Author: Sukhwinder Singh

15 Things to do before March End – GST

Reversal of Input tax credit – As per the rules of Input tax credit, after issuance of tax invoice if the receiver does not make the full payment of amount within 180 days then the credit taken on that invoice is to be reversed. And whenever the payment is made, the receiver can take the credit for the amount. Therefore the aging analysis of the debtors and creditors is to be done. all old invoices issued before 1st October 2017, should be paid before 31st March 2018. Ex. Suppose the fees Rs. 10000 is payable to the Chartered Accountant...

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Word Format of Affidavit for New Gas Connection

AFFIDAVIT  I, ___________________________ S/o Sh. _________________________________, aged _______ years R/o ___________________________________________, Desire to take domestic LPG connection in my name and affirm as under:- 1.     I am an Indian citizen.  2.     My date of birth is _____________________. 3.     That neither I, nor any other member of  the household (house hold means a family consisting of husband, wife, unmarried children and dependent parents living together in a dwelling unit having common kitchen), possess any LPG connection from PSU Oil Companies or Piped Natural Gas Connection for domestic use in our dwelling unit. 4.     I do not have Ration Card in...

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NFRA to have power to impose penalty on audit firms

The Chartered Accountants Act, 1949 (Act) provides for imposition of penalties on members of the Institute of Charted Accountants of India (ICAI). The ICAI had submitted a proposal to the Government for amendment to the Act to, inter alia, provide for registration of audit firms, procedure for taking necessary disciplinary action against audit firms (on the lines of such procedure for individual members) and imposition of penalties on audit firms. Section 132 of the Companies Act, 2013 provides for constitution of the National Financial Reporting Authority (NFRA) and sub- section (4) thereof confers powers on NFRA, for imposition of...

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March 2018
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