Provisions of Companies Act are applicable on the basis of paid-up capital, turnover, type of company, net profit or on the basis of outstanding loan and borrowings of the company.
Schedule DI is removed from ITR 4. Option of Filing ITR in response to notice u/s 153A and 153C is also removed as a requirement to file ITR under these sections is omitted.
GST on the sale of land is not payable as per Para 5 of Schedule III of the CGST Act which provides that a transaction of sale of land shall be treated neither as a supply of goods nor a supply of services.
Section 44AD and 43CA of the Act are deeming sections. A legal fiction is created only for a definite purpose and is limited to that purpose and should not be extended beyond it.
In case, NFRA takes any drastic decision to exempt the need for statutory audit of MSME companies for any reason, the size of frauds would go up and the Indian economy will be in the doldrums.
Section 16 of the OGST Act with Rule 21 of the OGST Rules provides that there is no provision that enables the cancellation of the registration of the purchaser for fraud committed by the seller.
One of the most contentious amendments is insertion of a new proviso under Regulation 23 (2) prescribing that only independent directors, who are the members of the Audit Committee shall approve related party transactions.
Failures test our potential to come back. Every success story we read or hear have failures behind them. Those who succeed didn't let failures take the better of them.
Section 115BBDA is removed from AY 2021‐22 onwards, hence corresponding dropdowns are removed from sl. No. 2c, 2d and 2e of schedule OS and respective changes are done in sl.no.10(i).
Form 26AS is the most important statement while filing an ITR. One should always match the details with it for avoiding any notices and intimations from the department.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
YOGESH KAPOOR AND ASSOCIATES
New Delhi
B.Com
View Details
CAclubindia
