R.JeyaRajan & CO

05/12/2023

📊✨ Explore the world of accounting with our latest chart! 📈 Dive into the detailed accounting treatment for scrap items, with a special focus on scrapped Property, Plant, and Equipment (PPE) and spares treated as PPE. 🏭🔧 Gain insights into recognizing miscellaneous scrap, guided by Ind AS 2 (Inventories), Ind AS 16 (Property, Plant and Equipment), and Ind AS 105 (Non-current Assets Held for Sale and Discontinued Operations). 📚 Discover key aspects such as derecognition of scrapped items, classification under Ind AS 105, and income recognition upon sale. 💡📊 Simplifying complex accounting principles for you!

11/06/2023

Presumption of Culpable Mental State and the Alleged Taxpayer's Defense in Prosecution – Section 135 of the CGST Act, 2017

In any prosecution for an offense that requires a culpable mental state on the part of the accused, the question of the accused's state of mind becomes a pivotal factor in determining guilt or innocence. The legal principle of presumption of innocence places the burden of proof on the prosecution to establish the accused's guilt beyond a reasonable doubt. However, when it comes to the mental element of the offense, the law acknowledges a unique provision that can impact the course of a trial. This article explores the concept of the presumption of a culpable mental state and the defense available to the accused in such cases.

03/06/2023

The supplier, upon issuance and declaration of the sales invoice in
accordance with the provisions of the Act. The recipients, in turn,
claim input tax credit in accordance with the provisions of the Act.

Subsequently, the Supplier raises credit note and reported the
credit note in accordance with the provisions of the Act. However,
the recipient does not reverse the input tax credit in his GSTR3B
return.

What is the position of supplier and recipient in such scenario under provisions of CGST Act, 2017?

BY

18/11/2022

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Chartered Accountant | Information Systems Auditor | Registered Valuer

18/11/2022

Requirement of Valuation by Registered Valuer under Various Provisions of Companies Act, 2013

Requirement of Valuation by Registered Valuer Under Various Provisions of The Companies Act, 2013 By CA.RJEYARAJAN FCA., CISA., RV(SFA) Chartered Accountant | Information Systems Auditor | Registered Valuer

18/11/2022

WHAT IS THE GST RATE FOR AN UNDIVIDED SHARE OF LAND IN THE SALE OF APARTMENT?

WHAT IS THE GST RATE FOR UNDIVIDED SHARE OF LAND IN SALE OF APARTMENT? The GST will not be charged for the supply of land or an undivided share of land in connection with the composite supply of apartments, if the amount charged for such lease or sublease is equal or less than one-third of the total...

18/11/2022

Extension of due date of filing Form 10A under Income Tax Act, 1961

As per the provisions of the Income-tax Act, 1961, Form 10A was required to be filed electronically by 30.06.2021, which was extended to 31.08.2021 and further extended to 31.03.2022 by Circular No. 16/2021. In view of the representations received by Central Board of Direct Taxes (CBDT) and with a v...

18/11/2022

(In case of a supply of services, the person making the inter-state supply of services is not required to register“ if his aggregate turnover is less than Rs 20/10lakhs]-Notification No. 10/2017-IT dated 13-10-2017.

(In case of supply of services, person making inter-state supply of services is not required to register“ if his aggregate turnover is less than Rs 20/10lakhs]-Notification No. 10/2017-IT dated 13-10-2017. Update By CA.R.JEYARAJAN FCA.,CISA.,RV(SFA) Chartered Accountant | Information System Audito...

18/11/2022

Validity of Transfer of Shares in a closely held company in the absence of minutes of Board Meeting

Validity of Transfer of Shares in a closely held company in the absence of minutes of Board Meeting The validity of transfer of shares in a closely held private limited company confined to family members cannot be conclusively proved in the absence of minutes of the Board Meeting approving the trans...

18/11/2022

Procedure for transfer of shares of private limited company

Procedure for Transfer of Shares of Private Company: Generally, articles contain the detailed provisions as regards the procedure for transfer of shares. Usually following steps shall be followed by a private limited company to give effect to the transfer of shares: 1.Transferor should give a notice...