With the festival season now gone by, all energies and attention would be directed towards the December attempt of the CS exam. With less than two months left, as study time tables and exam strategies are being formulated, I thought it apt to pen down the ‘Mantra to score 80 plus in CS theory exams’..: […]
RBI’s latest Liquidity Risk Management guidelines for Non-Banking Financial Companies (NBFCs) RBI in its wisdom issued detailed guidelines on liquidity risk management for NBFCs on November 4, 2019 with non-deposit taking NBFCs with asset size of Rs. 100 Crore and above, systematically important Core investment companies and all deposit taking NBFCs irrespective of their asset […]
The professionals have just finished uploading Tax Audits for financial year 2018-19. But the more difficult challenge awaiting for professionals is GST Audit for financial year 2017-18. The extended due date for filing GST Annual Return and GST Audit is 30th November, 2019. So, now the professionals will to timely accomplish this target.
Below are the clarifications sorted vide Cir No 123/42/2019 dated 11 Nov 2019: 1. Restriction of 20% availment of ITC is on consolidated basis (not supplier wise) w.e.f 9th Oct 2019. Further, the said restriction for availing ITC is in respect of ONLY those invoices / Dr notes, details of which are required to be […]
Notification of MCA Dated October 22,2019 regarding Appointment & Qualification of Independent Directors. A person who wishes to become Independent Director or acting already as an independent director required to cling certain norms & the provisions related to it are as under: The New rules introduces amendments to Companies (Appointment and Qualification of Directors) Rules,2014,Companies(Accounts)Rules, […]
The new Rules has made it mandatory for all companies to appoint individuals as Independent Directors on its Board subject to the Section 150 and enable them to appoint persons having expertise and knowledge.
Let us discuss the practical process/journal entries of availing ITC restricted to 20% more of invoices uploaded by the suppliers in our books of accounts.
Restriction in availment of input tax credit (ITC) in terms of sub-rule (4) of rule 36 of CGST Rules, 2017 (i.e. 80-20 Rule). Reference:- Circular No. 123/42/2019– Dt. 11-11-2019, in regards to the clarification on availment of ITC from Current Month For your ease of understanding, we summarised the same circular as follows; Particulars Remarks Whether Common Portal Restrict […]
TRAI has recommended to government for exempting certain category of companies like data/internet based and Captive contact centres from registration requirement , retaining it for voice-based outsourced other service providers (OSPs).
Government has made Document Identification Number (DIN) mandatory to be mentioned an all communications issued by officers of CBIC to taxpayers and other concerned persons. The Punjab and Haryana High Court vide order dated 04.11.2019 has directed Goods and Services (GST) Department to allow filing or revising Form TRAN-1 either electronically or manually. It may therefore, be advisable for the taxpayers to take benefit of this opportunity provided by courts and approach the respective adjudicating authorities.
