On 08.05.2020, Supreme Court has denied any relief to MSME against Payment of Wages during Lockdown Facts of the Case: The Petition was filed by MSMEs challenging the Advisory Issues by the Union Ministry of Labour and Employment on March 20 and the order issued by the ministry of home affairs (MHA) on March 20 […]
The Year 2020, or the ‘Year of the Rat’ as they call in People’s Republic of China (PRC) brought forward myriad unexpected lows in the global scenario. Of all the wild, unprecented swings in the financial markets since the Covid-19 pandemic broke out, none has been more jaw dropping since the collapse in WTI (West Texas Intermediate) crude oil prices on April 20, which is a key segment in the US oil trading.
The world is witnessing a digital revolution where evolution of technology is at unprecedented pace. Technological innovations like smart phones, big data technology, user experience etc have brought a paradigm shift in the way humans live. Social networking sites like facebook, Twitter, Instagram offer a unique experience of being connected to the world while providing […]
The world is on the brink of moving at exponential speed towards Fourth Industrial Revolution. The Fourth Industrial Revolution builds on the digital revolution, representing new ways in which technology becomes embedded within societies and even the human body. The Fourth Industrial Revolution is marked by emerging technology breakthrough in a number of fields, including […]
Learn how to calculate provision for doubtful debts under Ind AS 109. Ensure accurate recognition of bad debts for trade receivables.
Scarcity of Foreign Exchange in India led to its control since the beginning of World War II. Exchange control was introduced in India under the Defence of India Rules on September 3, 1939 on a temporary basis. The statutory power for exchange control was provided by the Foreign Exchange Regulation Act (FERA) of 1947.
The central government has revised its borrowing program by INR 4.2 lakh crores to INR 12 lakh crores for the full financial year. At approximately 2% of GDP, this is at the lower end of the expected requirements for additional financing by the government and by no means sufficient to bridge both the revenue gap as well as the discretionary stimulus ahead.
A recent judgment of the Supreme Court in the case of PILCOM v. CIT is likely to create significant confusion if not examined from proper perspective. On a first blush it seeks to unsettle a settled law, viz. a person is not liable to deduct tax at source in relation to payment made to a non resident which is, in the hands of the payee, not chargeable to tax
1) Introduction : The concept of input service distributor exists even in the earlier service tax law. This has been borrowed into GST, entitling a person who is registered as an Input Service Distributor (ISD) to distribute the credit in respect of input services (and not inputs) received in its name. Given that services are […]
Article covers Limit under Composition scheme, What is Aggregate Turnover, Person not entitled to avail Composition scheme under GST, Condition & restriction for levy of composition scheme (under Rule 5 of chapter II of CGST Act 2017), Form to be submitted, Composition Rate of Tax, Penalty for delay in filing GSTR -4, Important Notes and […]
