Popular Articles
Consequences of payment to suppliers after 6 months under GST
In simple words "The recipient of goods or services is required to pay interest only on input tax credit utilized from e-credit ledger for payment of tax & not on whole amount of input tax credit to be reversed".
How to check scrutiny risk in Tax Audit Report ?
The taxpayer should take due care while filing Income Tax returns. Tax audit is applicable to taxpayers whose turnover exceeds Rs. 1 Crore and for sec 44AD/44ADA presumptive taxation it is Rs. 2 Crore. For professionals it's Rs. 50 Lakhs. Now, e-assessment is also in process by Income Tax Department, while filing ITR and Tax Audit Report.
Deferred Tax
Budget 2008 : Proposal to add back deferred tax for book profits not in harmony with MAT objectives MARCH 24, 2008By Praveen ChopraTHE purpose behind introduction of MAT was to tax Corporates which distributed substantial dividends without paying any
All about Section 194IB
An individual or HUF paying rent of more than Rs 50,000 per month is now required to deduct tax at source (TDS). The government recently introduced section 194I...
Section 92 - An identity crisis for promoters
Section 92 –An Identity Crisis for Promoter 92 of the Companies Act, 2013 (“Act”) require all companies including private companies to list out details in the prescribed format containing particulars as they stood on the close of t
India's Forex Reserves at All-Time High - A Critical Analysis
Foreign Exchange reserves plays a very crucial role for any nation as we know that the global trade is dominated in foreign currencies like American Dollar, Euro, British Pound and Japanese Yen. Out of these, USD ($) is of most significance and it is
Enabling Practice in Service Tax - Part - I
Enabling Practice in Service Tax- Part -I Madhukar N Hiregange FCA The practice in service tax is one area which would offer immense opportunities for the starter as well as multi partner firms. One of the main reasons for this is service tax
The Process of Verification of Marks
An examinee of CA exams can apply for verification of his/her answer books, either physically in his/her own handwriting, or on-line from http://icaiexam.icai.org within a month from the date of declaration of results. The process of verification of
Dussehra gift of date extension, but what about Diwali gift of ITC?
Due to the COVID-19 pandemic, various taxpayers are facing issues while claiming ITC. Thus, three important recommendations have been made by 53 GST and Trade Associations regarding this.
Tax Implications where liabilities are paid off By way of book adjustment
As per provisions of Section 40A(3) Where the assessee incurs any expenditure in respect of which a payment or aggregate of payments made to a person in a day,...
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