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 …
GSTR-3B Versus GSTR-9 Versus GSTR-1: How do three business returns differ from each other? Every GST Identification Number holder is mandated to file a Goods and Services Tax (GST) return. There are approximately 22 different kinds of Goods and Services Tax returns, four of which are suspended and eight of which are view-only in format. …
Tax collection at source on foreign/overseas tour package With effect From July 1, 2023, a 20 percentage Tax collection at source will be required on an international tour package from a travel agent. In order to increase Tax collection at source on some foreign remittances & on sale of international or overseas tour packages, Income tax act …
Latest requirement for independent assurance & regulated rating will have been increased the credibility of ESG disclosure by SEBI For more than a decade, the Govt & SEBI have been persuading companies to adapt to and connect with environmental, social, and governance (ESG) factors as indiscernible to corporate culture. To that purpose, Securities and Exchange …
Credit Guarantee Fund Trust for Micro and Small Enterprises Scheme To the first generation of entrepreneurs, the availability of bank loans without the hassles of collateral or third-party guarantees would be a vital source of support in realising their dream of founding a Micro and Small Enterprise. (MSE). In order to strengthen the credit delivery …
Overview of section 194P on relaxation from filing of ITRs. Section 139 of the Income Tax Act provides that every person being an individual shall furnish a return of his income if his gross total income during the previous year exceeded the basic exemption limit. Section 194P of Income Tax Act was implemented in order …