Maheshwari Rajiv & Co.

17/06/2021

Taxation , GST Matters , Tax Audits , GST Audits , Statutory Audits , Internal Audits , Bank Audits , Scrutiny & Appeal Matters , TDS , Import & Export Matters , Company law matters , ROC filings , ITR & GST Return filings etc.

21/11/2020

has been in India with the object that chain of credit is maintained and credit can be passed on to the . However, of have been kept blocked for Input Tax Credit under GST. or ineligible credit has been (5) of , 2017, which is being below:

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Regards
Indirect Tax Department
Maheshwari Rajiv & Co.
(Chartered Accountants)

GST has been introduced in India with the object that a continuous chain of credit is maintained

20/11/2020

With Effect from Financial Year 2020-21 – The assessment Year 2021-22 (The Finance Act, 2020),

20/11/2020

With Effect from Financial Year 2020-21 – Year 2021-22 (The Finance Act, 2020), an option to /Hindu undivided Family (HUF) has been provided to pay tax at concessional rates if they forgo certain or , set off of losses etc.

There were various queries/representations received to the of ( ) and on whether TDS is required to be deducted considering the New Tax regime or Not.

CBDT issued the vide Circular No. C1/2020 (F. No. 370142/13/2020-TPL) in respect of under 115BAC of the , 1961 in which the following has been given:-

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Regards,
Direct Tax Department
Maheshwari Rajiv & Co.
(Chartered Accountants)

With Effect from Financial Year 2020-21 – The assessment Year 2021-22 (The Finance Act, 2020),

19/11/2020

internal Control in business is part of every , its Standard Operating Procedures (SOP’s) must be there for its growth and . What if these are not followed? if it is not then your must be in wrong direction i.e. towards stage. One of the most important under these are , through which these things could be get into line also various cost effective procedures will be by the internal auditor. So it is essential for big as well as organisation to have Internal Auditor. This internal Audit team work mainly on the Internal Controls and to bring out the loopholes in the SOP’s of the , or to get into notice to the the loophole into system procedures (if any), if the team found the system error, it will drastically effect the .

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Internal Control in business is essential part of every organisation, its Standard Operating Procedures (SOP’s) must be there for its growth

18/11/2020

Through Digital India, various software and Robust Mechanism of income have made the Automation of to be from the department, for which panic and huge cost to professionals is being expensed by the . To this here are the which are required to be kept in mind which could attract the Notice from Income :-



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Through Digital India, various software and Robust Mechanism of income tax authorities have made the Automation of Notices to be issued from

09/11/2020

In case you have unutilized ITC lying in your ( ) and you are wondering if you could get a refund of such amount, then please note that the accumulated unutilized ITC can only be refunded in the following 2 cases:

- Zero-rated supplies made without payment of tax
- On account of the rate of tax on inputs being higher than the rate of tax on output supplies (other than nil rated or fully exempt supplies) – Inverted Duty Structure

This article specifically covers the procedure in the second case i.e. Inverted Duty Structure.

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In case you have unutilized ITC lying in your Electronic Credit Ledger then note that it can be refunded in 2 cases.. Click to know more..

07/11/2020

On this Occasion of Diwali, greeting people is considered to be good gesture with gifts etc. same thing is also expected by the Employee as well.

Gift to Employee/ is usually common on the occasion of Diwali or any other Festival but please keep in Mind GST provisions.

As per GST law, any from to exceeding the value of Rs.50,000 shall be liable to GST in India which means that if the employer gifts anything over Rs.50,000, then that shall be liable to tax under GST.

This diwali keep this in mind. For more information please read the below article.

With the arrival of the festive season, most of the organizations will be distributing gifts to employees, clients, friends and families. However, one should be very careful about GST provisions before distributing such gifts. Meaning of Employee under GST Provisions: Any person who is working under...

27/10/2020

Due date of filling LLP Form 8 for FY 2019-20 is 30.10.2020 as per the last and latest notification for LLP.

So the due date for Audit of FY 2019-20 would be same i.e. 30th October, 2020.

Hurryup guys get your Audit done for LLP and file form 8 at the earliest to avoid last minute rush, don't know for this whether date extends or not.



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Due date of filling LLP Form 8 for FY 2019-20 is 30.10.2020 as per the last and latest notification for LLP. So the due date for Audit of FY 2019-20 would...

27/10/2020

The Income Tax Act, 1961 provides an exemption to the Public Charitable trust and Religious trust u/s 11 (exemption from Income from property held for charitable or religious purposes) and u/s 12 (exemption Income of trusts or institutions from contributions). However, to claim an exemption under th...

02/10/2020

TDS deduction Ecommerce (Section 194O)

Kind Attention ECommerce Operator, Auditors and my dear friends,

As per The Finance Act 2020, E-Commerce operators should deduct TDS @1% at the time of credit of the amount of sale of goods, services, or both to the account of an e-commerce participant or at the time of making payment to an e-Commerce participant by any other mode, whichever is earlier.

Applicability from 01.10.2020

No TDS in case of:-

~ Non Resident Participant
~ For Resident if the amount, paid or credited to individuals/HUF during a financial year, does not exceed Rs 5 lakh.

In Case PAN nor Furnished:-

TDS must be deducted at the rate of 5%, as per provisions of Section 206AA.

Regards,
Direct Tax Team
Maheshwari Rajiv & Co.
(Chartered Accountants)

19/09/2020

Get ready for faceless assessment, CBDT has issued guidlines for compulsory faceless assessments unnder certain cases, accordingly number of assessment will increase.

As per guidlines selection of these cases are to be put up by 30th September 2020.

Whatchout if you are in the list check the notification.

Regards,
Direct Tax Department
Maheshwari Rajiv & Co.
(Chartered Accountants)

Get ready for faceless assessment, CBDT has issued guidlines for compulsory faceless assessments unnder certain cases, accordingly number of assessment...