CAclubindia Articles

Legality Status of ITC Block by GST Department

Posted by CA PIYUSH KAPOOR 08 October 2021 10409 Views

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

Posted by Neethi V. Kannanth 07 October 2021 8028 Views

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

Posted by Poojitha Raam Vinay

07 October 2021 4984 Views

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

Posted by Neha Rajan Redekar 07 October 2021 24991 Views

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

Posted by CA.R.S.KALRA 07 October 2021 8915 Views

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

Posted by CA Anurag Sharma 07 October 2021 5651 Views

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

Posted by Taxblock 07 October 2021 4714 Views

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

Posted by Taxblock 07 October 2021 7050 Views

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?

Posted by FCS Deepak Pratap Singh 07 October 2021 1279 Views

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.

Corporate Compliance Calendar for the m/o October 2021

Posted by CS Lalit Rajput 06 October 2021 6009 Views

Discussing compliance requirements and important updates under the Income Tax Act, GST Act, FEMA, SEBI, Companies Act, IBBI and other statutory laws for the month of October 2021.