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CA VK Agrawal

MSME – Investment limits, Registration, Benefits & role on Indian Economy

Micro, Small and Medium Enterprises is also known as MSMEs are the backbone of Indian economy. MSME operating in various areas across the country silently, more than six crore MSMEs have an important role to play in building a stronger and self-reliant India. These small economic engines have a big impact on the country’s GDP-making a contribution of 29%. In addition, more than 11 crore people have got job in… Read More »MSME – Investment limits, Registration, Benefits & role on Indian Economy

Why A Good CIBIL Score Is Key To Get A Personal Loan Quickly?

A person who have applied for a loan would be well aware of a credit score, but first-time loan appliers are often confused about the term. So, they must know what a credit score is? Most borrowers are unaware that a credit score makes a direct impact on your personal loan application. What is a Credit Score? A credit score is a numerical representation of a credit history of a… Read More »Why A Good CIBIL Score Is Key To Get A Personal Loan Quickly?

Taxation of Dividend Income – Complete Guide

Finance Act 2020 has made important amendments to the taxation of dividends. With these amendments the general concept that dividends are exempt is no longer the same. First, we will understand the two types of dividends: Interim Dividend – It refers to the amount paid by the company to their shareholders as dividend during the year. Final Dividend – It refers that for the give financial year the amount paid… Read More »Taxation of Dividend Income – Complete Guide

Section 206AA Mandatory Requirement of Furnishing PAN-TDS

Section 206AA has been introduced to endow that any person whose receipts are subject to deduction of tax at source i.e. the deductee, shall essentially furnish his/her PAN to the deductor failing which the deductor shall deduct tax at source at higher of the these rates – Applicable rate of TDS or At the rate of Twenty Percent Additional Points Related To Section 206AA No certificate u/s 197 will be… Read More »Section 206AA Mandatory Requirement of Furnishing PAN-TDS

TDS on Goods (Section 194Q) Ready Reference Guide

What is the applicability? With effect from 1st July, 2021; On aggregate value of purchase exceeding INR 50 lacs from a single seller in a financial year. To buyer whose turnover from business exceeds INR 10 Crore during preceding financial year i.e. excluding GST; and Only on purchase of Goods What is the Non-Applicability? TDS is deductible under any other provisions of Income Tax Act; TCS is collectible under any… Read More »TDS on Goods (Section 194Q) Ready Reference Guide

ITC availability on COVID supplies provided by Corporates to Employees & Others

In a month ago, Country was in requirement for a lot of medicine, equipment supplies and now the vaccinations. There are no. of employers who had come forward to either help their employees or the society by providing such materials at free of cost. In this pandemic time, supplies like masks, sanitizers, thermal scanners, vaccines are going to be a regular procurement which shall be provided for employees as the… Read More »ITC availability on COVID supplies provided by Corporates to Employees & Others

HSN & SAC Code Mandatory in Invoice & Form GSTR-1

HSN and SAC Code are compulsory In Invoice &Form GSTR-1 with effect from 01 April 2021 We are discussing here on mandatory mentioning of HSN & SAC Code in Invoice and Form GSTR-1 as per amendments to GST Law, with effect from 01 April 2021. In recent changes about mandatory to mention HSN & SAC Code in Tax Invoice and furnishing inward & outward details at box no 12 of… Read More »HSN & SAC Code Mandatory in Invoice & Form GSTR-1

Consequences of Not Filing a Declaration for Commencement of Business in e-Form INC-20A

E-Form INC-20A is needed to be filed Pursuant to Section 10A (1) (a) of the Companies Act, 2013 and Rule 23A of the Companies (Incorporation) Rules, 2014 for the purpose of Declaration for Commencement of Business. Commencement of Business – Section 10A A company incorporated after the commencement of the Companies (Amendment) Ordinance, 2018 and having a share capital will not commence any business or exercise any borrowing powers unless-… Read More »Consequences of Not Filing a Declaration for Commencement of Business in e-Form INC-20A

Procedure or Checklist: GSTR-9C

Every registered person whose turnover during a FY exceeds the prescribed limit of INR 2 crores shall get his/her accounts audited by a CA or a cost accountant. GSTR-9C is a statement of reconciliation between: The Annual Returns in GSTR-9 filed for a financial year The figures according to the taxpayer’s audited annual Financial Statements. It can be presumed to be similar to that of a tax audit report evolved… Read More »Procedure or Checklist: GSTR-9C