Audit of account under GST and form 9C Q 1. Are the accounts maintained by the registered taxable person required to be audited by a Chartered Accountant/ Cost Accountant under GST? Ans. Every registered person whose aggregate turnover during a [Read More]
MSME Concepts Meaning and definitions: The Micro Small and Medium Enterprises have been defined under MSME Act, 2006. According to the Act, MSME have been broadly classified in two categories: Enterprises engaged in the manufacturing and production of goods pertaining [Read More]
Due dates for the Month of August 2019 7th Income Tax – TDS Payment for July 10th GST – Return for authorities deducting tax at source – GSTR 7 for July – Details of supplies effected through e-commerce operator and [Read More]
Applicability of GST to Mutual Society Meaning and purpose of Mutual Society: The term mutual society has not been defined in the GST Act. In common parlance a mutual society implies that the contributors and the recipients are one and [Read More]
Start ups – regulatory environment Meaning of term Start Up: An entity shall be considered as start up upto 10 years (if it is incorporated as Private Limited company, Partnership Firm or LLP) from the date of its incorporation / [Read More]
Interchangeability of PAN and Aadhaar Existing sub-section (1) of section 139A of the Act, inter alia, provides that every person specified therein, who has not been allotted a PAN, shall apply to the Assessing Officer for allotment of PAN. It [Read More]
FAQ on declaration of dividend by companies Q: Is it mandatory for a company to declare dividend? A: No, it is not mandatory for a company to declare dividend. Q: In case a company declares dividend, what shall be the [Read More]
Due date of Filing of Income Tax Return for Asst. Year 2019-20 has been extended from 31 July 2019 to 31 August 2019 in respect of certain categories of tax payers who were liable to file their returns by 31st [Read More]
Tax Deduction at Source (TDS) on payment by Individual/HUF to contractors and professionals Proposals under Finance Bills 2019: Clause 46. After section 194LD of the Income-tax Act, the following sections shall be inserted with effect from the 1st day of [Read More]
Budget 2019 Highlights Vision for the decade Vision statement: Building physical and social infrastructure; Digital India reaching every sector of the economy; Pollution free India with green Mother Earth and Blue Skies; Make in India with particular emphasis on MSMEs, [Read More]