CA Prabhath Sharma Ganti

Working as Audit Senior Assistant @Deloitte USI. Enthusiastic and Innovative writer. Writes about Taxation and Stock market aspects.

Healthy Starter for a Healthy year

We, from Tax Concept wishes all our readers, viewers, followers, subscribers a very happy, healthy & prosperous year ahead. As a part of social well-being we would like to make our readers aware of some healthy lifestyle tips related to Food, Bath & Sleep Provided by Vedic literature. This would also help many people who …

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Reliance expanding its Green Wings – So as India

As a part of Executing Mukesh Ambani’s ambitious plans of investing Rs 75,000 crore over the next three years to build a new clean energy business aimed at RIL’s commitment to be net carbon neutral by 2035, Reliance New Energy Solar Limited (RNESL), has signed definitive agreements to acquire 100% stake in Faradion Limited for …

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GSTR 9C Extended

The due date for furnishing annual return in FORM GSTR-9 & self-certified reconciliation statement in FORM GSTR-9C for the financial year 2020-21 has been extended from 31.12.2021 to 28.02.2022. Notification No.40/2021-Central Tax dated 29.12.2021 to this effect has been issued. Now, the due date is perfectly aligned w.r.t the Tax audit due date. Seems like …

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All about Related Party Transactions – Part 4 (Disclosures, Audit Committee, Registers, Meeting notices, Penalties)

Disclosures Companies Act 2013 Specified Transactions – Non Arm’s Length transactions & Material Arm’s Length transactions To be reported vide Form AOC-2 LODR Half yearly on consolidated basis AS/Ind AS All transactions Audit Committee Approval or any subsequent modification of RPTs In case of RPTs other than those referred to in Sec 188, Audit Committee …

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India Hits the Billion Mark

India hits the 100 crore COVID Vaccination mark. It is a big confidence builder for any economy after such a Pandemic situation. It is remarkable to reach 1 billion mark for any nation within just 9 months. It shows the determination & the ability of our nation “INDIA” in beating the odds It is a …

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All about Related Party Transactions – Part 3 (Voting and Approval))

Voting (Sec 188, Sec 184) The basic question anyone can raise now is that “Can a Related party vote?” If yes, in what circumstances? Listed Companies – RPs can’t vote (whether party to transaction or not) All Material RPTs shall require approval of the shareholders through a resolution (Regulation 23) Unlisted Public Companies – If …

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All about Related Party Transactions – Part 2 (Determination & Approval)

Determination of Related Party Transactions Related Party Transaction in the context of companies means transaction between the company and its related parties. Every transaction with related party is related party transaction, however, approval mechanism may be different and situational. Transactions with related parties need not always be disadvantageous to the parties concerned. The concern arises …

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All about Related Party Transactions – Part 1 (Definition Part)

Framework Companies Act – Sections 177 & 188 SEBI (LODR) – Regulation 23 Accounting – AS 18, Ind AS 24 What is a Related Party? (Answered as per Companies Act) Individual Sense :- Director, Relative of Director KMP, Relative of KMP Director (and his/her relative) of Holding Company (Except Independent Director) KMP (and his/her relative) …

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How did Abdul Kalam become so great?

On account of the birthday of Our former President of India, renowned Scientist, torchbearer of our Indian Space research & Inspiration to many Dr. APJ Abdul Kalam, I would like t0 share with our readers one moment.  Once, Dr. Kalam was asked by a student that how did he become so great? Reply by Kalam …

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Don’t want to pay Income Tax?

Are you a salaried person? Want to pay less tax? Do you think you can avoid paying any tax? Got tempted by the Title right? Don’t worry. There’s no way you can do so. But you can manage your taxes and reduce liability through proper planning. Start saving & investing in schemes which are allowable …

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Nobel Prize in economics – Joshua Angrist, Guido Imbens and David Card

The young researcher Angrist was trying to study how veteran status affected an individual’s future earnings He simply compared the wages of people who served in the army with those who didn’t and see if there’s any difference. Government of Vietnam ran lotteries and divided total interested population of young age into 2 groups. i.e. …

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Tax implications on the amount paid to Resident Doctor

Query: Shall TDS be deducted on payments made to Resident doctors who are undergoing post-graduation? Scenario: Resident doctors (Herein after referred as Doctor) are being employed in the hospitals under the cover of an agreement. Agreement stipulates the doctor shall render his/ her full-time services to the health care unit and shall hold till agreed period. Further, …

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CA Final results date declared

The results of the Chartered Accountants Final Examination(Old course & New Course) and Foundation Examination held in July 2021 are likely to be declared on Monday, the 13th September 2021(evening)/Tuesday the 14th September 2021 and the same can be accessed by candidates on the following websites: icaiexam.icai.org caresults.icai.org icai.nic.in Arrangements have also been made for …

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Gratuity Trusts – An Overview

What is Gratuity Derived form the word “Gratitude” Lumpsum amount paid by employer to employee at the time of retirement, superannuation or death Statutes Applicable Payment of Gratuity Act, 1972 Income Tax Act, 1961 AS 15/ Ind AS 19 – Employee Benefits Provision of Gratuity liability        Payment of Gratuity Act, 1972 Section …

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PF Trusts – An Overview

The Employees’ Provident Scheme (1952) came into effect to ensure social security for workers in both the organized and unorganized sectors. The companies have to contribute to the Employees’ Provident Fund Organisation (EPFO) trust towards the EPF fund. But some companies can also manage their own private PF trust if they acquire the exemption from the government. Private …

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Section 11 – Made Easy – Never Before Ever After – Comprehensive

Section 11 of Income Tax Act, 1961- Income from property held for charitable or religious purposes Sub Section (1) of Section 11 Subject to the provisions of  sections 60 to  63, the following income shall not be included in the total income (i.e. Exempt) of the previous year of the person in receipt of the …

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Health-Insurance

Points to be noted while taking Health Insurance – Need of the Hour – COVID Times

First of all, think whether it is really necessary for you or your family. Generally, it depends upon whether there are any serious illness issues. But, in unfortunate times, health insurance really comes to rescue you. Now, think whether you want to take a Family plan (Floater) or Individual plan. Unless there are serious issues …

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OYO – Insolvency – Admitted by NCLT

OYO – Insolvency – Admitted by NCLT

Application for Corporate Insolvency Resolution Process against OYO Hotels and Homes Pvt Ltd. was filed u/s 7 of IBC,2016 (Amended 2019) Admitted by – NCLT Default Amount – Rs. 16 lakhs Applicant (Financial Creditor) – Rakesh Yadav Proposed Interim Resolution Professional – Keyur Jagdishbhai Shah Insolvency commencement date – 01 April 2021 Claims Submission due …

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FAQs on Corporate Social Responsibility (CSR)

ITC is available on CSR Expenses: AAR

The Hon’ble AAR, Uttar Pradesh in the matter of M/S. Dwarikesh Sugar Industries Limited [Order No. 52, dated January 22, 2020] held that expenses incurred towards Corporate Social Responsibility ( “CSR” ) by the Company in order to comply with requirements under the Companies Act, 2013 ( “Companies Act” ) qualify as being incurred in the course of business and therefore, eligible for Input Tax Credit ( “ITC” ) in terms of the Section 16 of the Central Goods and Services Tax Act, 2017 ( “CGST Act” ).

Employee’s Contribution – Employer’s Income

Employee’s Contribution – Employer’s Income

While auditing the statutory payments, the foremost thing we focus on is whether the EPF & ESI contributions of employees were paid into the respective Govt. A/cs within the due date or not. What if the employer hasn’t deposited the same within the due date? Would there be any consequences for such a small thing? …

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DICGC – A Depositor’s Confidence

Everyone believes that a deposit with a bank is very safe and risk free. What made the people believe so? Its none other than — DICGC Deposit Insurance and Credit Guarantee Corporation – wholly owned subsidiary of RBI Governed by – DICGC Act, 1961 Mission – To contribute to financial stability by securing public confidence …

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Section 193 – TDS from Interest on Securities

Section 193 – TDS from Interest on Securities Who – Any person responsible for paying any interest on securities to a resident. When – Either at the time of credit to the account of the payee or at the time of payment thereof, whichever is earlier Section 2(28B) – Interest on securities: Interest on – …

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