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Taxchopal Latest Questions

Ramesh Sharma
Enlightened
Asked: In:

  1. CA Vishnu Ram Enlightened

    Hi, Section 135 of Companies Act is applicable to every company  which is having : • net worth of Rs 500 crore or more; or • turnover of Rs 1000 crore or more; or • a net profit of Rs 5 crore or more during any of the three preceding financial years. The word used here is ’every company’, However, iRead more

    Hi,

    Section 135 of Companies Act is applicable to every company  which is having :
    • net worth of Rs 500 crore or more; or
    • turnover of Rs 1000 crore or more; or
    • a net profit of Rs 5 crore or more
    during any of the three preceding financial years.

    The word used here is ’every company’, However, in terms of rule 6(2) of companies (Incorporation) Rules, 2014, an OPC loses its status if paid-up capital exceeds Rs. 50 lakhs or average annual turnover is more than 2 crores in three immediate preceding consecutive years.

    In view of this, it is quite clear that an OPC would not meet the criteria specified in section 135 as detailed above.

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CA Vishnu Ram
Enlightened
Asked: In:

  1. CA Sanjiv Kumar Enlightened Chartered Accountant

    As per the Payment of Gratuity Act, Payment of gratuity is allowed only in the following situations: 1.When an employee has completed at least five years in continuous service with that employee and -Resign from the service - On superannuation (means an employee who attains the age of retirement is Read more

    As per the Payment of Gratuity Act, Payment of gratuity is allowed only in the following situations:

    1.When an employee has completed at least five years in continuous service with that employee and

    -Resign from the service

    – On superannuation (means an employee who attains the age of retirement is               said to be in superannuation)

    – At the time of retirement

    2. On death or disablement due to accident or disease (the time limit of 5 years shall not apply in the case of death or disablement of the employee)

    Note: in the following condition if an employee works less than five continuous years then also he will be eligible to get the gratuity.

    (i). If the person has worked for 190 days continuously since the end of the 4th year of his employment. This is applicable in the case of those who are working in underground mines or working with such organizations which work for less than 6 days a week.

    (ii) In the case of employees working with other organizations, this period is 240 days.

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    • 3
V Mantri
Beginner
Asked: In:

What is the prequisit as per Income Tax Act?

  1. CA Manish Kumar Gupta Enlightened

    “Perquisite” is the casual emolument or benefit provided to the employee in addition to salary or wages.“Perquisite” is defined in section 17(2) of the Income Tax Act as including: (i) House without Rent or at concessional rent. (ii) Interest-Free Loan (iii) Facility of sweeper, gardener, personal aRead more

    “Perquisite” is the casual emolument or benefit provided to the employee in addition to salary or wages.“Perquisite” is defined in section 17(2) of the Income Tax Act as including:

    (i) House without Rent or at concessional rent.

    (ii) Interest-Free Loan

    (iii) Facility of sweeper, gardener, personal attendant

    (iv) Car or other Automative Conveyance

    (v) Amount paid by the employer in respect of an obligation which was actually payable by the assessee.

    (vi) Value of any benefit/amenity granted free or at concessional rate to specified employees etc.

    (vii) The value of any specified security or sweat equity shares allotted or transferred, directly or indirectly, by the employer, or former employer, free of cost or at concessional rate to the assessee.

    (viii) The amount of any contribution to an approved superannuation fund by the employer in respect of the assessee, to the extent it exceeds one lakh Fifty Thousand rupees; and

    (ix) the value of any other fringe benefit or amenity as may be prescribed.

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    • 6
Amit Ganguly
Beginner
Asked: In:

  1. PrashantBute Beginner

    Even though both the Form GSTR-2A and GSTR-2B reflects similar details, both the forms are different in various ways. The difference between both the forms is summarized hereunder- Type of statement- Form GSTR-2A is a form of a dynamic statement. The details of inward supplies vis-à-vis input tax crRead more

    Even though both the Form GSTR-2A and GSTR-2B reflects similar details, both the forms are different in various ways. The difference between both the forms is summarized hereunder-

    1. Type of statement-

    Form GSTR-2A is a form of a dynamic statement. The details of inward supplies vis-à-vis input tax credit will be updated on a continuous basis.

    On the other hand, Form GSTR-2B is a form of a static statement. The details will be updated on a constant basis.

    1. The basis for reflection of details-

    In the case of Form GSTR-2A, the details of the inward supplies will be reflected in the statement on a real-time basis.

    In order words, the details will be updated as and when the supplier furnishes the details of outward supplies either in Form GSTR-1 or via using Invoice Furnishing Facility (i.e. IFF).

    For example, the registered person while filing Form GSTR-1 for the month of January 2021 has failed to declare some supplies. The missed supplies were reflected by the registered person while filing Form GSTR-1 for the month of February 2021. Correspondingly, the details of such missed supplies will be reflected in Form GSTR-2A in the month of February 2021.

    However, in the case of Form GSTR-2B, the details of inward supplies will be reflected in a static manner. It will reflect the details of outward supplies reflected by the supplier between two due dates of either Form GSTR-1 or Invoice Furnishing Facility.

    For example, suppose the registered person furnishes the details of outward supplies for the month of January 2021 after the due date. In such a case, the corresponding details of inward supplies and the input tax credit will not be reflected in Form GSTR-2B in the month of January 2021.

    1. Bifurcation of eligible and ineligible Input Tax Credit-

    Form GSTR-2A doesn’t provide bifurcation of eligible input tax credit and ineligible input tax credit. Whereas, Form GSTR-2B briefly bifurcates the eligible and ineligible input tax credit.

    1. Data source-

    Form GSTR-2A collects/ complies data on the basis of returns filed by the supplier in Form GSTR-1; Form GSTR-5; Form GSTR-6; Form GSTR-7 and Form GSTR-8.

    Whereas, Form GSTR-2B complies data from Form GSTR-1; Form GSTR-5 and Form GSTR-6 filed by the supplier.

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    • 0
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