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Introduction:Auditmeans the examination of records maintained by the registered person. The audit aims to verify the correctness of information declared and to assess compliance with the provisions of the CGST Act. Types of Audit under GST:There are three types of Audit under the GST Act 2017. Details are as indicated below:- Sr. No. Statutory Provision…
Introduction:In current choice of investment avenue can make or break the realisation of financial dreams. It is because of the forces of inflation and taxes. These tend to reduce the purchasing power of your money and impede faster wealth accumulation. Along with percentage of return one needs to understand what will be the taxability of…
What is Section 194N According to Finance Act, 2020 read with various notification issued from time to time new section i.e. 194N is applicable in case of cash withdrawals of more than Rs 1 croreduring a financial year. Further this limit will be reduced to Rs. 20 Lahks in case where ITR for immediately three…
Remedy available with Suppliers in case of default in payment by debtor When it can be said that there is default in payment? Default is the failure to repay a debt including interest or principal on a loan or security. A default can occur when a borrower is unable to make timely payments, misses payments,…
Transparent Taxation Scheme Details: Recently government had initiated a concept of Maximum Governance and Minimum Government for honoring taxpayers. Our Honorable Prime Minister has stated that our Tax system will be sseamless, painless and faceless and there will be new reforms such as face-less assessment, faceless appeal & taxpayers charter. Accordingly, Faceless Assessment along with…