The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs. The GST Council has made the following recommendations: 1. Levy of Compensation Cess to be extended beyond the transition period of five years i.e. beyond June 2022, for such period as may be required to meet the rev ..read more

Provision for Aadhar Authentication in GST Registration Big Changes under GST Registration such as Online Authentication of Aadhaar number issued in Notification No 62/2020-CT dt 20.08.2020. This Applies with effect from 21st August, 2020 at the time making an application for GST Registration  Aadhar authentication is compulsory for all new registration under GST.  Who are all Eligible for Aadhar Authentication:  Individual Karta(HUF)  Managing Director Whole-time director Partners Member of the managing committee of the association Board of trustees Authorised representat ..read more

Highlights: Tally Reports in Browser: Now comes with a new connect company setup for browser with seamless configuration and optional security controls to improve the onboarding experience. Dadra & Nagar Haveli and Daman & Diu: The new union Territory – ‘Dadra & Nagar Haveli and Daman & Diu’ is now supported. GST Provision is made to mark invoices as Supplies covered under section 7 of IGST during voucher entry to ensure these details are exported in GSTR 1 returns. Export GSTR-1 returns with the latest changes, these changes will be made live on the GST portal shortly. Prod ..read more

Say No to Cash Transaction. Know about the Cash Limit under the Income Tax Act. Due to digitalization, our economy is moving towards cashless transactions. This is a foolproof system that eliminates tax evasion and gives a clear picture of the cash transactions. Many new provisions are introduced by the Government for putting restrictions on unusual cash transactions and to boost the digital payments. We will discuss the important provisions of cash transaction limits and allowance/disallowance under the Income Tax Act.       1. Maximum of Rs. 10,000/- only allowed for Cas ..read more

  The most controversial issue has come to an end. Various references have been received from trade and industry seeking clarification whether the GST is leviable on Director’s remuneration paid by companies to their directors. CBIC has given clarification of levy of GST on the Director’s Remuneration on 10th June 2020 circular no 140/10/2020. Clarifications were raised whether the remuneration paid will fall under the scope of Schedule III of the CGST Act 2017 or under the limit of entry 6 of Notification No. 13/2017- Central Tax (Rate) dated 28th June 2017. Let us know the above provis ..read more

 All you need to know about Professional Tax. This article helps you to understand the clear concept of professional tax. What is the Procedure Involved in it? How Professional Tax is different from Income Tax? What is Professional Tax? Professional tax can be defined as an indirect tax that is levied by state governments in India on all persons who are earning a living through profession, trade, and employment. However, Different states have different rates and methods of collection.  But it has a maximum limit of INR 2500/- per year. The Professional Tax Slab Rate for Tamilnad ..read more

Do you agree Cash is the king, and then you need to know about the cash flow statement of your business? Cash is the basis of any business. That’s the reason we say Cash is the King which is a known element. Let’s have a wider look at what is cash flow statement, what is the purpose of creating it, what are the classifications, objectives, advantages, disadvantages, finally what it tells us. To brief it, we will have a complete study of the cash flow statement. Even a small concern needs enough cash for keeping operating its business activities smoothly. It is a key component of a company’s fi ..read more

In Basha film, Superstar Rajini Kanth defined the life cycle in eight stages, here in the Accounting cycle also we have eight stages. It is the Book Keepers’ responsibility to know all the eight stages to complete the accounting cycle. Here comes a Start up’s Guide about Accounting Cycle. The accounting cycle is the complete process of recording and processing all financial transactions of a company. The Process starts from the recording of individual transactions and ends on the preparation of financial statements and closing entries. Every Business should prepare its financial statements on ..read more

In this Post, we can analyze the provision relating to New Tax Regime, which helps us to decide whether to choose with the tax regime or to continue with the old tax regime. During the Budget 2020 speech, the Finance Minister Nirmala Sitharaman announced the insertion of a new section called 115BAC into the Income Tax Act in the Union Budget 2020. Section 115 BAC deals with an optional income tax regime for individuals and Hindu Undivided Families (HUFs) with lower tax rates and zero deductions/exemptions. The new system is applicable for income earned from 1 April 2020 (FY 2020-21), which re ..read more

Tally.ERP9 helps you track Salary Advance/loans given to employees and provides the flexibility to specify simple to complex criteria for Recovery of Salary Advances or loans viz., Flat or manual deduction, and provision of lump-sum loan recovery and so on. Tally.ERP9 also allows you to generate a Month wise break-up report for the amount of loan disbursed, recovery of installments made, and balance amount of Loan / Salary advance. Tracking of Salary Advances / Loans paid to employees are done by following the steps given below: Creation of Masters Modify / Alter Salary Details Payment of Sa ..read more