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Whether your company is big or small, financial and accounting tasks are difficult but essential. In addition to hiring an internal accountant, outsourcing accounting services is a more affordable choice. By handling crucial accounting and financial tasks, reputable accounting outsourcing services may free up your time and mind so you can concentrate on growing your...

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Very little importance has been given to internal controls in most companies but the management should emphasize strengthening the same so that the processes are followed and deviations highlighted. If the deviations and loopholes are highlighted in a timely manner, many major issues can be avoided and chances of fraud and pilferage are reduced. What...

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The company that comes beneath the provisions of sub-section (1) to section 135 will file a report on the CSR in Form CSR-2 to the Registrar for the preceding financial year (2020-2021) or onwards. A. BACKGROUND- Corporate Social Responsibility was, for the first time, introduced as a statutory obligation for all the companies by enacting...

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Introduction An expatriate means a person based in a foreign country working in India (inbound) or a person based in India (likely Indian citizen) working abroad (outbound). Under the Income Tax Act, 1961 the incidence of tax depends on the following: The residential status of the taxpayer Whether the accrual/ receipt of such income has...

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Is GST liable to be paid on leasing of tank containers taken form a supplier i e., lessor who is located outside India and the tank containers do not reach India? As it is finance lease, it is supply of goods and tank containers do not reach the Indian Territory. Background With the introduction of GST on July’17 there has been a lot related to import of services and for this the GST council expressly provided in the Schedule II to Section 7 of CGST Act 2017 that activities or transactions to be treated as Supply of Goods or Supply of Services. Facts of the Case M/s Deccan Transcon Leasing Pvt. Ltd. is a Non-vessel owner container carriers/operators fromIndia leases containers from outside India from M/s Tank span Leasing limited in bulk and recognizes...

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The Finance Act 2021 introduced a new section 148A in furtherance to section 148 for starting step of escaped assessment/reassessment u/s 147. As per earlier section 148, before commencing any reassessment, Jurisdictional Assessing officer (JAO) needs to draft his “reasons to believe” to open the assessment/reassessment u/s 147 as a statutory obligation on the it....

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Businesses and enterprises around the world are witnessing major expansion and diversification including India, thanks to Liberalisation, Privatisation and Globalisation Policy. Since then, there have been huge technology advancements and world is becoming global village. Having said that, there is distinguishable amount of capital expenditure and multiple compliance requirements are being met. Huge capex requires...

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SNAPSHOT In common parlance, ‘KYC’ stands for ‘Know your customer’. It is a process undertaken by Banks and other Financial Institutions, wherein correct identity of the client is established by verifying his personal documents (PAN, Passport, utility bills, etc.), before entering into any kind of transaction. Why it is being talked about under Company Law...

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