2020 has not only declared that the construction of Gurgaon’s famous Ambience Mall illegal but also ordered a CBI […]
Introduction: With the developments all around, the need and discussion for virtual currency is witnessing a huge demand all around the globe. For our understanding it is to be noted that a virtual currency has no physical form, and it does not provide its owner with any inherent rights to property or another currency. Traditionally, […]
A. Compliance Requirement under Goods & Services Tax Act, (GST) 2017 Keeping in view the preventive measures taken to contain the spread of Novel Coronavirus (COVID-19) and the difficulties being faced by the GST taxpayer, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes & Customs, has extended the due date for Filing […]
Financial statements are one of the most important written records which give a true and fair view of the state of affairs of the company and which shows the financial performance of the company. Before proceeding further, let’s first understand, what Financial Statements are: The term Financial Statement is defined under CA, 2013 under Section […]
Applicability of Various Sections of Companies Act, 2013 as amended by Companies (Amendment) Act, 2019 Sr. No Section Compliances as per Companies act, 2013 Threshold limit for applicability 1 2(6) Associate Company In relation to another Company, means a company in which that other Company has a significant influence, but which is not a subsidiary […]
GST department has taken enough care of their taxpayers by extending the due dates for GST compliances due to the underlying pandemic situation. The department has waived the late fees in several circumstances, for small taxpayers (i.e. they are happy like the small sisters who have got their rakhi gift) and reduced the late fees & interest wherever necessary to relieve the taxpayers.
Many taxpayers are not aware the provision of the income tax act on how to save the tax on the sale of residential property. They earn profits on the sale of residential property and pay the taxes. They can save the tax. I have brief the methods from which the taxpayers can save the tax. […]
