Is GST applicable on old and used car sales? Yes, GST shall be applicable to sale of old used cars. After the implementation of GST on sale of vehicles that are used and old were taxed at the same rate as applicable on new vehicles which were 28% + Applicable cess which was up to 15%, and...
Continue readingAlternate Director under section 161 of the Companies Act,2013
Introduction Section 161(2) of the Act empowers the Board if so authorized by its articles or by a resolution passed by the company in general meeting, to appoint a director termed as ‘alternate director’ to act in the absence of an original director during his absence for not less than 3 months from India....
Continue readingCancellation or Surrender or Deactivation of DIN
The Central Government or Regional Director, Noida or any officer authorized by Regional Director may, upon being satisfied on verification of particular or documentary proof attached with the application received along with fee from any person cancel or deactivate the DIN in following cases: Where DIN is found to be duplicated in respect of...
Continue readingReport V/S Certificate Issued by an Auditor
Certificate: A certificate is written confirmation of the accuracy of the facts stated therein and does not involve any estimate or opinion. Certificates are often required by government authorities in support of statements or other information prepared by an enterprise. Such certificates represent that the auditor has verified certain figures and is satisfied with...
Continue readingTaxation of Charitable/Religious Trust
Charitable trusts are the trusts which are formed charitable purposes like- to provide relief to poor, medical relief, education, preservation of environment/ monuments, the advancement of objects of general public utility, religious purpose, etc. Their taxation has always been a subject of concern. The income of such trust is taxed as per the provisions...
Continue readingAdvance Authorization Scheme
The government of India has introduced various types of schemes to increase exports made by the country. All import and export-related activities are governed by Foreign Trade Policy which is aimed at increasing the export and use trade expansion as an effective instrument of employment generation and economic growth. At present Foreign Trade Policy...
Continue readingHow to File Income Tax Return Using Form 16
Form 16 is a certificate issued under sec 203 of Income Tax Act for TDS (tax deduction at source) from salary. Form 16 shows a detailed record of tax deducted by the employer from the salary of the employees. Form16 includes complete details of salary, its components paid by the employer as well as...
Continue readingNational Financial Reporting Agency (NFRA)
As per power given under Section 132 of the Companies Act, 2013 Central Government (CG) has introduced a new regulatory authority for Financial Reporting known as National Financial Reporting Authority (NFRA). National Financial Reporting Authority (NFRA) shall recommend, enforce, and monitor the compliance of accounting and auditing standards. The Companies Act, 1956 empowers the...
Continue readingCorporate Social Responsibility (CSR)
Introduction Companies manage their businesses through Corporate Social Responsibility to produce an overall positive impact through environmental and social actions. It is a business strategy because to some extent a consumer wants to buy products from companies he trusts, a supplier may form business relations with companies he can rely on, an employee may...
Continue readingDelivery Challan
What is Delivery Challan? A delivery challan is a certificate/document created during the shipment of goods from one place to another which may or may not result in sales. This is sent along with the dispatched goods. It contains the details of the items shipped, the quantity of those goods, buyer, and delivery address....
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