SPECIAL MENTION ACCOUNT (SMA) Special Mention Account (SMA) is an account which is exhibiting signs of incipient stress resulting in the borrower defaulting in timely servicing of her debt obligations, though the account has not yet been classified as NPA as per the extant RBI guidelines. In 2014, the classification of Special Mention Accounts (SMA) […]
Duty Credit Scrips is an initiative scheme introduced by the Government of India under the Foreign Trade Policy in 2015. Duty Credit Scrips were introduced to provide incentive to the Exporters to boost the inflow of forex in India. What these scrips are to exporters is same as for what vouchers are to shopaholics. These […]
GST ON RENTING OF IMMOVABLE PROPERTY FOR COMMERCIAL PURPOSE Renting of any immovable property for a business or commercial purpose would attract GST @ 18% on the taxable value. In case of Commercial purpose, GST would be collected by the Owner/ Landlord and would be payable to the GST Department under forward charge mechanism. OWNER/LESSOR […]
An Agency for Specialized Monitoring (ASM) is a mechanism of the bank, which allows it to take several steps to prevent or minimize the number of money laundering cases and misappropriation of funds. ASMs are committed to providing due diligence support in India. ASM audits involve extensive analysis of a company’s transactions, operations, and financial […]
With the completion of five years of India’s GST law, the GST Council has conducted its 47th Council Meeting with the presence of Finance Minister Nirmala Sitharaman. GST Council has allowed Amendments in GSTR-3B (Monthly GST return for taxpayers). Further, it permitted Auto-Population of most details in Form GSTR-3B and in Form GSTR-9 for better […]
SECTION 115BBH – TAX ON INCOME FROM VIRTUAL DIGITAL ASSETS As per Section 115BBH, virtual digital assets (cryptocurrencies and non-fungible tokens) would be taxed at a flat rate of 30% on profits. This section will be effective from 1st April, 2023 and will accordingly apply in relation to the assessment year 2023-24 (Financial Year 2022-23) […]
Section 194R of the Income Tax Act has been inserted in the Finance Act 2022 which is applicable from 1st July 2022. Government has introduced section 194R keep a check on tax leakage. This section requires for deducting tax at source (TDS) in respect of business or profession on Benefits or Perquisites. Benefit/Perquisite can be […]
WHAT IS BUYBACK OF SHARES? Buyback of Shares is also known as Share Repurchase. The name itself suggests that buyback refers to the buying back of shares by the company from the shareholders in the open market at a premium. The repurchased shares are cancelled by the company and hence, reduce the outstanding shares in […]
WHAT IS LIMITED LIABILITY PARTNERSHIP? Limited Liability Partnership (LLP) is a combination of a corporate structure along with the flexibility of a partnership. LLP is governed by Limited Liability Partnership Act, 2008. Nowadays, LLP has become very popular of business as many entrepreneurs are willing to opt for it. An LLP is a separate legal […]
E-Invoicing is a system for authentication of B2B invoices electronically by the GSTN. Under the electronic invoicing framework, a unique Invoice Reference Number (IRN) is issued against each invoice digitally using Invoice Registration Portal (IRP) managed the GSTN. Maximum 100 items can be incorporated in a single invoice. E-Invoicing eliminates the need to enter data […]