India is a nation of close-sewn families and have a great deal of motivations to praise its diversified culture, customs and religion. Various events emerge where gifts are traded. As a matter of fact, gifting each other is a symbol of adoration and warmth and can likewise be an image of societal status. Be that […]
WHY ASM? As indicated by the RBI, frauds had arisen as the most genuine concern in the administration of functional risk, with 90% of them situated in the credit portfolio of banks. Due to ever increasing frauds and the amount of non-Performing assets increasing drastically in every bank in India, RBI took the stand and […]
APPLICABILITY: CARO 2020 is applicable to all the companies which were covered under CARO 2016. There has been absolutely no change on the applicability of CARO with respect to CARO 2016. It is applicable to all the statutory audits commencing on or after 1st April, 2021 corresponding to the financial year 2020-21. Previously, there were […]
Source- BCA The Banking system normally using the services of CA profession to examine the banking operations from a “Safety and Soundness” perspective. Regulator Reserve Bank of India (RBI) has been depending upon the CA profession to ensure that the Banking system remains under control. Statutory Audit -Every Bank under the respective Act to get […]
About PTEC: PTEC means Professional Tax Enrollment Certificate. Professional tax is levied by the State Government as a source of revenue and it’s a Direct Tax. PTEC permits to pay the professional tax of the business entity (Private Ltd, Public Ltd, OPC, etc) and also of the owner or professional (sole proprietor, partner, director, etc). Self-employed persons who […]
Key points: The Finance Act, 2020 came with the change in registration process of charitable and religious organizations and also all the existing trusts or institutions registered under section 12A/12AA need to be re-registered themselves under section 12AB. And section 12A &12AA are omitted. Section 12A(1) speak about the conditions to be fulfilled by any […]
Section to be discussed with relevant Rules: Section 44AB Audit of Accounts With Section 44AD Presumptive Income from Business With Section 44ADA Presumptive Income from Profession Rule- 6G Audit Report Section 271B Penalty Section 44AB. Every person- (a) Carrying on business and his total sales, turnover or gross receipts, as the case may be, in business […]
Section to be discussed with relevant Rules under Chapter VI Input Tax Credit of CGST Act, 2017 17 Apportionment of credit and blocked credits 38,42 & 43 Section 17(1) the registered person used goods or services or both “partly for the purpose of business and partly for other purposes”, the amount of input tax credit […]
Introduction: GST is a comprehensive value added tax system that allows uninterrupted flow of credit among different sectors. Tax is levied at each stage of value addition. The tax charged at previous stage is passed on to next stage in form of Input tax credit. A registered person can take the credit of input tax […]
What is Input Service Distributor under GST Law? A supplier of goods /services may have various offices such as head office (registered office), regional office, branch office, sales depot etc., Such units having large share of common expenditure (input services) but get invoiced on centralized location may obtain registration as an Input Service Distributor for availment […]