GST AUDIT: MEANING, TYPES, AND OBJECTIVES GST Audit is verification of the original records, returns and other documents kept with the taxpayer at the business premises (including all Additional Place of business) and correlating them with the information furnished by the taxpayer on the GST Portal in his/her returns/statements to verify the correctness of reported […]
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FACELESS INCOME TAX ASSESSMENT What is Faceless Income Tax Assessment? The system is started by the government as Prime Minister Modi had income tax filing said that and disputes should not require physical contact with any official. So, this scheme was started on 7th October 2019. The department assigned a total of 58,319 cases online,
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INPUT TAX CREDIT ON CSR EXPENSES What is CSR? Section 135(5) of The Companies Act, 2013 requires every eligible company (as per section 135(1)) to spend at least 2% of the average of net profits of immediately preceding 3 financial years towards Corporate Social Responsibilities (‘CSR’) activities. As per rule 2(d) of The Companies (Corporate
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HIGHLIGHTS OF THE 48TH GST COUNCIL The 48th GST Council meeting was held on 17th December 2022, Saturday, virtually from New Delhi. The meet being chaired by Finance minister Smt. Nirmala Sitharaman. Here are some key highlights of the meeting: 1. Decriminalization of three kinds of offences under GST 2. Few GST rate rationalization matters
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TRADEMARK REGISTRATION A trademark can be defined as the unique identity that makes your company, product, or service stand out from the rest. A registered trademark is your business’s intellectual property/ intangible asset. It protects the investment made into creating trust and loyalty among your customers. Registration of a trademark provides the right to sue
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APPOINTMENT OF ALTERNATE DIRECTOR Who is an Alternate Director? Alternate director is a personnel who is appointed by the Board of Directors, as a substitute to a director who may be absent from India, for a period which isn’t less than three months. In this article, we look at the role and procedure for appointment
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FORM RFD-11: Filing of LUT in GST Portal What is LUT and why is it used? All registered taxpayers who export the goods or services will have to furnish Letter of Undertaking (LUT) in GST RFD-11 form on the GST portal in order to make exports without payment of IGST. When to file an
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ITR-A FORM FOR MODIFIED TAX RETURN FILING What is ITR A Form? The Central Board of Direct Taxes (CBDT) has reported Form ITR-A for furnishings of the revised return by the successor entity via issuing Notification. Through the same notification, CBDT specified the rule 12AD and Form ITR-A as the income return under Section 170A
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TDS ON SALARIES UNDER SECTION 192 FOR THE F.Y 2022-23 Section 192 of the Income Tax Act, 1961 deals with tax deducted at source (TDS) on salary. Your employer will deduct TDS from the salary payable to you. The salary you receive from your employer is categorised in ‘Income’ under the head ‘Salary’ and the
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APPLICABILITY OF GST ON GOODS TRANSPORT AGENCY Transportation is a vital part of the economy as any problem in transportation disrupts the entire business channel. This is why any petrol price change has a far-reaching effect in disruption of business. In India, the most popular form of transport is via road. There are Three type
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