CAclubindia Articles

Corporate Tax rates and eligible deduction under PM cares Fund

Ashwin Jain 27 April 2020 at 10:49

Sec 115BA provides for a reduced tax rate of 25% in case of all domestic manufacturing companies incorporated on or after Mar1, 2016, Sec 115BAA has been inserted to provide for a reduced tax rate of 22% for all domestic companies.

6 common financial mistakes to avoid in young age

Kashish Mehta 27 April 2020 at 10:49

Every person earns money with a purpose to fulfil their life goals. People use money for purposes as simple as buying their daily household essentials or to bu

Accounting for Bad debt written off

Chandra Sekhar Reddy 27 April 2020 at 10:49

Accounting for Bad debt written off is done in two methods, allowance method and Direct written off method.

What is letter of credit?

Chandra Sekhar Reddy 27 April 2020 at 10:49

Letter of credit is a written document issued by the bank on request of its customer, promising to pay a specified sum in a specified currency by a buyer's (or importer's) bank i.e. issuing bank to the seller's (beneficiary or exporter's) bank i.e. accepting bank or negotiating bank or paying bank for providing of goods and services.

Old V/s New Tax Regime for FY 2020-21 - Choose Right Option?

VIVEK MALAVE 27 April 2020 at 10:49

New section 115BAC is inserted in Income Tax Act by the Finance Act 2020 and it is applicable w.e.f 1st April 2020 and will be applicable on Individuals and HUFs for the assessment year 2021-22 and subsequent assessment years.Under this section taxpayers i.e Individuals and HUFs has an option to pay the tax on the basis of concessional slab rates subject to some conditions.

Impact of COVID-19 on GST

Vaibhav Garg 27 April 2020 at 10:49

The outbreak has presented new roadblocks for the Indian economy now, causing a disruptive impact on the world of work.

Amendment in time clause for refund of inverted duty structure has retrospective effect?

JATIN DUGGAL 27 April 2020 at 10:49

Whether amendment made in section 54 of CGST Act, 2017 regarding the time clause for refund of inverted duty structure has retrospective effect or not.

MCAs clarification on passing of resolution require members approval

Manju Laur 27 April 2020 at 10:49

MCA released a circular a few days back, allowing people to pass a resolution of urgent nature through postal ballot or e-voting without holding a general meeting.

Is your business COVID-19 ready?

Manju Laur 27 April 2020 at 10:49

Given this it's crucial that business should assess its risk and rapidly implement the necessary measures at the appropriate scale to reduce the effect of COVID-19.

Ineligible ITC subjected to reversal under GST

P.Jagadeeswaran 27 April 2020 at 10:49

If the dealer has taken ineleigible input tax credits, the same requires to be revered voluntarily to avoid penal action by the department. The relevant provisions quoted are under the CGST act only and hence relevant references under SGST/ UGST/ IGST act(s) shall be referred.