Tax Deducted at Source under section 194Q on payments made to Kachha Arahitia Meaning of Kachha Arahitia A kachha arahtia enters into a privity contract. in order for his constituent and the third party to be held responsible for one another, moreover that A kachha arhatia acts only as an agent of his constituent and …
GSTN Clarification on Cross Charge vs Input Service Distributor (GST Circular 199/2023). Goods and Services Tax Circular issued recently has given clarification on various issues of Input Service Distributor VS Cross Charge The Goods and Services Tax Circular can be summarized as under: Company Head Office can claim input tax credits which are commonly used …
Summarization of ITR Forms Under Income Tax Act ITR FORMS ELIGIBLE ASSESSEE INCOME FROM SALARY EXEMPT INCOME CAPITAL GAIN INCOME FROM HOUSE PROPERTY BUSINESS INCOME INCOME FROM OTHER SOURCES ITR-1 RESIDENT INDIVIDUAL AND HUF YES YES, PROVIDED AGRICULTURE INCOME IS UP TO RS. 5000. NO YES, FROM ONLY ONE HOUSE PROPERTY. NO NO ITR-2 HUF …
Recent Court Case Laws on Wrong Vehicle NO in E-Way Bill 1- In the Matter of Varun Beverages Limited V/s State of U.P.And 2 Others (2023] (Allahabad).- Decision has been made that Wrong mention of No of Vehicle via which the goods were in transit & detained by the taxing authorities would be considered as …
Goods and Services Tax Network issued advisory on New Bank Account Validation GSTN has issued Advisory dated April 24, 2023 on Bank Account Validation. It is recommended that the Goods and Services Tax System now includes capabilities for bank account validation. This feature was added to make sure that the bank information provided by GST …
Case Laws on Input Tax Credit is not available on lift & elevators Lift has become the part of the building and Input Tax Credit shall not be available in terms of Section 17(5)(d) of the Central Goods and Services Tax Act, 2017. In this the Authority For Advance Ruling finds that lift consists of …
PROCESS OF REGISTRATION OF IEC CODE With the ongoing development in technology, the IEC registration can now be taken or the application can now be submitted to the Regional Office of DGFT online as well. ONLINE PROCESS – The applicant needs to open the website of DGFT and file the application in ANF 2A format …
Hindu Undivided Families (HUF)- & its Tax-Saving Potential Do you looking to optimize or maximise your savings and improve your tax planning? Take into account looking into the HUF (Hindu Undivided Families) tax-saving potential. Hindu Undivided Families can be a powerful instrument in your financial plan, providing a number of benefits & chances for tax …
Long Form Audit Report Key Points To Be Considered LFAR -long form audit report, the main focus is on identification of the lacunae in the operations and internal control system of the Bank. Statutory Audit Report may not communicate this aspect. 1. Whether Cash Balance is within the limits prescribed by Controlling Authorities. 2. Regular …
The Bank Audit Check List & Procedure. Details related Bank Audit Check List Point Related to Documents Verification Sl No. Particulars Yes/No Check By Reviewed by Remarks 1 Latest sanction letter of the bank providing facilities 2 Latest stock statement 3 Stock statements for the months covering audit period including stock statements certified by Chartered Accountant …