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From October 1, 2020, foreign remittance under LRS (Liberalized Remittance Scheme) or payment for any foreign tour package will attract TCS (Tax Collected on Source) @ 5%. When income tax department found that out of 5,026 selected cases of foreign remittance, … Continue reading
Taking benefit of low Bank FD interest and low/negative return on equity mutual funds, many insurance agents are marketing pension plan heavily for safe guaranteed return. However, they may not be a good investment for you on Risk Adjusted After … Continue reading
Taking benefit of low Bank FD interest and low/negative return on equity mutual funds, many MF agents are marketing medium/long duration funds for low risk investments. However, they may not be a good investment for you on Risk Adjusted Basis. … Continue reading
UDYAM (MSME) REGISTRATION PROCESS: Step-wise and Other important related information CONTENT Introduction and Salient features of registration process New Registration Process: Point-wise information required Registration of existing registered enterprises Udyam Registration Certificate Updation of information Change in Classification Penalty for false … Continue reading
Udyam Registration (Effective from July, 2020): DEFINITION, ELIGIBILITY AND ISSUES CONTENT A. Definition of MSME B. Activities (NIC codes) not covered under MSMED Act, 2006 for registration C. How to Calculate Investment and Turnover? D. Answers to queries relating to … Continue reading
Dear All, Knowledge Sharing Initiative: e-Library of details of useful video with link The Covid-19 has created a huge impact on the economy, system, and the way people used to live. There are few positives also in this pandemic. There … Continue reading
On April 23, late evening, Franklin India Mutual Fund shut down 6 debt mutual fund schemes. No financial transaction – Purchase, SIP, STP, SWP, or Redemption would be allowed after April 23, 2020 1:00 pm cut off time. These schemes … Continue reading
On March 27, 2020, RBI introduced very important measures to combat adverse effect of covid-19 on the Indian economy. These measures are summarized, explained in simple terms and analyzed for its effect below. Overall effect of these measures on various … Continue reading
COVID-19 : How can ‘Work from Home’ be implemented? SAFETY FIRST : Measures should be taken to prevent spreading COVID-19 : Work from Home policy should be adopted as Safety of Staff, Articles and family members is our Prime Responsibility. … Continue reading
Extreme Risk Aversion due to Corona virus (COVID-19) has impacted all financial assets drastically with global market indices losing 30%+ in less than a month, gold touching Rs. 45,000 and emerging market currencies experiencing extreme pressure. Also in India, FIIs … Continue reading
Who must file: A Green card holder, a US citizen or any person considered a resident for tax purposes need to file an Income Tax return – 1040 by April 15, 2020. An extension of 6 months is available just … Continue reading
IRS Form 1065 – U.S. Return for Partnership A partnership must be an association of two or more taxpayers with the objective of making a profit. A business operated as a partnership is not recognized as a taxable entity under … Continue reading
US TAX RETURNS – CA Vishal Jagetiya, CA Shivam Thakkar 1. Introduction The U.S. tax system is set up under both a federal and state level. There are several types of taxes such as income, sales, capital gains, etc. Federal … Continue reading
Overview of New GST Returns (Applicable from April 2020) 1. Background The GST Council approved a new simplified GST return format in its 27th Council meeting. The new GST return aims at enhancing transparency and accuracy of the return … Continue reading
Future of Accounting:- Cloud based solutions A couple of times, we have heard desktop based accounting is good and it will give more control over accounts and secrecy of data. Well, this blog aims at debunking the above statement. In … Continue reading
Generation of Unique Document Identification Number (UDIN) is made mandatory for all other audit, assurance and attestation functions by ICAI w.e.f. 1st July, 2019. Therefore this is first year where the statutory auditor of companies (including private limited company) has … Continue reading
