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CA SRIYANS

Basic Understanding of Corporate Social Responsibility (CSR) Rules

In this pandemic time many companies coming ahead and helping by donating oxygen concentrator, Ventilators, make COVID centres available to the needy institutions, etc. Many companies have donated to COVID relief funds or PM Care Funds. Most of these expenses done by the companies are through their Corporate Social Responsibility Fund (CSR Fund). Compliance under Provisions of Corporate Social Responsibility notified from 01 April, 2014 u/s 135 of The Companies… Read More »Basic Understanding of Corporate Social Responsibility (CSR) Rules

Charge and Hypothication under Companies Act, 2013

Charge according to the Companies Act, 2013 – section 2(16) refers to interest creation or a right on a property/asset of a company as a security against loan provided to the company in respect of such interest. Charge is created by Companies who have the requirement of financial assistance to make their companies productive and in doing so creating any right or interest in assets of companies. Charge also includes… Read More »Charge and Hypothication under Companies Act, 2013

Alternative Tax Regime for Individuals/HUFs u/s. 115BAC

As we are aware that income of Individuals/HUFs are taxable according to the progressive tax slabs. The maximum rate of tax payable is @30%, when income of Individual/HUF exceeds INR 10.00 Lacs in relevant previous year. The Central Government has inserted Section 115BAC w.e.f. AY 2021-22 to endow Optional Tax Regime to HUFs/individuals. Income Tax Rate under Alternative Tax Regime [As per Section115BAC]; Total Income      Rate of Tax Up to… Read More »Alternative Tax Regime for Individuals/HUFs u/s. 115BAC

Taxability Of Interest On Excess PF Contribution-New Threshold Limit & Manner Of Tax Computation

The Government has increased the deposit threshold limit to INR 5 lacs per annum in the provident fund for which interest would continue to be tax-exempt if there is no employer contribution. This announcement by the Finance minister Mrs. Nirmala Sitharaman was part of the amendments which was made to the Finance Bill, 2021 at the time of passing of the Bill on 23 March. Provident Funds Where Employer Do… Read More »Taxability Of Interest On Excess PF Contribution-New Threshold Limit & Manner Of Tax Computation

Important Points While Filing GSTR-1 From 01st May 2021 Onwards

Major Change in GST to be executed in GSTR 1 filed from 01st May 2021 onwards. 01st April 2021 marked the new change for imposition of 4 digit/6 digit /8 digit Harmonized System of Nomenclature (HSN)/ Services Accounting Code (SAC) codes. These are the important points need to be noted for the GSTR-1 for the month of April 2021 to be filed from 01st May 2021 onwards: GST returns need… Read More »Important Points While Filing GSTR-1 From 01st May 2021 Onwards

Section 194LBA | TDS on Certain Income from Units of a Business Trust

Who is responsible to deduct tax under section 194LBA? An individual who makes payment of income according to the section 115UA which is payable by a business trust to their unit holder is needed to deduct tax at source. This kind of unit holder can be a non-resident or resident (but not a company). When to Deduct TDS under Section 194LBA? The time of TDS deduction is earlier of, the… Read More »Section 194LBA | TDS on Certain Income from Units of a Business Trust

Input Tax Credit under GST Law- Is it a Vested Right?

A vested right counted as an absolute right over any asset which cannot be taken over without the consent of its owner. Nature of ITC under GST Law The CGST Act, 2017- Section 16 contains detailed provisions regarding eligibility & conditions for taking input tax credit. Section 16(1) is the elementary provision in the GST Law which confers the eligibility to claim ITC to every registered person. However, the eligibility… Read More »Input Tax Credit under GST Law- Is it a Vested Right?

Online Unblocking Of E-Way Bill

Few Days before the government has come up with a significant change with regards to the e-way bill generation facility on the web portal of e-way bill. E-way bill generation is blocked for taxpayers who have not filed their returns for the previous 02 consecutive months/quarters. Therefore, if a taxpayer has not filed GSTR-3B for two or more consecutive months, then he/she cannot generate e-way bills to do dispatches and… Read More »Online Unblocking Of E-Way Bill

Deferred Tax Asset and Deferred Tax Liability

Deferred Tax Liability (DTL) and Deferred Tax Asset (DTA) forms an essential part of Financial Statements. This adjustment made at end of year closing of Books of Accounts affects the Income-tax outgo of the Business for that year as well as the years ahead. What Is a Deferred Tax Asset? Items on a balance sheet of company that may be used to reduce taxable income in the future are called… Read More »Deferred Tax Asset and Deferred Tax Liability