Finance Bill 2020 has introduced new section, Section 115BAC where employee can pay tax on their total income at the rate specified in the Table from the assessment year 1st April, 2021. Table Sr. No. Total Income Rate (1) (2) (3) 1. Upto Rs.2.50 lacs Nil 2. From 2.50 lacs to 5 lacs 5% 3. […]
The concept of Risk is distinct from the concept of Uncertainty. The former relates to that which can be predicted, measured or quantified whereas the latter relates to ‘unknown unknowns’ and ‘known unknowables’ where outcomes and probability distributions cannot be meaningfully defined.
Provisional Input tax credit can be availed by a registered person filing GSTR-3B, only to the extent of 10% of eligible credit available in GSTR-2A The amount of eligible credit is arrived upon those invoices or debit notes, the details of which have been uploaded by the supplier in GSTR-2A only.
It is almost three years since Modi Government sat in the saddle. The people of India have a lot of expectations from this Government as compared to the previous ones and the whopping majority with which this Government was elected by the electorate signifies this aspect.
Learned GST Expert CA Sudhir Halakhandi has given a Memorandum for GST problems faced by Trade and Industry and made suggestions to solve them to give relief to Trade and Industry. He has made the suggestion to Give one chance to remove technical mistakes and allow the revision of returns, Waive Interest on gross tax […]
Update on Certified Copies of Answer Sheets under the RTI by ICAI for Nov 2019 Examination Dear Friends, I’m receiving many messages and mails reporting certified copies under the RTI was not received even after 30 days from the date of filing RTI application and many are worried about the decrease of marks upon suo-motu […]
Understanding the penalty under section 271J of the Income Tax Act for professionals providing incorrect information in reports or certificates.
Copy of Financial Statement (defined under section 2(40) of the Companies Act, 2013 (‘the Act’) shall be sent to persons as envisaged under Section 136 of the Act. Section 136 also tells about the mode, time limit and other additional compliance related to same. This articles briefly elaborates Section 136 of the Act. Section 136, […]
According to MCA as part of Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs has notified & deployed a new Web Form Christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the existing SPICe form. The Ministry of Corporate Affairs is replacing the existing SPICe (Simplified Performa for Incorporating Company Electronically) form with a […]
The new SPICe+ form provides even more services in a single form than the previous SPICe form. This might result in increase in company formations and lesser difficulties along with better compliance. The Ministry has taken a prudent decision and this can result in even quicker company incorporations.
