CA KAMAL GARG

Market Momentum The Indian stock market struggled for direction due to concerns about  the US Federal Reserve's rate-hike trajectory,  while a drop in Adani Group company stocks dampened sentiment.  The decline in the dollar index may benefit emerging markets such as India,  but high valuations and  persistent foreign selling remains concerning.

Non-Profit Organisatoin’s (NPO) have played a crucial role in development of India. There are various NPOs that work all over India and for a wide range of causes.  The World Bank defines NPO’s as “private organizations that pursue activities to  relieve suffering,  promote the interest of the poor,  protect the environment,  provide basic social services, or  undertake community development.”  NPOs do not work for profit motive and apart from own sources, NPO utilises funds raised through donations. NPOs receiving foreign contributions in India come under the purview of Foreign Contribution Regulation Act, 2010 i.e. FCRA. Corporate Social Responsibility (CSR) is practical way to give back to society and NPOs are the best way to do this. NPOs can be registered in any of the applicable acts as mentioned below, according to the type of organisation chosen to be formed. Major laws and acts applicable to NPO are as follows – Society registered under Societies Registration Act, Central or r

Since September 1, 2019, Banks are required to deduct TDS @ 2% of the aggregate cash withdrawals exceeding Rs. 1 crore during a financial year, from one or more accounts, maintained by a customer.  For this purpose, cash withdrawals under all the bank accounts under your PAN / Aadhaar are aggregated. This is as per Section 194N of the Income-tax Act, 1961. In absence of PAN / Aadhaar, TDS rate is 20%. New changes with effect from 1st July’20: If Income Tax returns are not filed for the preceding 3 Financial Years, for which the time limit for filing return under section 139(1) has expired, then rates of TDS would be as under: TDS at 2 % on aggregate cash withdrawal exceeding Rs 20 lakh to 1 crore, and TDS at 5 % on aggregate cash withdrawal exceeding Rs 1 crore. In all other cases, TDS at 2% would continue as mentioned above. Cash withdrawals from 1st April 2020 onwards would be considered for calculating combined / total cash withdrawal. Here is the list of persons and entities who ar

How can I improve my Credit Score or CIBIL Score? There are many ways by which you can improve your credit score. Some of these ways are  maintaining payment of loan EMIs and credit card bills,  limited borrowing and  maintaining a credit utilisation ratio of less than 30% can also help your score. Credit Card Utilisation Credit card Payment History Age of Credit Card/ Lines Negative Status Accounts Credit Enquiries Total Accounts

Overseas investments by persons resident in India enhance  the scale and scope of business operations of Indian entrepreneurs  by providing global opportunities for growth.  Such ventures through easier access to technology, research and development, a wider global market and reduced cost of capital along with other benefits  increase the competitiveness of Indian entities and boost their brand value.  These overseas investments are also important drivers of foreign trade and technology transfer thus boosting domestic employment, investment and growth through such interlinkages. In keeping with the spirit of liberalization and  To promote ease of doing business,  the Central Government and the Reserve Bank of India have been  progressively simplifying the procedures and  rationalizing the rules and regulations under the Foreign Exchange Management Act, 1999 (FEMA, 1999).  In this direction, a significant step has been taken with operationalization of a new Overseas Investment regime.

In accordance with the orders of Hon'ble Supreme Court dated 22.07.2022 & 02.09.2022  in the case of Union of India vs. Filco Trade Centre Pvt. Ltd.,  the facility for filing TRAN-1/ TRAN-2 or revising the earlier filed TRAN-1/TRAN-2  on the common portal by an aggrieved registered assessee (hereinafter referred to as the "applicant") will be made available by GSTN during the period from 01.10.2022 to 30.11.2022.  The detailed guidelines in relation to the above have been issued by CBIC through the following Circular: cir-180-08-2022-cgst.pdf (gstcouncil.gov.in)

The main purpose of any investment is to earn profit. This Article helps investors with all the basic information that they should know when investing in IPO.  Many investors, especially the small investors, do not have expertise/ knowledge/ information to take investment decisions. Investor: I want to invest in IPO Problem: But I don't know the whole process of an IPO, that's why I am not able to invest. I have so many questions also like, how do we have to invest in this, how are the shares are allotted? What is book building issue and what is fixed price issue? What is the role of Investment Banker and Underwriter?  Let's see answer to everything and clear our doubts: Our main focus will be on: The basic information that investors need to understand before investing The factors that should be considered before investing Detailed description of IPO Process, Pricing and Benefits of IPO Basis of shares allotment Procedure of applying in IPO Risks involved in IPO Future Outl

“Taxation” is highly complex and intriguing subject.  International Taxation due to its dynamic and ever-changing nature has always been a complex subject not only to study but to practice. Due to  increase in cross border transactions,  mergers and acquisitions,  e-commerce,  capital mobility and so on,  the taxation laws have become more and more complex.  This ever-increasing complexity in taxation laws of the global village has been a matter of consultations, dialogues, debate, discussions at various forums. The resultant of the same is identification of the concept of Base Erosion and profit shifting (BEPS) and the action points to resolve the issues. International Taxation is evolving in response to  globalization,  capital mobility and  the increased trade in services.  The progressive development that has taken place in recent years have allured the multi-national corporations to enter into all types of business and trade formats in India and be at its own or engaging through

1. For Normal Taxpayers who have filed all GSTR-3B s: Turnover reported in GSTR-3B Column 2 of Table 3.1 { (a),(b),(c) & (e)} during the Financial Year 2021-22 have been taken into consideration (in case all the returns have been filed for the same). Outward Taxable supplies (other than zero rated, nil rated and exempted). Outward Taxable supplies (zero rated). Other outward supplies (nil rated, exempted). Non - GST outward supplies. 2. For Normal Taxpayers who have not filed all GSTR-3Bs : The following formula is used for extrapolation of turnover: (Sum of taxable value) X ( * No.of GSTR-3B liable to be filed)/(No. of GSTR-3B filed) 3. For Composition Taxpayers opted-in throughout the FY:  Since the Annual Aggregate Turnover limit for opting in as Composition Taxpayer is up to Rs. 1.5 crore, and will use the following extrapolation formula: (Sum of taxable value) X ( * No. of CMP-08 liable to be filed)/ (No. of CMP-08 filed) * Categorisation of taxpayers to derive the number of

1. Definitions Non-Resident Indian (NRI) - NRI means a person resident outside India who is a citizen of India or is a person of Indian origin.  Person of Indian Origin (PIO) -  PIO is a citizen of any country other than Bangladesh or Pakistan, if (a) he at any time held Indian passport; or (b) he or either of his parents or any of his grandparents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955); or (c) the person is a spouse of an Indian citizen or a person referred to in sub-clause (a) or (b). Person resident Outside India -  A “person resident outside India” is a person who is not a resident in India.  Person resident in India - A person resident in India means  a person residing in India for more than one hundred and eighty- two days during the course of the preceding financial year subject to some conditions. 2. Eligibility (a) Any person resident outside India, may open and maintain NRO account with an Authorised Dealer or

Question 1.: Can I be a fundamental analyst? Answer: Of course you can be. It is a common misconception that only chartered accountants and professionals from a commerce background can be good fundamental analysts. This is not true at all. A fundamental analyst just adds 2 and 2 to ensure it sums up to 4.  To become a fundamental analyst you will need few basic skills : 1. Understanding the basic financial statements 2. Understand businesses with respect to the industry in which it operates 3. Basic arithmetic operations such as addition, subtraction, division, and multiplication The objective of this article on Fundamental Analysis is to ensure that you gain the first two skill sets. Question 2.: I am happy with Technical Analysis, so why bother about Fundamental Analysis? Answer: Technical Analysis helps you gain quick short term returns. It helps you time the market for a better entry and exit. However Technical Analysis is not an effective approach to create wealth. Wealth is creat

We might be keeping our savings under the pillow or in the Gullak. But what happens?  We would always be worried about its safety. Someone may steal it or we may be tempted to use the money or others may borrow money from us.  Also money saved at home does not grow.  The best way to save is to deposit the money in a bank account. While small amounts can be kept in a Gullak, it is wiser to keep our savings in a bank as money kept in a bank is safe.  Apart from safety, banks pay us interest on our deposits, so our money grows in the bank. Banks can be classified into various types such as  Central Banks - Reserve Bank of India (RBI)  Commercial Banks - Public Sector, Private Sector, Foreign Banks and Regional Rural Banks Cooperative Banks RBI being the central bank is responsible for printing currency and managing money supply in the country. RBI also acts as a banker to the government and all other banks.  A commercial bank runs with the purpose of earning profits whereas cooperative ba

Working capital management is a process  which is designed to ensure that and organization operates efficiently by monitoring & utilizing its current assets and current liabilities to the best effect. through efficient use of its resources. PRIMARY OBJECTIVE  OF WORKING CAPITAL MANAGEMENT IS TO ENABLE A COMPANY MAINTAINING SUFFICIENT CASH FLOWS IN ORDER TO MEET ITS DAY TO DAY OPERATING EXPENSES AND ITS SHORT TERM OBLIGATIONS. Working capital management can improve  cash flow management and  earnings quality  through efficient use of its resources.  Management of working capital includes:  Working Capital Management Cash (Treasury) Management Inventory  Management   Receivables  Management  and  Payables  Management Working Capital Management requires  monitoring a company's assets and liabilities  to maintain sufficient cash flow.  The strategy involves tracking three ratios:  Working capital ratio,  Collection ratio, and  Inventory ratio.

Question -  Whether the amounts paid by resident Indian end-users/distributors to non-resident computer software manufacturers/suppliers, as consideration for the resale/use of the computer software through EULAs/distribution agreements, is the payment of royalty for the use of copyright in the computer software, and that the same give rise to any income taxable in India, as a result of which the persons referred to in section 195 of the Income Tax Act are liable to deduct any TDS under section 195 of the Income Tax Act? Analysis: There cane be following 4 cases: Case 1 - Computer software is purchased directly by an end-user, resident in India, from a foreign, non-resident supplier or manufacture.  Case 2 - Resident Indian companies that act as distributors or resellers, by purchasing computer software from foreign, non-resident suppliers or manufacturers and then reselling the same to resident Indian end-users.  Case 3 - Distributor happen to be a foreign, non-resident vendor, who, a

The overall structure of the article follows a logical sequence: Part 1 introduces e-business and e-commerce and their relevance to businesses and consumers. It clarifies e-business terms and concepts such as online business, revenue and technology models by reviewing alternative applications through activities and case studies;  Part 2 approaches to developing e-business strategy and applications are reviewed for the organization as a whole, with an emphasis on buy-side e-commerce and sell-side e-commerce; and  Management of e-business implementation is described in Part 3 in which we examine practical management issues involved with creating and maintaining e-business solutions.  Within this overall structure, differences in how electronic com munications are used to support different business processes are considered separately.  This is achieved by distinguishing between how electronic communications are used, from buy side e-commerce aspects of supply chain management, to the mark