Foreign Account Tax Compliance Act (FATCA) Overview of the FATCA The seeds of the financial crisis were sown many years ago, when interest rates were extremely low and lending standards were extremely lax, resulting in the construction of a home price bubble in the United States. The bubble burst, and the years 2007-2009 were defined …
ALL ABOUT LLP (AMENDMENT) BILL, 2021 With the passage of the Limited Liability Partnership Act of 2008, the concept and idea of a limited liability partnership was introduced for the first time. The Indian Parliament passed this law on December 12, 2008, to give legal approval to the concept of limited liability partnerships (LLPs) in …
GST and Income Tax Restrictions on Cash Transactions One must be cautious when engaging in any high-value cash transaction because the Income Tax Department has become extremely vigilant about cash transactions. First, we must define High Value + Cash Transaction. High-value transactions involve substantial sums of money. First, we must understand the provisions of Income …
Self-certification in GSTR-9C vs. CA certification What exactly is GSTR-9? GST annual return GSTR 9C simplification GSTR-9 is an annual return that must be filed by registered taxpayers with a preceding financial year turnover of more than Rs. 2 crores. Outward supplies, tax liabilities, input tax credit claimed, refund claimed, and tax paid within the …
GST Department Notice – How to Deal with GST ASMT-10 Introduction Many taxpayers are receiving GST discrepancy notices in the form of GST ASMT-10 these days. The Goods and Services Tax (GST) has been in effect for four years. As a result of the department’s increased scrutiny of GST returns filed in the last four …
MAIN ASPECTS OF PERSONAL FINANCE BRIEF INTRODUCTION One of the foremost reasons we fail to secure ourselves financially is because we are unaware of the things that ought to be done for it. We do what we feel is right thing to do but which may not always be sufficient. Therefore, it’s crucial to get the meaning and knowledge of the key components that one must concentrate on while creating a road map …
WHAT IS THE DIFFERENCE BETWEEN REPO RATE AND REVERSE REPO RATE BRIEF INTRODUCTION The two Liquidity Adjustment Facility with the Reserve Bank of India are – Repo Rate and Reverse Repo Rate. Repo Rate is basically the rate of interest which the RBI, i.e. Reserve Bank of India, charges for granting loans to commercial banks. On the other hand, Reverse Repo Rate is basically …
What is Customer effect of PSU Bank merger INTRODUCTION If customers have an account in one amongst the merging bank accounts, they will expect these changes post-merger: Change In Account Details The consolidation of banks means the customers will get a replacement account number, customer id, and IFSC codes. for example, if the customers have an account in Andhra Bank and Corporation bank, the 2 bank accounts will merge …
SAFEGUARD & CHALLENGES FACED BY LOCAL CA FIRMS IN INDIA BRIEF INTRODUCTION Our Govt. believes and at the same time wants that the Global Big-8 firms should be including the 4 Indian Accounting Firms. However, this is often not going to happen until our own Govt. decides to promote local firms and thereby provides some kind of support, …
All About on Nidhi Company BRIEF INTRODUCTION It is a company incorporated in order to cultivate a habit of saving between its members or shareholders. In the Indian financial sector, Nidhi Company is seen as a mutual benefit society and they are allowed to solely take up deposits from their members and lend money to their …