CAclubindia Articles

All about Uniform Customs and Practice for Documentary Credits (UCP)

FCS Deepak Pratap Singh 21 February 2022 at 12:06

A Documentary Letter of Credit or LC is an irrevocable, written undertaking by a commercial bank, issued at the request of the buyer (applicant) in favor of the seller (the beneficiary), to the effect that payment for certain goods or services will be made against a complying presentation of documents.

Fixing the old

CA Anurag Sharma 21 February 2022 at 08:40

We have to learn to maintain things; fix the broken pieces of life to move further. Life is not only about finding the new purpose every day, it's also about continuously finding the happiness in the things or people we have.

Some facts related to bank guarantees

FCS Deepak Pratap Singh 21 February 2022 at 08:40

A bank guarantee or also known as BG is a legal document issued by a bank or a financial institution to assure exporters/sellers/suppliers that they would be paid on time if the applicant/importer/buyer fails to pay the amount or fulfill the terms & conditions mentioned in the contract.

TDS on purchase of goods

CA AJIT YADKIKAR 21 February 2022 at 08:40

The Finance Act 2021 has inserted a new section 194Q to provide for TDS by person responsible for paying any sum to any resident for purchase of goods of the value in excess of 50 Lakhs.

Exclusive jurisdiction of MACT in motor accident cases

FCS Deepak Pratap Singh 21 February 2022 at 08:40

In 1988 Motor Vehicle Act, 1988 was passed by the parliament of India. This act is responsible for covering all the aspects that are related to road transport vehicles. Furthermore, this act provided licensing to the conductors and the drivers as well as registration of motor vehicles.

Conditions for claiming ITC under GST

Aarti Maurya 19 February 2022 at 07:04

"Input tax" in relation to a registered person, means the central tax, state tax, or union territory tax charged on any supply of goods or services or both made to him, it does not include the tax paid under the composition levy. "Input tax credit" means the credit given on input tax.