CAclubindia Articles

Unexplained cash credits under provisions of Income Tax Act 1961

FCS Deepak Pratap Singh 04 October 2021 at 09:38

Section 68 is a charging section, thus, if it is applicable, the assessee will not only be liable to pay the taxes but also penalty under section 271(1) (c) of the Income Tax Act, 1961.

Open Letter To NFRA Chairman Opposing Consultation Paper On Abolishing Statutory Audit

CA Rohit kapoor 04 October 2021 at 09:38

If Statutory Audit is exempted then there will be no check on business transactions and such exemption will lead to an emergence of spurious companies within MSMCs.

Inside the Hollow World of Self-Help

Abhishek Panegal 04 October 2021 at 09:38

A lot of you would be watching these so-called motivational videos and probably feel a lot pump when you watch them. But how long does that last? Ever given a thought? 1 hour or maybe a little more.

Problems and Answers - Section 115QA & 115F of the Income Tax Act 1961

FCS Deepak Pratap Singh 04 October 2021 at 09:38

Section 115QA provides that a domestic company distributing its income through buy back of shares will have to pay income tax/distribution tax @20% (surcharge @12% and education chess @4%).

Similar Does Not Mean Same

Prof. Bajaj 04 October 2021 at 09:38

Just because it looks similar or sounds similar, does not mean it's the same. One has to go deeper before investing their hard earned money. If you are not an expert in it, get professional guidance.

What is an SEZ, tax & trade implications on companies located in SEZ?

Taxblock 04 October 2021 at 09:38

A Special Economic Zone (SEZ) is a zone wherein businesses enjoy simpler tax and easier legal difficulties. It is located in a country’s national borders only, but they are treated as foreign territory for tax purpose.

Changes in GST Rates on Services w.e.f October 01, 2021

Bimal Jain 02 October 2021 at 18:35

CBIC has further amended Notification No. 11/2017-Central Tax (Rate) dated June 28, 2017 ("Services rate notification"), in order to adhere to the recommendations of the 45th GST Council Meeting.

Changes in GST Rates on Goods w.e.f October 01, 2021

Bimal Jain 02 October 2021 at 18:35

CBIC has further amended Notification No. 01/2017-Central Tax (Rate) dated June 28, 2017, as amended from time to time, in order to adhere to the recommendations of the 45th GST Council Meeting.

Post incorporation compliances under Companies Act, 2013

CSPAYAL SOMANI 02 October 2021 at 18:33

Compliances of Newly incorporated Private Limited includes First Meeting, Opening of Bank Account, Registered Official Address, Preparation of Letterheads, Seal etc. and Auditor Appointment etc.

Smart Strategy to crack competitive Exam

Vishal Gupta 02 October 2021 at 18:32

Sharing some learnings with all the students who are preparing for any competitive exams, be it CA/CS/CWA/CSE. There is a certain style of working, which you must implement in the paper.