Whether self-billing is a required document to use ITC or vice versa

273 total views Whether self-Invoice a mandatory document for using ITC of reverse charge GST or payment challan is sufficient? Not allowing ITC during GST audit and assessment is one of the most common features. The question arises whether self-billing is a mandatory document to use ITC of reverse charge GST or payment challan? It …

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Problems and Complications in Clause 44 of Form No. 3CD

1,251 total views Problems and Complications in Clause 44 of Form No. 3CD Pursuant to Section 44AB of the Income Tax Act, Assessee must have its accounts audited if turnover exceeds a certain threshold or if the profit offered is lower than the prescribed percentage. The Income Tax Act, 1961 authorizes the chartered accountant conducting …

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What are MRF health plan disclosures and how often do they need to be updated?

QUESTION: We’ve heard that our company’s group health plan should be made public about transparency, including MRFs. What are MRFs and how often do they need to be updated? ANSWER: The agencies use the acronym “MRF” to refer to the machine-readable files that must be made public as part of the ACA’s price transparency requirement. …

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BUSINESS COMPLIANCE CHART FOR THE MONTH OF JULY 2022

Compliance date Nature of compliance Law under which compliance is required Applicable form 01-07-2022 TDS applicable to terms related to business or profession u/s 194R & on transfer of Virtual Digital Assets u/s 194S. Applicability of income tax 07-07-2022 Monthly declaration of external commercial loans for June. FEMA ECB-2 07-07-2022 Payment of June TDS/TCS. In …

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Supreme Court Abortion Ruling Indirectly Affects Employee Retirement Plans

The U.S. Supreme Court has dismissed a challenge to the constitutionality of the Mississippi gestational age law, which prohibits performing or inducing an abortion after 15 weeks of gestation (as determined by probable gestational age), except in limited circumstances. Previously, a federal court and the Fifth Circuit Court of Appeals had each ruled the law …

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Vapor Loads by State, 2022

Today’s card looks at the design of excise taxes for vaping and tobacco alternatives, which is important in the pursuit of harm reduction from smoking. Higher vapor loads on products such as e-cigarettes could encourage vapors to smoke cigarettes again and will discourage cigarette smokers from switching to vapor products. Since vaping entered the market …

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Capital Gains Exemption as the Investment in Son’s Name. is being done

49 total views Capital Gains Exemption as the Investment in Son’s Name. is being done Whether capital gains exemption is available if the investment is made in the name of a son or wife or daughter is one of the frequently asked questions of many. There are several cases of denial of capital gains exemption …

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CMS Issues HIPAA Administrative Simplification Compliance Review Relink Findings and Factsheet on EFT/ERA Payments

CMS: Findings from the 2021 Compliance Assessment Program (May 2022); EFT and ERA: Fundamentals for Relinking Payments (June 2022) findings Fact sheet The CMS National Standards Group (NSG) released a report summarizing the updated findings of its administrative simplification audit program. The program, which aims to promote compliance with HIPAA administrative simplification rules for electronic …

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Non-Speaking Order of the Authorities – High Court Overturned the Proceedings

Hon’ble Calcutta High Court in M/s. Chandra Udyog Vs – PM The Assistant Commissioner, CGST & CX Shibpur Division, Howrah CGST Commissionerate & Ors, completely nullifying the refund rejection order in RFD 06 because it was a non-talking one-line order without regard to the detailed submission issued by the petitioner in response to the SCN …

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