Cost and work accountants, company secretaries, & Chartered accountants are now come under purview of PMLA. Cost and work accountants, company secretaries, and Chartered accountants who undertake financial transactions on behalf of their clients are now subject to the Prevention of Money Laundering Act. In accordance to the Ministry of Finance, the following activities by …
Overview of Section 194N- TDS on cash withdrawals The objective of introducing Section 194 N is to discourage cash transactions in the country and promote the digital economy. Section 194N – TDS on cash withdrawals over and above Rs 1 crore’ has been implemented via the Finance Bill, 2019. But Finance Bill 2020 amends this …
Overview about the Cryptocurrency Vs Digital Rupee Central Bank Digital Currency and Cryptocurrency are two distinct kinds of digital currencies that have grown in popularity in recent years. Both have distinct features and applications. It is critical to comprehend the distinctions between them. Central Bank Digital Currency is issued and maintained by a central bank …
GST Revenues April 2023 Collection Update GST collection in April 2023 is expected to break all prior records, according to sources. Goods and service Tax revenues collection for April 2023 are 12% higher than the GST revenues Year By Year, Finance Ministry have been declare the collections of Goods and Service Tax for the month …
Frequently Asked Questions on GST E-Way Bills Q.: What exactly are e-Way Bills? e-Way Bills are invoice supporting documents that are generated based on invoices. It includes invoice information, item information, and transporter information. E-Way Bills are required documents to be carried by transporters of goods worth Rs. 50,000 and/or more when transporting such goods …
Govt will specify Large Audits Eligibility rules/ Standards for Quality Govt is considering whether to limit audits of big companies & Public-interest entities to companies of a specific size, reputation, and technological prowess. While at an early stage, discussions in this regard are centred on a graded approach to addressing the issue or risk of …
NFRA punished Ten Lakh Penalty on MACEL’s Auditor & Debar for Ten Years National Financial Reporting Authority’s investigations inter-alia revealed that the MACEL’s statutory Auditor for the Financial Year 2019-2020 failed to meet the conditions of the SA in a No of important elements & demonstrated a substantial lack of competence. According to the MACEL …
Applicable GST Rates for Restaurants Services All Kinds of Restaurants do have not the right to charge GST on their services provided. In case the Restaurant is registered under the GST, then that restaurant will be eligible to charge GST as per the GST law and can issue an invoice & collect GST in their …
Element under the Prevention of Money Laundering Act Prevention of Money Laundering Act, 2002 is an act to prevent money laundering & to provide for confiscation of property derived from, or involved in, money-laundering & for matters connected therewith or incidental thereto. Salient features Prevention of Money Laundering Act Punishment for money-laundering. Powers of attachment …
Payment under GST for Taxpayers The Normal GST Taxpayer must pay their taxes each month by the 20th of the next month. When making a payment in the monthly returns, the tax payer must first deposit cash payments in the Cash Ledger. He or she must then debit the ledger and include the appropriate debit …