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CA SRIYANS

What are the Impact of Robotics in Accounting?

Robotic Process Automation (RPA) has become one of the fast-growing concepts in globe where the world economy and market climate change in the blink of an eye. By deploying a machine bot to manage labor-intensive and repetitive activities, companies can optimize business processes. What is Robotic Process Automation (RPA)? Robotic Process Automation (RPA) is a technique of automating processes using intelligent software robots (bots) that identify and simulate human interactions… Read More »What are the Impact of Robotics in Accounting?

Section-194Q | TDS on Purchase of Goods | CBDT Clarification

Section-194Q (Tax Deducted at Source (TDS) On Purchase of Goods)-In this article we will know what clarification CBDT provide on the same? 1) Clarification on TDS under section-194Q on GST Component involved in Purchases TCS under section -206C (1H) was collected on Consideration received inclusive of GST since TCS Collection event under this section is “Receipt of Payment”. However for TDS under section -194Q TDS Deduction event is Credit of… Read More »Section-194Q | TDS on Purchase of Goods | CBDT Clarification

New Rules in TDS/TCS, Effective from 01 July 2021

The Finance Act 2021 has introduced two new changes in rules relating to TDS (Tax deducted at source) or TCS (Tax collected at source). A. Higher TDS/TCS rate for non-filer of IT returns Till now, a higher TDS rate was deducted only for those who did not have PAN. But from July 1st, a higher rate would be deducted if you have not filed IT returns in the last 2… Read More »New Rules in TDS/TCS, Effective from 01 July 2021

How to Avail Two GST Registration on One PAN Card

The Goods and Service Tax (GST) is a value-added tax inflicted on the supply of non-exempted goods and services. GST was implemented with an aim- One Nation One Tax, as it replaces various indirect taxes such as CST, service tax, VAT, and many more. According to the Section 25 (1) of the CGST Act, GST registration is essential to all the suppliers of non-exempted goods & services regardless of their… Read More »How to Avail Two GST Registration on One PAN Card

FSSAI License Number Mandatory On Invoices from 1st October 2021

FSSAI (The Food Safety and Standards Authority of India) makes FSSAI license Number mandatory for food businesses to communicate FSSAI license Number on invoice/bills from 1st October 2021. The food business ecosystem is huge and the 14-digit FSSAI no. of any food business operator is not easily visible & available to consumer/service recipient. If the FSSAI number is not available to consumer, expecting him/her to complain about complete coordinates is… Read More »FSSAI License Number Mandatory On Invoices from 1st October 2021

Conversion of Company into LLP – Taxation involved?

The following would not be recognized as ‘transfer’, and thus, no capital gain to be arise on the same: -Any transfer of an intangible asset or capital asset by a PVT. company or unlisted public company to a LLP. -Any transfer of a share held in the company by a shareholder as a result of conversion of the company into a LLP as per the Limited Liability Partnership Act, 2008-… Read More »Conversion of Company into LLP – Taxation involved?

Applicability of Section 194Q TDS on Purchase of Goods

In the Budget 2021-22, a new section 194Q introduced which will be effective from 1st July 2021. In order to broaden and deepen the tax base, it is proposed to levy a TDS of 0.1% on purchase transactions exceeding INR 50 lacs in a year. In order to minimize the compliance burden, it is also proposed to endow that the responsibility of deduction shall lie only on the persons whose… Read More »Applicability of Section 194Q TDS on Purchase of Goods

Basic Understanding of Corporate Social Responsibility (CSR) Rules

In this pandemic time many companies coming ahead and helping by donating oxygen concentrator, Ventilators, make COVID centres available to the needy institutions, etc. Many companies have donated to COVID relief funds or PM Care Funds. Most of these expenses done by the companies are through their Corporate Social Responsibility Fund (CSR Fund). Compliance under Provisions of Corporate Social Responsibility notified from 01 April, 2014 u/s 135 of The Companies… Read More »Basic Understanding of Corporate Social Responsibility (CSR) Rules

Charge and Hypothication under Companies Act, 2013

Charge according to the Companies Act, 2013 – section 2(16) refers to interest creation or a right on a property/asset of a company as a security against loan provided to the company in respect of such interest. Charge is created by Companies who have the requirement of financial assistance to make their companies productive and in doing so creating any right or interest in assets of companies. Charge also includes… Read More »Charge and Hypothication under Companies Act, 2013

Alternative Tax Regime for Individuals/HUFs u/s. 115BAC

As we are aware that income of Individuals/HUFs are taxable according to the progressive tax slabs. The maximum rate of tax payable is @30%, when income of Individual/HUF exceeds INR 10.00 Lacs in relevant previous year. The Central Government has inserted Section 115BAC w.e.f. AY 2021-22 to endow Optional Tax Regime to HUFs/individuals. Income Tax Rate under Alternative Tax Regime [As per Section115BAC]; Total Income      Rate of Tax Up to… Read More »Alternative Tax Regime for Individuals/HUFs u/s. 115BAC