CAclubindia Articles

Blocking and Unblocking of ITC - A Welcome Circular

Lekhraj sood 08 June 2021 at 09:27

A Welcome Circular that amends the conditions of use of amount available in the electronic credit ledger as per Rule 86A of the Central Goods and Services Tax (CGST) Rules, 2017.

GST Compliance Relaxation pursuant to GST Council Recommendations

Rohit Kumar Singh 08 June 2021 at 09:27

Pursuant to the GST Council recommendations in their 43rd meeting, CBIC has issued a series of notifications relaxing the GST compliance requirements. Same has been summarised here.

Types of Death Which are Not Covered under Term Plans

Suhasini 07 June 2021 at 14:55

All term insurance plans cover death benefits, but it depends on how the insured dies. There are a few major types of death that are not covered under term plans.

Applicability Of Code Of Ethics For Practicing Firms

CA Amrita Chattopadhyay 07 June 2021 at 11:47

ICAI has issued a revised Code of Ethics 2019 which is applicable from 1st April 2020. The purpose of the Code is to promote an ethical culture in auditing.

CPA Australia and CPA Program: Grow as a leader

Aruhi 07 June 2021 at 10:24

If you’re an accounting professional looking to fast-track your career, or you want to prove to employers that you have the leadership skills required to steer your team, CPA (Aust.) is the designation you need, believes Navita Goel CPA (Aust.)

Whether separate GST Registration is required for a warehouse?

Vaibhav Rai 07 June 2021 at 09:21

The GST law does not clarify ‘Where’ i.e. in which State/U.T GST Registration is required. This lack of clarity has upreared countless doubts, one of which is clarified in this article i.e. Do Warehouses need to be registered under GST?

Section 10(5): Leave Travel Concession/Assistance

Ritik Chopra 07 June 2021 at 09:20

Employees are encouraged to travel anywhere in India along with their families and to help the employee the travel expenses are given by the employer which is exempt u/s 10(5).

TDS/TCS at higher rates in case of non-filers of ITR: Section-206AB & 206CCA

Vikas Rai 07 June 2021 at 09:20

With effect from July 1, 2021, a person will have to pay TDS/TCS at a higher TDS/TCS rate if he/she has not filed Income Tax Returns for the last two years and has aggregate TDS/TCS credit of Rs. 50,000 or more in each of the two years.

Section 194Q vs Section 206C (1H) of The Income Tax Act, 1961

Ashok Pitroda 07 June 2021 at 09:20

Section 206C(1H)/194Q states that sellers/buyers must collect TCS/TDS for the sale of any goods of the value or aggregate of such value exceeding INR 50 lakhs in any PY from the buyer/seller.

Section 194Q | An analysis

CA Deepak Kumar 07 June 2021 at 09:20

Any buyer who is responsible for paying any sum to any resident seller for the purchase of any goods of the value or aggregate of such value exceeding Rs. 50 lakh in any PY, is required to deduct TDS u/s 194Q w.e.f July 1, 2021.