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Query regarding LUT, and currency recieved.

We had applied for LUT, but the client accidentally paid via money transfer (like western union) to our current bank account. Since amount recieved is in INR and country is Israel, also I cannot get an FIRC for same as purpose code with these services is "Family assistance" as it shows in transaction desceiption. It is second time he made this mistake, since he was used to making payment same way to the director(me) before incorporation of a company. For the last payment I just transferred i..

Posted in experts |   1 comments |    Views

Tax Audit u/s 44AB limit increased upto 5 Cr. w.e.f. AY 20-21- Is it applicable to all businesses?

Tax Audit U/s 44AB limit has been proposed to increase up to Rs. 5Cr. from AY 2020-2021 for MSME sector in Union Budget 2020 but several conditions apply.   What is MSME? The full form of MSME is Micro, Small & Medium Enterprises. According to Micro, Small & Medium Enterprises Development Act (MSMED) 2006, there are two types of MSME such as, Manufacturing Enterprises. Service Enterprises.   Click here to read the official definition of MSME ..

Posted in articles |   6 comments |   36306 Views

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