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  • All About Dynamic QR Code on B2C Invoices Under GST

    1. The CBIC vide Notification No. 14/2020-Central Tax, as amended by Notification No. 71/2020-Central Tax mandates that the taxpayers with an annual turnover of more than Rs.500 crore in any preceding financial year (starting from 2017-18) are compulsorily required to display QR (Quick Response ) code on their B2C invoices from 1st December 2020 (initially was from

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  • All About Tax on Interest earned on PF – A Shot Hits the Bull’s Eye

    There are only a few investment opportunities which operate in a complete Exempt-Exempt-Exempt Category (EEE). An Investment with EEE status that too without any threshold limit is a goldmine for the taxpayer but a landmine for the revenue. Possibly, contribution to employee provident fund is the only investment which has a EEE status without any threshold limit. The Govt. has attempted many times in the past to allow the EEE status for the

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  • All About New Stress Resolution Tool in India

    Over the past decade Indian Jurisdictions has been experimenting with new stress resolution tools. Indian business eco-system has witnessed numerous initiatives taken by Reserve Bank of India in the form of Corporate Debt Restructuring Cell (CDR), Joint Lenders' Forum, Strategic Debt Restructuring Scheme and framework for resolution of stressed assets (June 7 Circular). In addition to these the Indian ecosystem has also seen legislative

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  • All About Section 16 Zero Rated Supply (IGST Act)

    Section 16 - Zero rated supply of Online IGST ACT - THE INTEGRATED GOODS AND
    SERVICES TAX ACT, 2017
    16. (1) “zero rated supply” means any of the following supplies of goods or services
    or both, namely:––
    (a) export of goods or services or both; or
    (b) supply of goods or services or both to a Special Economic Zone developer
    or a Special Economic Zone unit.
    (2) Subject to the provisions of sub-section (5) of

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  • All About Bank Audit Check List & Procedure (Concurrent Audit)

    1. Introduction to Concurrent Audit

    As the name itself suggests, it is an audit that takes place at the moment when transactions take place, that means it is parallelly conducted. Unlike most audits that are post transactional review, the concurrent audit is as and when transactions take place. It gives an early warning to ensure timely detection of irregularities and lapses.

    2.

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  • FAQs on Compliance functions in banks & Role of CCO

    Q.1 As per Para 2.1, the compliance function is expected to ensure compliance to all applicable statutory provisions, apart from other rules, regulations and code of conducts. As different groups/departments in the banks are responsible to ensure compliance to different statutory requirements, what would be the exact expectations from the compliance functions?

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  • All About DAM (Digital Asset System)

    You wouldn’t buy an Audi R8 and leave it out in the elements during the winter, so why treat your digital marketing assets with any less love?

    Businesses are spending between $150 million and $250 million on digital content related activities every year. Effectively making this content one of the most valuable commodities owned by modern-day enterprises. With that kind of investment, it’s critical that brands also put some budget

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  • Article on Additional condition for availing Input Tax Credit imposed vide Budget 2021

    Recently, the Union Budget 2021, presented on 1st February 2021, has come up with the proposal of satisfaction of one more additional condition for availing Input Tax Credit under Goods and Services Tax (i.e., GST).

    Accordingly, the provisions of section 16 of the Central Goods and Services Tax Act, 2017 covering eligibility and conditions for taking Input Tax Credit are proposed to be amended. The present article explains the new

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  • Note on Budget 2021 – Luring Foreign Investors all the Way

    1. Benefit of Tax Treaty while taxing Dividend Income
    Dividend received by an FPI investors is currently taxable @ 20% (plus surcharge and cess). The company paying dividend accordingly withholds tax. The FPI may claim the lower rate of tax prescribed under the tax treaty subject to satisfaction of certain conditions. Since most of the FPIs come from the countries which have tax treaties with India and provide for concessional rate of

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  • Tax on EPF interest: How will TDS be applied?- A Guide Book

    Budget 2021 has left income-tax rates and slabs unchanged. But it found way to tax the rich and super rich by taxing the interest earned on Employee’s Provident Fund (EPF) contributions in excess of Rs 2.5 lakh in a financial year.

    While we await further clarifications from the finance ministry on how exactly the interest would be computed and taxed, here’s a glimpse of how it may be operationalised.

    Also read: The complete

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  • How to Save Income Tax In 2020-21

    #1 Take a life insurance policy.

    The best way to secure your life and the financial future of your loved ones is to buy a life insurance plan. Life insurance can be in the form of Unit Linked Insurance Plan (ULIP), plans

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  • Instructions- Relief To Senior Citizen From Filing Income Tax Return

    Home with strong roof protects its members from rain, heat and Storm. Similarly Senior Citizens are shield whose experience and old age sense protects our house and nation from any type of problem. They worked hard in their whole life to give everything to their children and to nation. Hon’ble FM Smt. Nirmala Sitaraman begins tax proposals of Budget 2021 by offering

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