Two key dates to remember 30th Sep & 30th Nov for ITR filling this Year 2020
Last date for filing ITR (Income tax return) for FY 2018-19 and FY 2019-20 1. 30th September 2020 for belated income tax return filling of Financial year 2018-19 The last…
Summary of Ind AS 16 Property Plant and Equipment
This Content/P.D.F is prepared by Prerana Tata who is CA Final student and aims to enhance knowledge and specifically for exam-oriented and not replaces any professional advice.
Summary of Ind AS 116 Leases
This Content/P.D.F is prepared by Prerana Tata who is CA Final student and aims to enhance knowledge and specifically for exam-oriented and not replaces any professional advice.
Summary of Ind AS 102 Share Based Payment
This Content/P.D.F is prepared by Prerana Tata who is CA Final student and aims to enhance knowledge and specifically for exam-oriented and not replaces any professional advice.
Question Bank for CA Final Financial Reporting (New) November 2020
This Question Bank for CA Final Financial Reporting (New) November 2020 compiled By CA Kartik Jindal (AIR-9 CA Final) in November 2019.
late filing fees of GSTR 9
Penalty for late filling of GSTR 9 As per Section Section, 47(2) provides that where any registered person fails to furnish an annual return by the due date total late…
India introduces Aadhar based authentication for GST Registration
GST registration in 3 days ‘Physical verification of business place is required if Aadhaar is NOT authenticated: CBIC’ Notification No 62/2020 dated 20/08/2020 (a) If a person applying for GST…
Extension of AGM
Clarification on Extension of Annual General Meeting (AGM) for the financial year ended as at 31.03.2020- Companies Act, 2013: The matter after examined regarding holding of AGM through video conferencing…
Summary of Ind AS 2 Inventory
This Content/P.D.F is prepared by Prerana Tata who is CA Final and aims to enhance knowledge and not replaces any professional advice.
Summary of IND AS 7 Cash flow Statement
This Content/P.D.F is prepared by Prerana Tata who is CA Final and aims to enhance knowledge and not replaces any professional advice.
ITR DUE DATE EXTENDED FOR A.Y 19-20
ITR due date for A.Y 19-20 (i.e. F.Y 18-19) is extended from 31st July 2020 to 30th September 2020. See the Notification below
NIC Code of Manufacture of prepared animal feeds
This class excludes: - production of fishmeal for animal feed, see 1020 - production of oilseed cake, see 1040 - activities resulting in by-products usable as animal feed without special…
NIC Code of Manufacture of prepared meals and dishes
This class includes manufacture of ready-made (i.e. prepared, seasoned, and cooked) meals and dishes, in frozen or canned form. These dishes are usually packaged and labeled for resale, i.e. this…
NIC Code of Manufacture of macaroni, noodles, couscous and similar farinaceous products
Manufacture of macaroni, noodles, couscous and similar farinaceous products This class includes manufacture of pastas such as macaroni and noodles, whether or not cooked or stuffed, manufacture of couscous, manufacture…
Manufacture of cocoa, chocolate and sugar confectionery
This class excludes: - manufacture of sucrose sugar, see 1072 This is covered under the division of 107 and grouping of 1073 and has several codes (refer below) 10731 …
NIC Code of Manufacture of sugar
Manufacture of sugar This class excludes: - manufacture of glucose, glucose syrup, maltose, see 1062 This is covered under the division of 107 and grouping of 1072 and has several…
NIC Code of Manufacture of bakery products
NIC Code of Manufacture of bakery products This class excludes: - manufacture of farinaceous products (pastas), see 1074 - manufacture of potato snacks, see 1030 - heating up of bakery…
NIC Code of Manufacture of grain mill products
Manufacture of grain mill products This class excludes: - manufacture of potato flour and meal, see 1030 - wet corn milling, see 1062 10611 …
NIC Code of Manufacture of dairy products
Manufacture of dairy products This class excludes: - production of raw milk (cattle), see 0141 - production of raw milk (camels, etc.), see 0143 - production of raw milk (sheep,…
NIC Code of Manufacture of vegetable and animal oils and fats
Manufacture of vegetable and animal oils and fats This class excludes: - rendering and refining of lard and other edible animal fats, see 1010 - wet corn milling, see 1062…
NIC COde of Processing and preserving of fruit and vegetables
Processing and preserving of fruit and vegetables This class excludes: - manufacture of flour or meal of dried leguminous vegetables, see 1061 - preservation of fruit and nuts in sugar,…
NIC Code of Processing and preserving of fish, crustaceans and molluscs and products thereof
Processing and preserving of fish, crustaceans and molluscs and products thereof This class excludes: - processing of whales on land or specialized vessels, see 1010 - production of oils and…
NIC Code of Processing and preserving of meat
NIC Code of Processing and preserving of meat This class includes non-edible by-products This class excludes: (I) Manufacture of prepared frozen meat and poultry dishes, see 1075 (II) Manufacture of…
NIC Code of Mining of iron ores
NIC Code of Mining of iron ores This class includes mining of ores valued chiefly for iron content, beneficiation and agglomeration of iron ores This class excludes: - extraction and…
Nic Code of reservation service and related activities
Other reservation service and related activities This class includes the activities of marketing and promoting of services for visitors by providing information and assistance to organizations to locate accommodation, convention…
NIC Code of Tour operator activities
NIC Code of Tour operator activities This class includes the activities of arranging and assembling tours that are sold through travel agencies or directly by tour operators. This class also…
NIC Code of Travel agency activities
Travel agency activities This class includes the activities of agencies, primarily engaged in selling travel, tour, transportation and accommodation services to the general and commercial clients. This is covered under…
NIC Code of Veterinary activities
Veterinary activities These activities include the provision of animal health care and control activities for farm animals or pet animals. These activities are carried out by qualified veterinarians in veterinary…
NIC Code of Market research and public opinion polling
Market research and public opinion polling This class includes an investigation into market potential, acceptance and familiarity of products and buying habits of consumers for the purpose of sales promotion…
NIC Code of Advertising
This class includes the provision of a full range of advertising services (i.e. through in-house capabilities or subcontracting), including advice, creative services, production of advertising material, media planning, and…
NIC Code of Other professional, scientific, and technical activities n.e.c.
This is covered in the Division of 74 and group7490 Other professional, scientific, and technical activities n.e.c. 74901 …
NIC Code of Specialized design activities
Specialized design activities This class excludes: architectural and engineering design, see 7110 74101 Fashion design…
NIC Code of Photographic activities
Photographic activities covered under division 74 and group 742 : This class excludes: - processing motion picture film related to the motion picture and television industries, see 5911 - cartographic…
Documents Required For GST Registration for sole proprietorship
Documents Required For GST Registration for sole proprietorship Proprietor Pan Card Proprietor Email ID and Mobile Number. Proprietor Aadhaar Card Proprietor Photo Business address with proof in case of ownership…
NIC CODE OF Tobacco Products
This is covered in Division 12 then further in 1200 series Refer Below Manufacture of tobacco products This class excludes: growing or preliminary processing of tobacco, see 0115, 0163 12001 …
NIC Code of Manufacture of Mineral Water and soft water
This is under 11 then 1104 Manufacture of soft drinks; production of mineral waters and other bottled waters This class excludes: - production of fruit and vegetable juice, see 1030…
Nic code of tea, coffee and other beverage crops
Nic code of Beverage crops Growing of beverage crops 01271 Growing of tea 01272 …
One Time Measure to Solve grievances due to Non-Submission of ITR Form for Verification
Circular dated 13 July 2020, provides One-time measure for resolving the grievances of the taxpayers associated with non-filing of ITR-V for earlier Assessment Years and to regularize such returns which…
Benefits of filling ITR
Some people think why to file ITR with low income/ income not exceeding the specific limit, here are some cool 8 advantages to file the return without exceeding the income:…
Procedure for filling Nil Gst Return through SMS
GST taxpayers with NIL outward supplies would not be required to log on to the GST Portal and would be able to file their NIL statement in FORM GSTR-1 and…
Classification of enterprises Under MSME effective from 1st July 2020
Effective from 1st July 2020 An enterprise shall be classified as a micro, small or medium enterprise on the basis of the following criteria, namely:-- (i) a micro enterprise, where…
Calculation of turnover for M.S.M.E
Effective from 1st July 2020, there is a new criteria (ie. turnover) to be ascertained before applying for MSME registration under Micro, small and medium enterprises. (1) Exports of goods…
Existing MSME Valid till 31st day of March, 2021
Effective from 1 st July 2020, (1) All existing enterprises registered under EM–Part-II or UAM shall register again on the Udyam Registration portal on or after the 1 st day…
Calculation of Investment in Plant and Machinery for M.S.M.E
Effective from 1st July 2020, there is a change in investment in plant and machinery concepts so aware while taking MSME registration under the MSME Act. The below factors should…
Further extension of time for submission of financial results for the quarter/half year/financial year ending 31st March 2020
SEBI, vide circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/38 dated March 19, 2020 and circular No. SEBI/HO/DDHS/ON/P/2020/41 dated March 23, 2020, had extended the timeline for submission of financial results under regulations 33 and…
Recommendations of GST council related to Law & Procedure
1. Measures for Trade facilitation: Reduction in Late Fee for past Returns: As a measure to clean up pendency in return filing, a late fee for non-furnishing FORM GSTR-3B for…
Have you checked the revised eligibility of MSME effected from 1st July 2020
There is a change in Turnover criteria for Medium enterprises. It is increased from 100 crores to 250 crores (old definition) (i) a micro-enterprise, where the investment in Plant and…
National Directives for Covid-19 Management
Face coverings: Wearing of face cover is compulsory in public places; in workplaces, and during transport. Social distancing: Individuals must maintain a minimum distance of 6 feet (2 gaz ki…
Lockdown ends in outside containment zones except some activities allowed in Phased manner
Lockdown ends in outside containment zones except some activities allowed in Phased manner, Let's check phase Phase I The following activities will be allowed with effect from 8 June, 2020:…
Lockdown extended in the Containment Zones till 30 June, 2020
Lockdown extended in the Containment Zones till 30 June, 2020. Containment Zones will be demarcated by the District authorities after taking into consideration the guidelines of MoHFW. In the Containment…
Is Company eligible to contribute in Prime Minister’s National Relief Fund as C.S.R Activity
In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following further amendment to…
What is direct investment outside India?
Direct investment outside India means investments, either under the Automatic Route or the Approval Route, by way of contribution to the capital or subscription to the Memorandum of a foreign…
Is B2B business require to provide facilities for accepting payments through electronic modes
Is B2B business required to provide facilities for accepting payments through electronic modes section 269SU of the Income-tax Act, 1961 -Refer full article To encourage digital transactions and move towards…
Rs.2500 crore EPF Support for Business & Workers for 3 more months
Under Pradhan Mantri Garib Kalyan Package ( payment of 12% of employer and 12% employee contributions was made into EPF accounts of eligible establishments This was provided earlier for salary…
Lets check what measures taken by Reserve Bank of India under Self Reliant India (आत्म निर्भर भारत अभियान)
Announced special refinance facilities to NABARD, SIDBI and the NHB for a total amount of 50,000 crores at the policy repo rate Announced the opening of a special liquidity facility…
Check Revised Definition of M.S.ME to avail free registration and so much benefits from government for businesses
Announcement Definition of MSMEs will be revised There is a change in Investment limit Additional criteria of turnover is introduced Distinction between manufacturing and service sector to be eliminated Refer…
Global tenders to be disallowed upto Rs 200 crores under Self Reliant India (आत्म निर्भर भारत अभियान)
Indian MSMEs and other companies have often faced unfair competition from foreign companies. Therefore, Global tenders will be disallowed in Government procurement tenders up to Rs 200 crores Necessary amendments…
Rs 50,000 crores liquidity through TDS/TCS rate reduction
In order to provide more funds at the disposal of the taxpayers, the rates of Tax Deduction at Source(TDS) for non-salaried specified payments made to residents and rates of Tax…
Section 161(1) of the companies act 2013-Appointment of additional director
section 161(1) of the companies act 2013- Appointment of additional director The Article of a company may confer on its boards of director power to appoint any person as an…
Clarification in respect of residency under section 6 of the Income tax Act, 1961 due to Covid-19 lockdown
Section 6 of the Income-tax Act, 1961 (the Act) contains provisions relating to the determination of the residency of a person. The status of an individual, as to whether he…
Annual Returns of G.S.T is further extended till 30th September 2020
In exercise of the powers conferred by sub-section (1) of section 44 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to…
NOTIFICATION No. No. 40/2020–Central Tax issued to extend the validity of e-way bill till 31.05.2020
In exercise of the powers conferred by section 168A of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said…
ICAI again rescheduled the exam and now to be held from 29 th July 2020-Refer Schedule
In view of the COVID-19 pandemic, the Icai rescheduled and the said examinations shall now be held from 29th July 2020 to 16th August 2020 Refer Schedule for exam
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FAQs on Filling forms under Vivad Se Vishwas Scheme
Notification issued by Income tax department for clarification of doubts under Vivad Se Vishwas Scheme.
Clause 30C and Clause 44 of the Tax Audit Report shall not applicable till 31st March, 2021
Section 44AB of the Income-tax Act, 1961 ('the Act') read with rule 6G of the Income-tax Rules, 1962 ('the Rules') requires specified persons to furnish the Tax Audit Report along…
M.C.A. EXTEND-PERIOD/DAYS FOR NAMES RESERVED AND RESUBMISSION OF FORMS
Mca extended the period for name reserve and various resubmission of forms, Refer notification
Due date of holding of annual general meetings whose financial year has ended on 31st December, 2019 due to covid-19
After receiving Several representations from stakeholders with regard to difficulty in holding annual general meetings (AGMs) for companies whose financial year ended on 31st December 2019 due to COVID-1 9.…
Pf due date extension for March and February 2020
Considering the unprecedented situation created by COVID-19 and lockdown announced by the Central Government from 24.03.2020 midnight onwards to prevent the spread of Covid-19. Authority has decided to allow a…
Detailed Analysis of Section 162 of Companies Act 2013
Detailed Analysis of Section 162 of Companies Act 2013 ( Appointment of directors to be voted individually) to understand the section with updated notification till date in a better way…
Detailed analysis of section 167 of companies act 2013
Detailed Analysis of Section 167 of Companies Act 2013 Vacation of office of a director to understand the section in a better way Section 167(1) of Companies Act 2013 The…
Frequently Asked Questions (FAQs) on Corporate Social Responsibility(CSR) relating to Covid-19
Refer Mca notification relating to covid-19 Frequently Asked Questions (FAQs) on Corporate Social Responsibility(CSR).
Section 164 of Companies Act 2013
Detailed Analysis of Section 164 of Companies Act 2013 – Disqualification for the appointment of a director in order to understand the section in a better way As per…
Detailed Analysis of Section 164 of Companies Act 2013
Detailed Analysis of Section 164 of Companies Act 2013 – Disqualification for the appointment of a director in order to understand the section in a better way As per Section…
Detailed analysis section 164(2) of companies act 2013
section 164(2) of companies act 2013 Detailed Analysis of section 164(2) of companies act 2013- Disqualification by reason of a default made by a company A person who is or…
Otherwise definition as per rule 2(1)K of the companies (Appointment and qualification of directors) rules 2014
otherwise means any offence in respect of which a person is convicted by a court under the companies act 2013 or company act 1956 { as per rule 2(1)K of…
Detailed Analysis of Section 160 of companies act 2013
Analysis of section 160 of companies act 2013 in a detailed way to understand the concept and rules in an easy way As per section 160 of companies act 2013…
Analysis of definition of business as per Ind AS 103- Business combination
Definition of Business A Business Consists of inputs and processes applied to the input to those inputs that have the ability to create output. Three Elements Inputs: Any economic resources…
DIN holder can file DIR-3KYC/DIR-3 KYC-Web and Company having active non-compliant status can be corrected till 30th September 2020
DIN holders of DINs marked as ‘Deactivated’ due to non-filing of DIR-3KYC/DIR-3 KYC-Web and those Companies whose compliance status has been marked as “ACTIVE non-compliant” due to non-filing of Active…
Share Based Payment are made to employees without vesting condition under Ind AS 102
S.B.P are made to employees Without vesting condition In such case, entity should recognise employee benefit expenses immediately on the grant date at the fair value of shares on grant…
Equity Settled Share Based Payments made to external party other than employees by issue of equity shares as per Ind AS 102
1. Equity Settled- Share Based Payments S.B.P are made to external parties For Goods An entity recognised goods acquired in Share based transaction on the date of goods received. An…
Objective of Ind AS 33 Earning Per Share
Objective The presentation of E.P.S will help to compare the performance of entity with other entity in the same industry. The presentation of E.P.S will help to compare the performance…
Scope and out of scope Share Based Transaction as Per Ind AS 102
Scope An entity shall apply this Standard in accounting for all share-based payment transactions, whether or not the entity can identify specifically some or all of the goods or services…
Objective of Ind AS 102 Share Based Payment
Objective The objective of this Standard is to specify the financial reporting by an entity when it undertakes a share-based payment transaction. it requires an entity to reflect in its…
Share Based Payment Transaction Definition as per Ind AS 102
Share-Based Payment Transaction A transaction in which the entity (a) receives goods or services from the supplier of those goods or services (including an employee) in a share-based payment arrangement,…
Share-Based Payment Arrangement Definition
An agreement between the entity (or another group entity or any shareholder of any group entity) and another party (including an employee) that entitles the other party to receive…
May 2020 examinations have been postponed and will be held from 19th June, 2020 due to the Current Covid -19 situation the ICAI
In continuation to the Important Announcement dated 1st January 2020, it is hereby notified for general information that in view of the ongoing spurt of the Covid-19 pandemic and in…
Treatment of Goodwill Arising on Amalgamation as per AS 14
Treatment of Goodwill Arising on Amalgamation Goodwill arising on amalgamation represents a payment made in anticipation of future income and it is appropriate to treat it as an asset to…
Summarised Changes in Statutory and regulatory compliances matter in light of Covid-19 outbreak by Finance Minister Nirmala Sitharaman
Change in compliance related to Company Act Applicability of Companies (Auditor's Report) Order 2020, which was supposed to come in to force from 2019-2020, will now come into force from…
Relaxation from compliance with a time gap between two board / Audit Committee meetings provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 due to the CoVID -19 virus pandemic
The following changes are temporarily done by SEBI in view of the current situation of CoVID. Regulatory provision Relaxation Regulation 17(2): The board of directors shall meet at least…
Insights on Present Stock Market Levels
In just weeks, the Coronavirus pandemic has shaved off nearly a third of the global market cap. The Indian equity market bounced back valiantly on Friday, but the Sensex still…
39th GST council highlights summary
Gstr-9 and Gstr-9c due date extended till 30th June 2020. Increase the turnover limit from 2 crores to 5 crores for mandatory annual return filling Gstr-9 and Gstr-9c. Delayed Interest Payment…
Purchases of Stock in Trade as per Ind AS for preparing Financial Statement as per Division II – Ind AS Schedule III to the Companies Act 2013
Stock-in-trade refers to goods purchased normally with the intention to resell or trade in. In case, any semi-finished goods/materials are purchased with an intention of doing further processing activities on the…
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