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Rule 6DD [Exception to Section 40A(3)]

Rule 6DD [Exception to Section 40A(3)]: Cases where CASH payment exceeding Rs. 10,000 is Allowed:- Salary of Employee after deducting TDS where, employee is temporarily posted greater than or equal to 15 days continuously at place (not place of duty) or ship & at that place, employee does not have any bank accounts. Terminal benefit upto Rs. 50,000 to employee. For general understanding: Terminal benefit is the last amount paid to employee either on termination or resignation or in other cases. Firstly we have [...]


THE PNB FRAUD The hot topic of these days is PNB scam. Everyone is sharing on social platforms that PNB is involved in the fraud of Rs.  11,500 crores approx. but everyone is not aware about the way it has happened. So, let us discuss about the one of the biggest scams of the country, The PNB Fraud. **For the purpose of this article, Foreign Bank means “Foreign branch of an Indian Bank” Before proceeding further, we should know about the LoU i.e. [...]

Treatment of Reverse charge under GST

Hello Everyone coming with another article in this new year on Reverse Charge under GST, Reverse charge is a mechanism where recipient of goods and/ or services is liable to pay GST instead of supplier. Now What is Reverse Charge ? Under Normal Scenario, tax is paid by a supplier who makes supply of goods or services or both. However, under Reverse Charge Mechanism, liability to pay tax would not be on the supplier of goods or services or both but on the [...]

Base Erosion & Profit Shifting – A Global Challenge

Base Erosion & Profit Shifting – A Global Challenge Meaning: “Recently more and more enterprises organised abroad by American firms have arranged their corporate structures aided by artificial arrangements between parent and subsidiary regarding intercompany pricing, the transfer of patent licensing rights, the shifting of management fees, and similar practices in order to reduce sharply or eliminate completely their tax liabilities both at home and abroad.” So, Base erosion and profit shifting (BEPS) refers to tax avoidance strategies that exploit gaps and [...]

Role of a Chartered Accountant in Nation Building

It was well said by Dr. APJ Abdul Kalam that Chartered Accountants are partners in the nation building. Chartered Accountancy is not only about Debit and credit of accounts. Scope of Chartered Accountancy has grown at gigantic level. Chartered Accountants are the backbone of  the nation’s economy and due to their financial expertise, they can guide the nation by suggesting various economic and financial measures to uplift the deteriorating Indian economy and boost up the economic as well as industrial growth [...]

The Painful Desires

“Muze Karna Hai” When we dream for something and about to achieve it, life will never be happy to see your dream to become true, It will come to you (Life) and slap you in a manner that you will cry..... But if you will stand up after that slap and say that "I WILL DO” then believe me no one even God cannot stop you to achieve your dream.... That "slap" of life to make you fail is the exam taken [...]


  BACKGROUND I would like to Owe to all the readers for providing good response& Appreciation to my article “GEAR UP FOR THE FIRST GST RETURN(GSTR-3B)”. Various registered persons under GST Act have input credit balance of OLD LAWS (Excise, Servicetax, Value Added tax, Entry Tax (In some cases)) which they want to be carried forward in GST. Hence government has come up with transitional provisions to entertain such credit to be carried forward. However, over the period of two months we have [...]

Part – 13 : GST 3B – Filing Procedure

GSTR 3B is a return form need to be file for month of july and august. In GSTR 3-B,we do not have to provide invoice level information. Only total value for each field need to be file.GSTIN holder need to file GSTR 3B upto 20th august for month of july. Please note that now this date is extended to 25th august. GSTIN holder need to file GSTR 3B upto 20th September for month of august. Those who want  to claim benefit [...]


Section 24, Power of Securities and Exchange Board to regulate issue and transfer of securities, etc The provisions of this section specifically bring the Securities & Exchange Board of India (SEBI) into the big picture. As per this section: In case of listed companies and the companies which intend to get their securities listed on any recognized stock exchange in India, The matters related to Issue and transfer of securities and Non-payment of dividend, Shall be administered by the Securities and Exchange Board [...]


Section 16, Rectification of name of company In case of identical name: If in the opinion of central government, the name of the company is identical with or too nearly resembles the name by which a company in existence had been previously registered, whether under this Act or any previous company law, it may direct the company to change its name and the company shall change its name or new name, as the case may be, within a period of three [...]

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