In this write up we will understand about Limited Review Report which is mainly applicable on listed entities and other entities whose accounts are to be consolidated with listed entities. Listed companies are required to conduct limited review through statutory auditors before submitting it to SEBI and before publishing unaudited financial statements in newspaper on quarterly & […]
Article contains synopsis of 18 recent advance rulings under GST pronounced by Advance Ruling Authorities of Various States ‘Advance ruling’ means a decision provided by the Authority or the Appellate Authority to an applicant on matters or on questions specified in sub-section (2) of section 97 or sub-section (1) of section 100 of the CGST […]
1. Meaning and definition of Job Work: Job work is defined under section 2(68) of Central Goods and Services tax (CGST) Act, 2017 as “job work means any treatment or process undertaken by a person on goods belonging to another registered person and the expression job worker shall be construed accordingly.” 2. Rate of GST […]
The new income tax slab provided is optional in nature. i.e a taxpayer can choose from any of the two slab options as beneficial to them. Opting for new slab maybe beneficial for a select group of people depending on your total income.
The Court held that the recovery of notice pay by the employer from employee does not amount to any service by the former to latter. The department was seeking to tax the notice pay received by the employer under the category ‘agreeing to the obligation to refrain from an act, or to tolerate an act or a situation, or to do an act’.
Alternative Investment Fund is defined and described in detail under Regulation 2(1)(b) of AIF Regulations. It states that AIF is a private investment vehicle, collecting funds from either domestic or foreign investor, for the purpose of making investments as per pre-defined investment policy for the benefits of the investors
Articles explains Brief Introduction and Purpose of Private Placement of Securities, Statutory Provisions for Private Placement of Securities, Number of Persons to whom the offer shall be made, Private Placement Offer-cum-Application, Authorization by prior Shareholder’s Approval, Subscription of Securities, Mode of payment of Subscription Money, Separate Bank Account with Scheduled Bank, Time Limit for Allotment […]
Applicability of GST on ocean freight – Analysis of FOB transaction V/s CIF Import Transaction The quantum of Ocean freight is one of the important factors in Import / Export Trade. The Ocean Freight is charged by the shipping lines for transporting the Products packed into large containers to the destination country. Out of many […]
FORMS TO BE FILED BY COMPANIES TO AVAIL LOWER RATE OF INCOME TAX The Central Board of Direct Taxes (CBDT) has notified Forms 10-IC and 10-ID vide Notification No. 10/2020 dated 12-02-2020 for existing companies that want to avail lower Income tax rate and new manufacturing firms incorporated after October 1, 2019, respectively. The effective […]
UNION BUDGET 2020 HIGHLIGHTS The analysis of Budget is divided into 2 major categories: (a) Direct Tax (b) Indirect tax with major focus on the Amendment proposed for the Direct Tax. The budget was very high on hopes for individual taxpayers as the hopes for tax relief was very high. The major themes for this […]
