GST Changes on ITC will Impact Company Cash Flow With the implementation of recent revisions to the law, matching of ITC under the GST Tax became more complicated and costly for taxpayers on Jan. 1. U/s 16 of the CGST Act, 2017, A critical adjustment was made, requiring the supplier to file a return and communicate …
Top Changes made under GST Amendments in Budget 2022 Under Budget 2022, certain relaxation, along with certain strictness were introduced by the Finance Minister for the GST Registered Taxpayers. Starting with the relaxations provided – Govt Proposes for the extension of deadline for claiming ITC. Now in order to undertake such amendment, section 16(4) of …
Income Tax Assessment issues of Private Hospitals, Nursing Homes etc. Auditing Requirement for Private Hospitals, Nursing Homes etc When an entity’s total income for the previous year exceeded the maximum amount not chargeable to income tax in respect of the following entities (without taking into account the exemptions available under the provisions referred to against such …
What are the Salaries Income which is not treated as Income under Salary head? Income taxable under the head of “salary” when there is existing a relationship of employer and employee between payer and payee. If such relationship does not exist between payer and payee, income shall not be taxable under the head “salary”. Following …
Key Highlights of Budget 2022 Finance Minister, N Sitharaman showed gratitude and empathized with those suffering from Covid-19 Pandemic. Thereafter, the Budget started with announcement, which was a push for the infrastructure sector. Under the Infra-sector, the government extended their priority towards – PM Gati Shakti Master Plan, where around 100 Gati Shakti cargo terminals …
Tax relief for Indian Startup Wishlist: Budget 2022 Due to the ongoing pandemic, startups in our nation have encountered extraordinary obstacles in the previous 2 years. The most important part is funds dried up, many entrepreneurs suffered from multiple taxes and a lot of enterprises shut down. As the Union Budget for this year approaches …
New GST Rate structure Applicable on Real Estate Sector Real estate sector is one of the most important economic sectors in any country, Particularly in India, where it has gotten a lot of attention in recent years. Impact of GST on the real estate sector particularly the residential housing sector, will be discussed in this article. …
Return/Forms required to be file by IRP/RP/Liquidator with IBBI Under The Corporate Insolvency Resolution Process (‘CIRP’) Filing of return/Forms IP 1 & CIRP 1 to CIRP 6 for the purpose of monitoring corporate insolvency resolution processes and insolvency professionals’ performance as monetary by the Insolvency and Bankruptcy Code, 2016 and its regulations. Authorisation for Assignment …
All About Signing of Financial Statement Of Company Brief Introduction The financial statement is one of the important documents of a corporate entity which is required to be prepare in every financial year and audited by the auditors of the corporate entity. The financial statement provides a summary of the company’s assets, Liabilities and shareholders’ …
Govt approves incentive scheme for BHIM-UPI & RuPay The Ministry of Electronics and Information Technology, Government of India, Notified an incentive scheme for the promotion of RuPay Debit cards and low-value BHIM-UPI transactions (P2M) on December 17, 2021. Following the approval by the Unio, Union Cabinet has approved a scheme to increase the use of …