About: “Input Service Distributor” means an office of the supplier of goods or services or both which receives tax invoices issued under section 31 towards the receipt of input services and issues a prescribed document for the purposes of distributing the credit of central tax, State tax, integrated tax or Union territory tax paid...
Continue readingTime, Place and Value of Supply
Why are the time place and value of supply important? Time of supply indicates the point in time when goods/services are considered supplied’. When the seller knows the ‘time’, it helps him identify the due date for payment of taxes. Place of supply is required for determining the tax to be charged on the...
Continue readingAccounts and Other Records
Every registered person is required to maintain all records at his principal place of business. Who must maintain accounts under GST? It is the responsibility of the persons to maintain specified records- The owner The operator of warehouse or godown or any other place used for storage of goods Every transporter Every registered person...
Continue readingAvailability of Input Tax Credit in Special Cases [Section 18]
A person who has applied for registration within 30 days from the date on which he becomes liable to registration and has been granted such registration shall be entitled to take credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on...
Continue readingPROCEDURE OF ACCEPTANCE OF DEPOSITS FROM MEMBERS
A company may, pass a resolution in general meeting and subject to such rules in consultation with the Reserve Bank of India, accept deposits from its members on such terms and conditions, including the provision of security for the repayment of such deposits with interest, as may be agreed upon between the company and...
Continue readingProhibition on acceptance of a foreign contribution
Certain persons and organizations prohibited from accepting foreign contribution No foreign contributions shall be accepted by any of the following: Candidate for election. Correspondent, columnist, cartoonist, editor, owner, printer, or publisher of a registered newspaper. Judge, government servant, or employees of any corporation or any other body controlled or owned by the government. Where...
Continue readingPowers of SEBI
Securities and Exchange Board of India (SEBI) is the regulatory body of the security and commodity market which is owned by the Government of India. SEBI has powers respect to same which are mentioned below: Regulating the business in the stock exchange and any other securities market. Registering and regulating the working of stockbroker,...
Continue readingConcurrent Audit in Bank
Meaning: It is an examination which is conducted within a few time with the occurrence of transactions. It tries to shorten the time gap between a transaction and its examination by an independent person who is not involved in its documentation. There is an emphasis in favor of deep checking in key areas rather...
Continue readingINFORMATION SYSTEM AUDIT OR INFORMATION TECHNOLOGY AUDIT (IS AUDIT)
Information System (IS) audit is a systematic process of objectively obtaining and evaluating evidence/ information regarding the proper implementation, operation, and control of information and the Information System resources. Information Technology (IT) in banks and financial institutions, has facilitated greater systemic efficiency in the banking and financial sector. It has introduced new areas of...
Continue readingPeer Review Board
What is the Peer Review? It means a review of work done by a professional, buy another professional of similar standing. It is a regular mechanism for monitoring the performance of professionals for maintaining the quality of service expected of them for enhancing the reliance placed by the users of financial statements for economic...
Continue reading