ICAI new Logo gets approval!
Registrar of Trademarks has given green light to the ICAI for wordmark registration of its brand new logo! 🇮🇳 Logo proudly showcases “CA INDIA” alongside our nationality indication.
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Analysis of Section 115BA
Source:Income taxIntro:Section 115BA is first introduced in the Finance Act, of 2016.Purpose is to reduce corporate-taxes of various domestic companies in India that are dealing with manufacturing process.After satisfying required conditions.Conditions to be satisfied:a. set-up & registered on or after 01/03/2016b. should engage in business of manufacture or production of i. any article ii. thing…
Detailed analysis of PAN – Permanent Account Number
Full Form: PAN – Permanent Account Number10 digit unique alpha numeric id Introduction The idea of PAN(Permanent Account Number) was first introduced in 1972.It was made mandatory under SECTION 139A in 1976. It is issued on a laminated card, also called as PAN CARD, by the Income Tax Department. What is PAN ? PAN format:Typical…
ICAI Releases Admit Cards for November 2023 Examinations
The Institute of Chartered Accountants has released the admit card for the Chartered Accountancy Final and Intermediate Examinations to be held in the month of November 2023. Steps to download the Admit Cards: 1.Visit website https://eservices.icai.org/ , then click the link applicable to you That is “Click here To Download Admit Card For Intermediate Exam…
ICAI Convocation – 4th & 5th November !
The next ICAI Convocation will be held on 4th & 5th November 2023 for Members who have been enrolled during the period from 1st May 2023 to 20th Oct 2023. They will be awarded Certificate of Membership/COP in the Convocation. Detailshttps://www.icai.org/post/convocation-november-2023
Accounting treatment of Provision for Income Tax
Current Year Create Provision for Income tax for the amount of Current Tax along with the Interest amounts u/s 234A,234B,234C Accounting Entry 1. Provision for Income tax Current Tax(P&L) Dr To Provision for Income Tax(Liability) 2. Advance Tax Entry Advance Tax (Asset) Dr To Bank account 3. TDS Receivable Entry TDS Receivable (Asset) Dr Debtor…
GST Reporting in case of Restaurant Services Through E-Commerce Operator
Previously, restaurants were responsible for paying GST on services provided through E-Commerce Operators (ECOs). However, starting from January 1, 2022, the GST Council has expanded the scope of section 9(5) to include restaurant services. Under this new provision, GST on restaurant services supplied through ECOs is to be paid by the ECO in cash at…
ICAI releases Mock Test Papers Series – I & II for CA Final & Intermediate Nov 2023 Exams
The Board of Studies (Academic) is commencing Mock Test Papers Series – I from September 05th, 2023 for Students appearing in CA Final/Intermediate Course November 2023 Examinations. The Mock Test Paper Series – I will be conducted in physical/virtual mode(s). Students interested in physical mode may approach the respective branches in their area. Link :…
CBDT extends due date for filing of Form 10B/10BB and Form ITR-7 for the Assessment Year 2023-24
Form 10B is an audit report that must be filed by charitable and religious trusts under Section 12AB of the Income-tax Act, 1961.Form 10BB is an audit report that must be filed by educational and medical institutions under Section 10(23C) of the Income-tax Act, 1961.Form ITR-7 is the income tax return form that must be…
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