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Important Income Tax (Direct Tax) Amendments (since 2019)

Important Income Tax (Direct Tax) Amendments (since 2019)

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The government has announced several measures to promote growth, investment and create new employment opportunities through the amendments in the Income-tax Act, 1961, and the Finance Act (No. 2), 2019. The following measures have been measures taken by the Ministry of Finance: • Reduction in the corporate tax rate from 30% to 22% provided the company did not avail of any exemption or incentive. • An option to pay income-tax at the rate of 15% for the new domestic companies…

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Saga of Interest Provision under GST

Saga of Interest Provision under GST

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Understanding legal background: Section 50 of the CGST Act talks about when you should pay interest and what rate it should be paid. So section 50 said, interest has to be paid at 18% in cases where you delay paying tax to the government. That means if you cause a delay in filing your return, you end up paying interest. But the moot question that came was whether this interest has to be paid on Gross liability or net liability…

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What Can We Expect From 2021?

What Can We Expect From 2021?

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Apart from differences in the perseverance in accounting and financial terms, the least we can predict is the future of both. The year 2020 has already been a year of financial loss and the loss did not hinder a state or a country, but the world has been suffering lately. Nonetheless, we can assure the instability of the accounting numbers, it is possible to predict some of the incitements that could develop the future of accounting and finances. It is…

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Maximum time gap between two AGMs in case of Extension of AGM by ROC

Maximum time gap between two AGMs in case of Extension of AGM by ROC

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As per Section 96 of the Companies Act, 2013 (“Act”), every Company other than OPC shall in each year, hold a General Meeting as its Annual General Meeting (“AGM”). Every Company shall hold its first AGM within nine months from the date of closing of the first financial year of the Company and thereafter in each year within six months from the closure of the financial year, such that the interval shall not be more than fifteen months between two…

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ICAI CDS Portal – Login, Coupons, and Orders

ICAI CDS Portal – Login, Coupons, and Orders

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Update: The available study material of Intermediate course on the CDS portal is applicable up to November 2020 exams only. Revised material for May 2021 is under preparation and expected to be available after 15th September, 2020. Delivery of books is taking more than usual time due to restrictions in movement and availability of resources in various States. Please plan your study and place your order accordingly. Table of Contents What is the ICAI CDS Portal? With a view to…

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How to incorporate a producer company in India?

How to incorporate a producer company in India?

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Understanding the term Producer Company: A Producer Company may be referred to as a legally recognized entity of farmers with the objective of improving the standard of living. Producer Company can be incorporated by 10 or more individuals or 2 or more institutions or it can be a combination of both having business objectives as one of the following: Production Procurement Grading Harvesting Handling Pooling Selling, Marketing or Exporting the primary produce of the Members or import of goods or…

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Latest Accounting Trends Every Business Should Follow in 2020

Latest Accounting Trends Every Business Should Follow in 2020

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With the advent of innovations and new technologies due to pandemic across the world, the economic environment continues to evolve. Therefore, the change becomes a new constant for organizations to reshape their business model and business processes to be aware of recent trends. Accounting is an essential element of the business process. A well-run function of accounting provides accurate, timely, and relevant information in making decisions. Given below are the latest accounting trends in 2020: 1. Automation of the Accounting…

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No GST payable on recoveries from employees towards transport facility

No GST payable on recoveries from employees towards transport facility

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AAR Maharashtra vide its order GST-ARA-23/2019-20/B-46 dated AUGUST  25, 2020 in the case of Tata Motors Limited rules that no GST is payable by the applicant on the nominal amounts recovered from its employees for availing transportation service for commuting to office in view of the fact that this transaction is not a supply as being covered under Schedule III of the CGST Act. ITC also available on such GST paid for motor vehicles taken on hire by the employer…

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ESIC Portal – Login, Registration, and Services Offered

ESIC Portal – Login, Registration, and Services Offered

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Update: From 15th Feb 2020, new Companies registered through MCA Portal, need not comply with provisions of ESI Act till they reach threshold limit of ESI coverage or initial 6 months whichever is earlier. Submission of Mobile Number and Bank Account details shall be mandatory for registration of New employee and for settlement of benefits/claims reimbursements. Contents ESIC Portal Employees State Insurance is a scheme initiated by the government to provide socio-economic protection to the working class and immediate dependents…

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Consolidated debit/credit note enabled on GST Portal

Consolidated debit/credit note enabled on GST Portal

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Consequent to amendment to section 34 of CGST Act,2017 through CGST (Amendment) Act, 2018  which was made effective from February 1, 2019 , one credit note can be issued against one or more relevant tax invoices. Before this amendment, credit note/debit note could be issued only against one tax invoice, and giving reference to such a tax invoice was mandatory while reporting the debit/credit note in the GSTR1 on the GST Portal. Though the above amendment was effective from 1st…

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