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Presumptive Taxation Scheme Section 44AD - Part I
Presumptive taxation for businesses is covered under section 44AD of the income tax act. Any business which has a turnover of less than Rs 2 crore can opt to be taxed presumptively.
Process of Appointment Of Statutory Auditor Under Companies Act, 2013
As per section 139 of the Companies Act, 2013, the first auditor of the company shall be appointed by the board of directors within 30 days of Incorporation or Registration of the Company.
Pros and Cons of NFRAs Consultation Paper on Statutory Audit
13 October 2021
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Removal of Statutory audits on MSMCs might facilitate frauds and misstatements since GST and Tax audits have been scaled down. Moreover, minority interest in companies will be affected.
Key changes in ITR Forms for AY 2021-22 - Part 1: ITR 1 Sahaj and ITR 2
The allowable difference between the full value of consideration u/s. 50C and value of property as per stamp authority has been increased from 1.05 times to 1.10 times.
Legality Status of ITC Block by GST Department
As per Rule 86A, a commissioner or any officer authorized by them can block the ITC available in the electronic credit ledger of the taxpayer if they have reasons to believe that he has fraudulently availed ITC.
Why it is important to check Form 26AS before filing Income Tax Return
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.
Key changes in ITR Forms for AY 2021-22 - Part 2: ITR 3
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).
Why is failure necessary?
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.
Controversial issues pertaining to SEBI (LODR) Third Amendment Regulations, 2021
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.
No auto cancellation of Registration of Recipient for fraud by the Supplier - Orissa High Court
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.
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