Vishal Gupta The International Accounting Standards Board (IASB) is an independent and privately funded body that develops and approves IFRS standards. Prior to 2003, standards were issued as International Accounting Standards (IASs). In 2003, IFRS 1 was issued and all new standards are now known as IFRS standards. The IFRS Foundation has currently 22 Trustees […]
MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the economy. This article is an attempt to clear the confusions. What are MSME? As per the ‘Atmanirbhar Bharat’ scheme announced on 13th May, 2020- Definition of MSMEs will be revised Investment limit will be […]
A. Form PMT -09 1. CBIC has recently introduced Form PMT-09 to transfer the amount available in Electronic Cash Ledger. 2. Using this from you can transfer the amount from one head to another of the Electronic Cash Ledger. 3. This form will enable the registered taxpayer to transfer the any amount available in Tax, […]
Future of GST will be of assessments, show cause notices and consequential penalties. One must understand the scope, legal validity of notices issued under specific sections.
In view of spread of Novel Corona Virus (COVID-19) and challenges faced by taxpayers in meeting the compliance requirements under various provisions of the Central Goods and Services Tax Act, Government has extended the due dates via Notification No. 30/2020 , 32/2020 to 36/2020 – Central Tax dt. 03.04.2020 and Circular No. 136/06/2020-GST dated 3rd […]
The term Micro, Small and Medium Enterprises (MSME) is very popular now days. Government is providing more and more relief measures and packages to boost MSMEs because it is the MSME which have the potential to lead India and make self reliant in line with our goal of ‘आत्मनिर्भर भारत अभियान‘ . MSMEs are governed […]
What is a copyright? A copyright is ‘a person’s exclusive right to reproduce, publish, or sell his or her original work of authorship (as a literary, musical, dramatic, artistic, or architectural work)’. Thus, copyright safeguards the author over his/her creations so that their productivity and creativity cannot be infringed. A copyright is done once the […]
Key Points Investment limit will be revised upwards. Additional criteria of Turnover. Both are cumulative conditions as there is used “and”. Criteria for Manufacturing & Services to be same Both are cumulative conditions as there is used “and”. We can understand this with the help of the following illustrations: Illustration 1. Investment: 50 Lakhs Turnover: […]
Partner salary, income from salary from Company and various other income interest on Loan and deposit , Interest on debenture , rent on commercial building , rent on residential unit and Capital Gain on Shares will be added for Aggregate turnover In GST for computing threshold limit of Rs,. 20 Lacs or 40 Lacs. Lets […]
Delhi HC allows rectification of GSTR-3B in the month to which the mistake relates The Delhi HC in the matter of Bharti Airtel Ltd vs UOI, allowed the rectification of mistakes in GSTR 3B in the same month to which the mistake pertains reading down para 4 of Circular No. 26/26/2017-GST which restricted it to […]
