This is an excerpt from the interaction of CA Sudhir Halakandi with GST Expert CA Sushil Goyal
The COVID19 pandemic has drastically altered the way Companies are conducting business.
Bank Branch Statutory Audit from Remote Location due to COVID 19
In current scenario where the Indian Economy and Global Economies are facing adverse effects of lockdown due to COVID-19, the question becomes all the more confusing.
Considering the high rentals and the increasingly tightening margins, restaurant operators are now closing up the storefront altogether and moving towards the more economically profitable, Cloud Kitchen business. Cloud kitchens thereby are becoming the need of the hour.
There was a great need and importance to stop malicious practices of tax evasion. To combat the same, government of various countries have come forward to act accordingly and has formed and amended their treaties and agreements with other countries in order to protect the economy and revenue interest of their country.
These days of lockdown when a tax professional opens up its social messaging app, he would find ten messages on COVID-19 and one message on RCM on the remuneration to directors.
In this article I am not going to touch the ITC lapsing under Section 17(4) applicable for Banking companies and NBFC and Section 18(4) applicable for a dealer who has availed of input tax credit opts to pay tax under section 10 (composition method of tax payment).
An analysis of reliefs by RBI to banks and borrowers for COVID-19
MCA has made amendments under Schedule III has made amendments and introduced Companies(Furnishing of information about the payment to micro and small enterprise suppliers)Order 2019 thereby notified filing of Form MSME-1.
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