CAclubindia Articles

New Inventory Valuation guidelines under Income Tax

Vivek Jalan 14 October 2023 at 09:07

The Finance Act 2023 has taken a major step forward by introducing the concept of inventory valuations by Cost Accountants in specific cases, as granted by Section 142(2A) of the Income Tax Act.

A Step Towards Simplicity: Unregistered Suppliers Enrolling for E-commerce Supply

CA Aman Rajput 13 October 2023 at 09:09

In a recent development by the GSTN, a significant advisory was issued on October 12, 2023. This advisory pertains to unregistered suppliers and their need to obtain an enrolment number on the GST Portal, validated through their PAN, before conducting any supply through an ECO.

What is GST Annual Return or GST Audit?

Ashok Pitroda 13 October 2023 at 09:09

As per Rule 80 of the CGST Rules, 2017, every registered person liable to file annual return for every financial year is required to file the same on or before the 31st of December of the next financial year.

MVAT Audit Report in Form e-704

Ishita Ramani 13 October 2023 at 09:09

In this article, we'll go into detail about the new VAT Audit Form 704, including its deadline, important clauses, and the significance of the audit report under MVAT.

ITR requirement for loan purpose

Sparsh Wadhwa 13 October 2023 at 09:09

Income Tax Return (ITR) is an important document that reflects an individual's income, taxes paid, and other financial information. Many banks and financial institutions require ITR documents to process and approve loans.

Section 192: TDS on Salary

Mitali 12 October 2023 at 17:02

In accordance with Section 192 of the Income Tax Act, 1961, employers are required to deduct TDS (Tax Deducted at Source) from the salary income of employees.

TDS on Rent u/s 194I, 194IB and 194IC

Mitali 12 October 2023 at 13:27

TDS (Tax Deducted at Source) on rent refers to the deduction of a certain percentage of tax by the tenant before making a rental payment to the landlord. The tenant deducts TDS and deposits it with the government. This ensures that the government receives tax revenue on rental income and prevents tax evasion.