TDS
New TDS deduction No cash transactions exceeding 1 Crore -Section 194N
RJA 07 Jun, 2020
New TDS deduction No cash transactions exceeding 1 Crore -Section 194N Present TDS exclusion No currency purchases above 1 Crore -Chapter 194N To discourage cash transactions and to continue heading towards a cash-free economic structure, a new Section 194N has been enacted under the Income Tax Act with effect from 1 September 2019 to ...
IBC
BASIC FORENSIC AUDIT ASPECTS IN INSOLVENCY AND CODE BANKRUPTCY 2016
RJA 06 Jun, 2020
BASIC FORENSIC AUDIT ASPECTS IN INSOLVENCY AND CODE BANKRUPTCY 2016 PURPOSE OF FORENSIC AUDIT INSOLVENCY AND BANKRUPTCY CODE 1. Events describing, if any, Financial Statements with inconsistencies / Red Flags, The misuse/diversion of bank funds; Overvaluation of current/fixed assets and their non-existence; Documentation breach; To ...
Goods and Services Tax
NAA disputes DGAP 's view that Barbeque Nation Hospitality Ltd alleges corruption.
RJA 06 Jun, 2020
NAA disputes DGAP 's view that Barbeque Nation Hospitality Ltd alleges corruption. After a complaint filed against them by Mrs. Chitra Kumar for profit-making under the GST, the Barbeque Nation refused to provide invoice details in the official inquiry. NAA directed DGAP to guide Barbeque Nation to supply its invoice ...
RBI
RBI Announced the refinancing of Rs 50,000 crore to SIDBI etc
RJA 06 Jun, 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 ...
OTHERS
Complete understanding about Senior Citizen Savings Scheme (SCSS)
RJA 04 Jun, 2020
Complete understanding about Senior Citizen Savings Scheme (SCSS) In 2004 the government announced the Senior Citizens Savings Scheme to ensure a guaranteed return to senior income, thereby creating a guaranteed regular income flow. Investing in the Senior Citizen Pension Fund is a successful way for senior citizens aged 60 years of age ...
INCOME TAX
Latest revised Form 26AS with effective from 1 June 2020 : CBDT
RJA 04 Jun, 2020
Govt Notified: Latest revised Form 26AS with effective from 1 June 2020 Latest Form 26AS with effect from 1 June 2020: With effect from 1 June 2020, all data of the taxpayer will be available in the new Form 26AS: Tax withheld at source and tax assessed at source Details of financial transactions listed Income tax ...
INCOME TAX
Basic understanding of Rebate U/s 87A of I. Tax Act
RJA 02 Jun, 2020
Basic understanding of Rebate U/s 87A of I. Tax Act The main obligation of any Govt of India should protect the citizens of its nation, and the Govt of India is constantly working towards that goal. To order to help the government achieve this vision efficiently, the people ...
GST Consultancy
NAA Allowed by Court to visit offices for collection of documents & Information
RJA 27 May, 2020
The National Anti-profiteering Authority (NAA) has obtained clearance from the High Court of Bombay for a visit to the offices of Saphire Foods Pvt. Ltd. to gather documents and information during the locking process. In this writ petition, it was brought to the court's notice that the &...
OTHERS
The Prime Minister cares fund is now entitled to accept donations under the CSR
RJA 27 May, 2020
The Prime Minister’s CARES Fund is now entitled to accept donations under the CSR The Center has also made it available for contributions from multiple organizations through the PM CARES Fund for Corporate Social Responsibility ( CSR). The Ministry of Corporate Affairs has proposed changes to the Companies Act. ...
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 ...
