IBC
Overview on Effective Accounts Receivable Management Strategies
RJA 12 Mar, 2023
What is effective Accounts Receivable Management Strategies? · Accounts Receivable Mgt describes the procedures and guidelines used to handle unpaid invoices from customers who are past due. This process makes sure that clients always pay their bills, no matter what. · &...
Goods and Services Tax
GSTN started option to utilize Cash Ledger from 1 GSTIN to another GSTIN
RJA 12 Mar, 2023
GSTN started option to utilize Cash Ledger amount from 1 GSTIN to another GSTIN having same PAN. GSTN has started option to utilize to use the amount in cash ledger of 1 GSTIN (entity with the same permanent account number) by another Goods and Services Tax Network via transfer through form ...
NGO
Form10BB/10B to be Submit by Charitable Trust/Institution Now Changes
RJA 05 Mar, 2023
Form10BB/10B to be Submit by Charitable Trust/Institution Now Changes The Central Board of Direct Taxes has notified the Income-tax (3rd Amendment) Rules, 2023, to amend IT Rules 16CC/17B & Forms 10B/10BB amended which shall be effective as of 01/04/2023, vide Income Tax Notification 7/2023 Amended in 2023, So ...
IBC
Credit of fee by IPs & IPEs in IBBI A/c - Fee Compliance under IBBI
RJA 05 Mar, 2023
IBBI specified fee structure to be payable by IPs & IPEs Credit of fee by IPs & IPEs in IBBI A/c - Fee Compliance under IBBI - Regulatory Fee Compliance under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 r/w IBBI (Insolvency Professionals) Regulations, 2016 ...
Income tax return
The CBDT has notified Format & Particulars ITR Forms for AY 2023-24
RJA 01 Mar, 2023
The CBDT has notified Format & Particulars ITR Forms for AY 2023-24 The Central Board of Direct Taxes notified Particulars as well as Format of Income tax return Forms along with ITR Acknowledgement (ITR-V) for AY 2023-24 has been officially notified, Basically Central Board of Direct Taxes is a ...
AUDIT
Reserve Bank of India Revised the Branch Statutory Audit Policy
RJA 01 Mar, 2023
The Reserve Bank of India Revised the Branch Statutory Audit Policy · For the Financial Year 2022-23 - ONLY 70% of Fund & Non Fund Credit Exposure to be covered under statutory audit of Bank/ statutory audit Branch Audit · &...
TDS
India crypto TDS % on cryptocurrency trading
RJA 07 Feb, 2023
India crypto TDS % on cryptocurrency trading A significant crypto tax is expected to be implemented in India in 2023, which could strangle the cryptocurrency sector. Cryptocurrency transactions are subject to a sizable 30% tax, which is deductable from income and other revenue from any source. This taxation rule will apply to cryptocurrency ...
INCOME TAX
Shift between old and new tax regime, Cant come back to old tax regime
RJA 07 Feb, 2023
The new income tax regime is now the default choice for income taxpayers under budget 2023. Therefore, the updated new income-tax system will apply unless a person declares that they are choosing the old income tax regime. Many taxpayers may now question if the advantage of switching between the old and ...
COMPANY LAW
Tax & Statutory Compliance Calendar for February 2023
RJA 03 Feb, 2023
Tax & Statutory Compliance Calendar for February 2023 S. No. Statue Objective of compliance Period of Compliance Timeline Particular of Compliance 1 Labour Law PF / Employees' State Insurance Scheme January 2023 15- February -2023 Timeline for payment of Provident fund and Employees' State Insurance Scheme contribution for the previous month. 2 Goods and Services ...
COMPANY LAW
Tax & Statutory Compliance Calendar for January 2023
RJA 29 Jan, 2023
Tax & Statutory Compliance Calendar for January 2023 S. No. Statue Purpose Compliance Period Timeline Date Compliance Details 1 Under Goods and Services Tax GSTR-1- Quarterly Returns with Monthly Payment October -December, 2022 13- January 2023 GSTR-1 of registered person with turnover less than INR 5 Crores during the preceding year and who has ...
GST Filling
Time Schedule for Filling of GST Refund Application
RJA 29 Jan, 2023
Time Schedule for Filling of GST Refund Application Punctual refund procedures are important for the best tax management since they open the door to trade by releasing restricted money. The claim for GST Refund process is now completely online and scheduled under the GST regime, throwing the previously time-consuming ...
NRI
CBDT exempts NRIs from Online filing form 10F Upto 31 March 2023
RJA 26 Jan, 2023
Central Board of Direct Taxes exempts non-resident Indians (NRIs) from Online filing form 10F Upto 31 March 2023, The Central Board of Direct Taxes has exempted non-resident Indians (NRIs) without PANs from Online filing Form 10F up to March 2023. Central Board of Direct Taxes notification No. 03/2022, dated July 16, 2022, issued by the Directorate ...
TDS
TDS applicability when Purchased Crypto Currency
RJA 26 Jan, 2023
TDS (Tax deducted at source) when you purchased Bitcoin or Crypto Currency 1% Tax deducted at source on the sales transaction will be applicable if a customer exchanges a Bitcoin or Crypto Currency or Virtual Digital Assets to purchase another Bitcoin or Crypto Currency or Virtual Digital Assets. For Example, if ...
Valuation - Merger & acquisition
Purpose of valuation Report from an IBBI Registered Valuer required
RJA 25 Jan, 2023
Purpose of valuation Report from an IBBI Registered Valuer required We've compiled a list of reasons why you should get a business valuation: Change in ownership due to retirement or succession for the heir. Gifting shares of the business to your successors. Merger with another entity New shareholders addition ...
GST Filling
Clarification on HSN code Summary in annual GSTR 9 Return
RJA 26 Dec, 2022
Key Clarification on Harmonized System of Nomenclature Code Summary in annual GSTR 9 Return Annual GSTR 9 Return Disclosure of Harmonized System of Nomenclature Code Summary. Harmonized System of Nomenclature Code Summary should be after net of Credit Note & Debit Note/adjustment. Exempted & Taxable Supply Harmonized System of Nomenclature Code ...
INCOME TAX
Reverse Tax benefit on Home Loan if Selling House in 5 years of possession
RJA 25 Dec, 2022
Selling House within 5 years of taking possession will Reverse Tax advantage on Home Loan As per Sec 80C of income tax act 1961, In case we sell house within 5 years from the end of the FY in which property possession was taken, all the income tax advantage availed U/s 80C&...
GST Compliance
48th Meeting GST Council recommendations highlights
RJA 19 Dec, 2022
Brief highlights of 48th Meeting GST Council recommendations The GST Council has, among other things, recommended the following amendments to the GST tax rates, trade facilitation measures, and GST compliance streamlining measures: E-invoice Related : CBEC Circular will be issued for clarification on GST New e-invoices applicability with effect from 1...
INCOME TAX
Consequences of ignorance & Non-Filling of Tax Return
RJA 17 Dec, 2022
What are the consequences of ignorance & Non-Filling of Tax Return? Income Tax Return as it is generally referred to, is a formal document that you are mandated by law to submit annually. ITR filing is required if you want to avoid certain serious consequences, even though it may seem ...
Outsourcing Services
Importance of Principles of Financial Accounting Services & Why It Matters?
RJA 13 Dec, 2022
Importance of Principles of Financial Accounting Services & Why It Matters? What is Financial Accounting? Financial accounting is the process of documenting, gathering, and summarising the numerous transactions resulting from business operations throughout time. It belongs to a certain area of accounting. When one uses outsourcing financial accounting services, the ...
Outsourcing Services
Key reasons of outsource bookkeeping from foreign to India?
RJA 09 Dec, 2022
Key reasons of outsource bookkeeping from foreign to India? Businesses are conscious of the importance of bookkeeping in maintaining their financial stability. There is a significant amount of interest in outsourcing bookkeeping and accounting work to India from countries across Europe, the US, Australia, and other Gulf countries. Numerous nations ...
Form 15CA & 15CB Certificate
CA cannot be prosecuted for form 15cb based on client's submitted fake documents
RJA 05 Dec, 2022
ICAI member is not required to verify genuineness of supporting documents while issuing 15CB certificate High Court said on 23.11.2022 in a CA’s criminal case held that a CA in India while issuing Certificate 15CB is needed to only examine the remittance nature & Nothing more on that. CA ...
COMPANY LAW
Tax and Statutory Compliance Calendar for December 2022
RJA 01 Dec, 2022
Tax and Statutory Compliance Calendar for December 2022 S. No. Statue Purpose Timeline & Compliance Period Due Date Compliance Details 1 Income Tax Tax deducted at sources / Tax collected at source Liability Deposit November -2022 7-December-2022 Timeline of depositing Tax deducted at sources / Tax collected at source liabilities under the ...
INCOME TAX
LTC is only allowed for travel with in India - SC
RJA 26 Nov, 2022
What is Leave Travel Concession? Leave Travel Concession is an exemption for assistance/ allowance received by the employee from his employer for travelling on leave, related provision is stated in the section 10(5) of the Income Tax Act 1961. Value of travel assistance or concession received by or due to the ...
IBC
IBC case law - SC, NCLT & NCLAT Rulings on Resolution Plans
RJA 21 Nov, 2022
Supreme Court, NCLT & NCLAT Rulings/Findings relating to Resolution Plans under IBC Code Under article also cover the contains of numerous rulings & observation in relation to resolution plans, also included, duties of various stakeholders, how Resolution Plans is approved etc, as per the orders of the Adjudicating Authorities ...
