CAclubindia Articles

Why it is important to check Form 26AS before filing Income Tax Return

CA. Pushp Kumar Sahu 08 October 2021 at 09:41

Form 26AS is the most important statement while filing an ITR. One should always match the details with it for avoiding any notices and intimations from the department.

Legality Status of ITC Block by GST Department

CA PIYUSH KAPOOR 08 October 2021 at 09:41

As per Rule 86A, a commissioner or any officer authorized by them can block the ITC available in the electronic credit ledger of the taxpayer if they have reasons to believe that he has fraudulently availed ITC.

Key changes in ITR Forms for AY 2021-22 - Part 1: ITR 1 Sahaj and ITR 2

Neethi V. Kannanth 07 October 2021 at 17:21

The allowable difference between the full value of consideration u/s. 50C and value of property as per stamp authority has been increased from 1.05 times to 1.10 times.

Pros and Cons of NFRAs Consultation Paper on Statutory Audit

Poojitha Raam Vinay 07 October 2021 at 17:10

Removal of Statutory audits on MSMCs might facilitate frauds and misstatements since GST and Tax audits have been scaled down. Moreover, minority interest in companies will be affected.

Process of Appointment Of Statutory Auditor Under Companies Act, 2013

Neha Rajan Redekar 07 October 2021 at 15:15

As per section 139 of the Companies Act, 2013, the first auditor of the company shall be appointed by the board of directors within 30 days of Incorporation or Registration of the Company.

Presumptive Taxation Scheme Section 44AD - Part I

CA.R.S.KALRA 07 October 2021 at 15:14

Presumptive taxation for businesses is covered under section 44AD of the income tax act. Any business which has a turnover of less than Rs 2 crore can opt to be taxed presumptively.

Maintaining your Mental Health in the Era of Cut Throat Competition

CA Anurag Sharma 07 October 2021 at 09:27

Our mental health is as important as our success or money. A human is an emotional machine. Spending quality time with ourselves or with our loved ones is as important as spending time building our careers.

Basic overview of CGST, SGST, IGST and UTGST

Taxblock 07 October 2021 at 09:27

There were multiple taxes before GST such as Central Excise, Service Tax and State VAT etc. whereas under GST there is only one tax with three different components i.e., CGST, SGST and IGST.

Section 194N: TDS on heavy cash withdrawal from Banks / Post Offices

Taxblock 07 October 2021 at 09:27

With the amendment in Finance Act, 2020 section 194N was amended by substituting 83A which imposes 2% TDS on withdrawal of sum exceeding Rs.1 crore. This section has come into effect from 1st July 2020.

Whether non gratuitous payment to a shareholder by company is taxable as deemed dividend?

FCS Deepak Pratap Singh 07 October 2021 at 09:27

A gratuitous loan given by a company to a shareholder would come u/s 2(22)(e ) but not in case where the loan or advance is given in return to an advantage conferred by such a shareholder.