OTHERS
ICAI shall extend the time for the initiation of the Practical Article Training to 31 July 2020
RJA 21 May, 2020
I ICAI official statement Extend the period of time for the beginning of practical training on or before 31 May 2020 until 31 July 2020 for inclusion in the final examination to Be conducted ...
Goods and Services Tax
Government may not understand calls to lower GST
RJA 20 May, 2020
The exemption would block input-tax credit that would have a negative effect on companies and would not have a direct impact on customers, two finance ministry officials said on Tuesday. The Cabinet does not approve proposals from industry to substantially reduce the Goods and Services Tax (GST) for a period ...
INCOME TAX
CBDT CLARIFYING Compiling the new Section 115BAC tax legislation implemented in the Budget 2020
RJA 18 May, 2020
AMOUNT IS DEDUCTED OF TDS ON SALARY-DEDUCTION OF TDS ON SALARY-CBDT CIRCULAR CBDT CIRCULAR CLARIFYING THE PROCESS FOR DEDUCTION CLARIFYING THE METHOD FOR DEDUCTION IN THE EXISTING AND CURRENT SCHEMES OF TAXATION: Income tax Amendment 2020 adopted a revised income tax system for individual taxpayers. The new tax scheme is offered ...
IBC
Fresh IBC has been suspended for one year. As per the declaration of FM
RJA 17 May, 2020
Fresh IBC has been suspended for one year. As per the declaration of FM. Important notifications to reduce the burden of compliance under the Atmanirbhar Scheme 1. IBC related - debts related to COVID 19 are out of IBC default 2. No new IBC can be initiated up to 1 year 3. The minimum ...
OTHERS
COVID-19 and Disappointment of Lease Deeds:
RJA 07 May, 2020
COVID-19 and Disappointment of Lease Deeds: A Perspective – Shubham Garg We are facing an ongoing global health problem, as a result of which the Indian Government placed a national lockout under the Disaster Management Act of 2005 as a protective measure to restrict the dissemination of COVID-19 to the population. ...
IBC
Insolvency & Bankruptcy Code 2016 for Creditors
RJA 07 May, 2020
Insolvency & Bankruptcy Code 2016 – Panacea for Creditors but Business Course? It is vital that IBC is never presented as an anti-business law meant to penalize and liquidate industry or to make it a battle between rich and poor (class war). Instead, however, IBC rules can be seen as a ...
GST Filling
Key considered for GST PMT 09 under the GST Regime
RJA 07 May, 2020
Relevant points to be considered for GST PMT 09 under the GST Regime Form PMT-09 can be found on the GST page. The taxpayer will also move the cash balance available under one heading to another head of tax, i.e. from CGST to SGST or interest or fine, or ...
OTHERS
Pnb Scam Case Sunny Kalra And Cbi Bring Accused Sunny Kalra To India From Muscat
RJA 07 May, 2020
PNB SCAM CASE SUNNY KALRA AND CBI BRING ACCUSED SUNNY KALRA TO INDIA FROM MUSCAT Fact of the Company: White Tiger Steels Private Limited is a private company. it was founded on 18 December 2012. It is listed as a non-government corporation and registered with the Registrar of Companies, Delhi. The approved ...
CFO
THE NUTS & BOLTS OF A VIRTUAL CFO ENGAGEMENT
RJA 06 May, 2020
THE NUTS & BOLTS OF A VIRTUAL CFO ENGAGEMENT Interim CFO- Introduction (Interim CFO services) Most times, the Business needs someone to take over the duties of a CFO immediately. It could happen when the new CFO unexpectedly fails or is hospitalized for a prolonged period of time. Under such ...
OTHERS
Complete Information about Service Export from India Scheme (SEIS)
RJA 06 May, 2020
Complete Information about Service Export from India Scheme (SEIS) The Government of India launched the Service Exports from India Scheme (SEIS) under the Foreign Trade Policy (FTP)-2015, replacing the existing scheme 'Served from India Scheme' under the Foreign Trade Policy 2009-15. The key goal of the scheme is ...
COMPANY LAW
List of information document Requirements for New Company Registration/Incorporation
RJA 06 May, 2020
COMPANY FORMATION IN INDIA Company incorporation A company is generally formed through a process known as incorporation of company. When a company is incorporated legally, it becomes a separate entity from those who invest their capital and labour to run it. The legal process of forming a corporate entity ...
OTHERS
New Revised UDIN- FAQ for Bank Audit published by ICAI
RJA 05 May, 2020
New Revised Unique Document Identification Number (UDIN) Frequently Asked Questions for Bank Audit published by ICAI Question 1. When conducting a bank audit, if separate UDINs are needed for LFAR, tax audit, statutory audit report, etc.? Answer No, since UDIN must be generated by assignment to the signatory on a given ...
AUDIT
how to recognize internal signs/Financial Statement fraud: Fraud Red Flags
RJA 01 May, 2020
Learn how to recognize internal signs / Financial Statement fraud: Fraud Red Flags 1. Accounting irregularities, such as increasing sales without a corresponding rise in cash flows. Sales are much harder to control than cash flow, but they can work more or less in parallel over time. 2. Consistent demand growth while existing ...
GST Consultancy
Levy of IGST on ocean freight under RCM is unconstitutional
RJA 23 Apr, 2020
Levy of Integrated Goods and Services Tax on Ocean Freight under RCM is Unconstitutional The GST levy on Ocean Freight levied on services rendered by a person located in non-taxable territory by means of transport of goods by a vessel from a place outside India to a customs clearance ...
RBI
RBI Governor Announced the refinancing of Rs 50,000 crore for all Indian financial institutions
RJA 22 Apr, 2020
The Reserve Bank of India Governor Announced the refinancing of Rs 50,000 crore for all Indian financial institutions such as Nabard, SIDBI, and NHB. The Reserve Bank of India has turned its focus to fulfilling the borrowing needs of NBFCs, MFIs, and housing markets by offering special refinancing facilities of ...
TDS
NSDL: Extension of QTR TDS/TCS statement filing dates for Quarter
RJA 20 Apr, 2020
NSDL: Update on Extension of Quarterly TDS/TCS statement filing dates for Quarters. Extension of quarterly TDS / TCS statement submission of By the NSDL circular dates for Extension of due date for TDS returns for four Quarters of the Financial year. Due date of TDS/ TCS Return filling ...
COMPANY LAW
Everything about MCA Company Fresh Start Scheme (CFSS) 2020
RJA 01 Apr, 2020
Everything about MCA Company Fresh Start Scheme (CFSS) 2020 The Ministry of Corporate Affairs released Company Fresh Start Scheme 2020 full Circular 12/2020 dt 30.3.2020 which applies to both public and private corporations incorporated under the CoAct 1956/2013. The key provisions are as follows:- (1) Permits to register all outstanding refunds, accounts, records over any ...
ROC Compliance
GST applicability on Bitcoin in India
RJA 31 Mar, 2020
GST applicability on Bitcoin in India GST on Bitcoin – Is Bitcoin trading taxable? There are a lot of situations in which GST tax could be levied on Bitcoin trading and other cryptocurrencies. Let's find out if there's a GST on bitcoin. Authorized Person of India’...
COMPANY LAW
Filing of Director KYC (DIR- Filing of Director KYC (DIR-3 KYC)
RJA 16 Jan, 2020
Filing of Director KYC (DIR- Filing of Director KYC) (DIR-3 KYC): Provision: Provision: In compliance with Rule 12A of the Rules of Procedure of the Companies (Nominations and Qualifications of Directors) 2014, any person holding a DIN as of 31 March of the financial year shall apply an EFORM DIR-3 KYC ...
OTHERS
Complete Understanding on Business Valuation
RJA 01 May, 2019
Complete Understanding on Business Valuation Business valuation is primarily the approach for identifying a business's "economic value." This builds mainly on some financial assumptions and various limitations relating to the valuation date information available to assess the value of the company. The business can be assessed in ...
Transfer Pricing
Rules Penalties methods documentation required in Transfer Pricing
RJA 10 Sep, 2018
RULES, PENALTIES, METHODS, DOCUMENTATION REQUIRED IN TRANSFER PRICING What Is Transfer Pricing, Exactly? Transfer pricing refers to the prices that related parties charge one another for goods and services passing between them. Transfer pricing is a method of accounting that reflects the price charged by one division of ...
OTHERS
SERVICE EXPORTS FROM INDIA SCHEME
RJA 06 Sep, 2018
To encourage the export in the country the Foreign Trade Policy- 2015-2020 has been introducing a Service Exports from India Scheme (SEIS) with effect from 1 April 2015. This scheme provides benefits to ‘Service Providers located in India’ i.e. all service providers of notified services, ...
GST Registration
REQUIREMENT OF GST REGISTRATION
RJA 04 Sep, 2018
Registration is required in case of liability under RCM, even if no taxable supplies are effected In the case of the Joint Plant Committee [2018], the Authority of Advance Ruling held that if Assessee is engaged in providing exempt goods or services only then they not liable to apply for registration ...
GST Consultancy
No GST on Interest on Loan by DEL-Credere Agent
RJA 03 Sep, 2018
NO GST ON INTEREST ON LOAN BY DEL-CREDERE AGENT Act as a guarantor of credit extended to the buyer. A Del credere agent can act as a combination of a salesperson and an insurance firm. A Del credere agent becomes liable to pay the principal if the buyer made ...
