Hello Dear Experts,

I have query in Prevention of Money Laundering Act,2002-

Section 12 speaks about Obligations of Banking Companies, Financial Institutions and Intermediaries- and it is stating that Reporting Entity have few obligations to comply with.

My query is- Who are all the Reporting Entity here.

As per definition of Reporting Entity in PMLA 2002 - It includes - Banking Companies, Financial Institutions, Intermediaries or SPECIFIED BUSINESS/PROFESSION.

So do these obligations and the penalty that director can impose for failure to comply with obligations for Reporting Authority applicable to Specified Business/Profession as well.

Please advice.

Thank You

Dear All,

Is it possible to generate a multiple invoice with value below 50K to a single firm on a single day?

Request all to provide your valuable solution for the above.

Thank you
Chakravarthy

MY CLIENT HAS MADE WORK CONTRACT WITH COMPANY TO INSTALL SOLAR PROJECT ALONG WITH MACHINERY
I GOT FIRST BILL FOR MACHINERY & MATERIAL APROX 1.60 CRORE
AND SECOND BILL ONLY FOR INSTALLATION AND COMMISSIONING OF RS. 55.00 LACS
PLEASE CLARIFY THAT WHAT RATE OF TDS TO BE DEDUCTED AND ON WHICH AMOUNT TDS TO BE DEDUCTED ON WHOLE OF THE AGREEMENT VALUE OR ONLY INSTALLATION AND COMMISSION AMOUNT ?

On my retirement I have drawn the full amount from NPS as the corpus is below Rs. 200000/= Please let me know the liability of income tax in this respect. I presume only 40 percent is taxable as per latest amendment. Kindly respond.

Hi,

Please solve My Query
Royalty received on performance by artist from out side India whether is it taxable or not under GST?
consideration recd in foreign currency shall i consider export of Service ?
if yes then we are going to without payment of IGST (LUT allready Filed) is it correct?
what is HSN code

IMPORTANT AND URGENT!!
Can we take Input Tax Credit of GST for insurance premium paid on Workmen Compensation Policy for a Private Limited Company??

Hi Sir,

Scenario -
ABC Pvt Ltd is a Registered Dealer, who claimed that they are not registere and issues a Non GST Invoice to XYZ Pvt Ltd i.e. without levying GST.
However, PAN No. shows active GSTIN.

Will there be any consequences, penalty which need to be borne by XYZ Ltd?

Dear Sir/Madam,

I request you to please clear my query regarding gratuity calculation.
As per Payment of Gratuity Act of 1972, if employee having completed 5 and more years of service in a company then applicable for Gratuity
but my question is, in that period employee on sick leave i.e. approx 2 years then he is applocable for Gratuity?
please confirm my said said query.
your co-operation will be highly appreciated.

Regards
Rajnish

As per Rule 4 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a company cannot pay sitting fees more than 1 lakh, which is corresponding provision to Section 197(5). Further, as per section 196(4), a private limited company is exempted from adhering to the provisions of Section 197 & Schedule V for providing remuneration to its directors, then how is suddenly Section 197(5) gets applicable to private limited company? Also, the starting statement of Section 197 is "The total managerial remuneration payable by a public company" and then all other subsections are in connection with the initial sub-section, then how Sub-section 5, out of nowhere, gets applicable to private company?

This was my understanding over sitting fees payable to a private limited company. I need to understand other expert's view in this regard, with interpretation method and supportings.

My client co-operative society is registered under Gujarat Sahkari Mandali Act,1962 and its business is to provide to provide credit facilities to its members.I have downloaded ITR-5 utility from incometax site to file its income tax return of A.Y.2019-20.In this return ITR-5, in General Information tab I select catagory AOP,but in sub catagory which option I should Select?Whether this Sahkari Mandali falls in Sub Catagory Societies Registered under Societies Registration Act-1860 or any law corresponding to that state(As it is registered under Gujarat Sahkari Mandali Act,1962,so it can fall in terms any other law corresponding to that state) or in Sub Catagory Other Co-opeartive society?

Kindly answer as soon as possible.