CAclubindia Articles

Tax treatment of interest income on PF contributions

Ajay Kumar Maggidi 06 September 2021 at 09:25

Interest portion on PF contributions exceeding 2.5L is taxable under the head "Income from Other Sources". Taxable Contributions = ((Contributions in excess of 2.5L/5L*)+(Interest accrued thereon)-( Withdrawals)).

How to Explain GST to Your Friends: The Ultimate Guide

rumpa gupta 06 September 2021 at 09:25

The Goods and Services Tax Council has set up a four-tier tax structure. The rates are 5%, 12%, 18%, and 28%, which means that the total tax burden on the product is likely to be around 18%.

Beneish M Model - A Tool Detection Of Fraud in Financial Statements

Poojitha Raam Vinay 04 September 2021 at 15:26

Beneish Model is a statistical model created by Professor Messod D. It is a model that studies the trend of the organisation through various ratios. This model is based on eight financial ratios.

Section 194P: Recent Updates - Specified Bank & Form of Declaration

CS Tanveer Singh Saluja 04 September 2021 at 15:24

There were a lot of practical difficulties which were faced by individuals and professionals. However, CBDT has published two notifications that give clarity regarding the meaning of a specified bank and form of declaration.

Tax Audit in case of a Person Carrying on both Business and Profession

CA.R.S.KALRA 04 September 2021 at 12:41

A person who is a specified professional cannot opt for Section 44AD of the Income Tax Act, but there is no bar for such persons to opt for Section 44ADA on their professional income.

A synopsis of key recent developments under GST

Rahul Pansari 04 September 2021 at 09:34

Discussing GST legislative amendments, CBIC Notifications, Circulars, Judicial Developments - SC, HC & Tribunal rulings, Important Advance Rulings under GST, Key pre-GST rulings and other major updates.

All about Private Limited Company

Baibhav Kumar 04 September 2021 at 09:34

A private limited company is a privately-held business entity. The liability arrangement is that of a limited partnership, wherein the liability of a shareholder extends only up to the number of shares held by them.

RBI to impose Penalty Rs.10,000 soon, for non-replenishment of ATMs with cash

CS Lalit Rajput 04 September 2021 at 09:31

The Reserve Bank of India will start imposing penalties on banks in case the ATMs remain out-of-cash for a total period of 10 hours in a month from October 1, 2021, onwards.

How to Deal with the Situation of Giving up

CA RAJENDRA SAH 04 September 2021 at 09:28

The easiest option in everyone's life is to give up & the same was also with me. It took almost 5 years to clear a single level of CA exam out of 3 levels.

GST 45th Council meeting to be held on September 17, 2021 - Agenda

Bimal Jain 03 September 2021 at 16:41

The GST Council in its 45th meeting is expected to review the reductions made in the 44th GST Council meeting and discuss the compensation structure going ahead.