Today I will discuss provisions of Section 13- Time of supply of services and Section 14 – Change in rate of tax in respect of supply of goods or services of CGST Act 2017 in simplified manner. Section 13- Time of supply of services The liability to pay tax on services shall arise at the […]
Ind AS 8 – Accounting Policies, Changes in Accounting Estimates, and Errors 1. Accounting policies are the specific principles and procedures implemented by a company’s management team that are used to prepare its financial statements. These include any accounting methods, measurement systems, and procedures for presenting disclosures. Example: – Valuation of inventory using FIFO, Average Cost […]
A lot of confusion has been created pertaining to the remuneration paid by companies to their Directors as to whether it would fall under the ambit of entry in Schedule III of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the “CGST Act”) i.e. “services by an employee to the employer […]
The term Employment Agreement is not related to only Appointment Agreement but it is related to all those relevant agreements which an Employer shall ensure executing with Employee as this is a tool towards having your business in safe hands, secure place and this ensure the growth of your business. There is no doubt that […]
Introduction of topic From a worldwide perspective, it has been recognized that micro, small and medium enterprises (MSMEs) play a vital role in economic development, as they have been the primary sources of job/employment creation and output growth, not only in less developed countries but also in developed countries. MSMEs have been accepted as the […]
TDS: Tax Deduction at Source (TDS). Tax Deduction at Source (TDS) is a system, initially introduced by the Income Tax Department. It is one of the methods to collect tax, under which, certain percentage of amount is deducted by a recipient at the time of making payment to the supplier. TDS provisions came into force […]
The word ‘property’ has been derived from a Latin word ‘properietate‘ which means a thing that is owned. The term property has been defined in numerous legislative acts according to their uses and requirements, and thus there is no uniform definition of property. In a general sense, property means any tangible or intangible thing of […]
Article explains What is advance ruling under GST, To whom the Advance Ruling under GST is applicable, Matters/questions specified in Section 97(2) of CGST Act, 2017 on which Advance ruling can be sought, Procedure for obtaining Advance Ruling and the time line under GST and Rectification of Mistakes in Advance Ruling under GST. What is […]
The Companies Act, 2013 (Act) allows Companies to convert itself into any other Companies at any time subject to the fulfilment of conditions prescribed in the Act and rules thereunder. Ministry of Corporate Affairs (MCA) by its notification dated 18th December 2018 has introduced new Rule 41 in the Companies (Incorporation) Rules, 2014 specifying the […]
Circular No. 140/10/2020 – GST dated 10th June, 2020 has been issued by the CBIC to clarify 1. leviability of GST on remuneration paid by companies to the independent directors defined in terms of section 149(6) of the Companies Act, 2013 or those directors who are not the employees of the said company; and
