Estimated Fees in India
₹ 300 to ₹ 500 per hour
Find ICWA(CMA) Coaching Classes Fees in your locality
I am a Chartered accountant and Company secretary. Rank holder in CWA. I teach CA/CA/CWA and B.com students accounts, Financial management, Taxation and Law. I have been Uploading videos on Youtube explaining various concepts for CA/CS/CMA exams. Below is my channel link
I have more than 24 years of experience in finance/ accounts, Cost control, Budget and budgetary control, Logistics, warehousing and commercial. I have more than 10 years working experience in tutoring.
Group coaching for professional courses by qualified CA and CS. Maths and Science from 8th to 10th std (CBSE and State board) by M.Sc. M.Ed teacher. Mathematics for 11 - 12 Science (CBSE and State Board) by by M.Sc. M.Ed teacher
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Lesson Posted on 31/05/2018 Learn Exam Coaching/Company Secratary (CS) Coaching/Regular Classes
Free Demo Class on GST:-Time Of Supply ,Very important topic (GST made easy by Devendra Kumar
Devendra Kumar
DEV CHAUHAN is not only faculty on the Subjects:-Direct Tax, Indirect tax (GST),Advance Account, Strategic...
GST – Time of Supply
Introduction
GST – Time of Supply: Point In time When the liability to pay tax arises
Who shall pay: Taxable Person
• On what GST shall be paid: Supply of Goods and services – Section 7
• When GST shall be paid: Point of Supp.ly
• Where shall GST be paid: Place of Supply
• To whom shall it be paid: Respective Government
• How to Pay: Cash / Credit
Time of Supply of Goods
Generally Earlier of
Date of issue of invoice or last date on which the invoice was required to be issued
Date of receipt of payment
In case of Reverse Charge
Earlier of
Date of receipt of goods
Date of payment
From the date of issue of the invoice Date immediately following 30 days.
Time of Supply
In case of Supply of vouchers
Date of issue of the voucher, if the supply is identifiable at that point
Date of redemption of the voucher, in all other cases
In case of receipt of additional value of supply in the form of
Residual
In the case where a periodical return has to be filed, the date on which such return is to be filed
In any other case,
the date on which CGST/SGST is paid
Time of Supply of Goods – Last date for issue of invoice
Last date of issue of invoice
Concerning the removal
Goods removed Date of removal
Goods are not removed Date on which goods are made available
The continuous supply of Services
statements of accounts or successive payments
Goods sent on approval
before or at the time of supply
Six months from the date of removal
Continuous Supply of Goods
Section 2(32) defines “continuous supply of goods” means a supply of goods which is provided, or agreed to be provided, continuously or on recurrent basis, under a contract, whether or not by means of a wire, cable, pipeline or other conduit, and for which the supplier invoices the recipient on a regular or periodic basis and includes supply of such goods as the Government may, subject to such conditions, as it may, by notification, specify
Continuous Supply of Goods
Notification No. 40/2017 – Central Tax dt. Oct 13, 2017
registered person whose aggregate turnover in the preceding financial year did not exceed one crore and 5000000 rupees or the registered person whose aggregate turnover in the year in which such person has obtained registration is likely to be less than 15000000 rupees and who did not opt for the composition levy under section 10 of the said Act as the class of persons who shall pay the central tax on the outward supply of goods at the time of supply as specified in clause (a) of sub-section (2) of section 12 of the said Act including in the situations attracting the provisions of section 14 of the said Act,
Time of supply of services
In case invoice issued within the prescribed time, earlier of
ï?·the date of issue of an invoice by the supplier or
ï?·the date of receipt of payment
a)In case of the invoice is not issued within the prescribed time, earlier of
ï?·the date of provision of service
ï?·the date of receipt of payment
A continuous supply of Services
When due date of payment is ascertainable, on or before the due date of payment;
a.else, date of receipt of payment;
Where the payment is linked to the completion of an event, date of the end of that event.
Time of Supply of Services
Time of Supply of Services
Supply ceases before completion time when the amount ceases
In case of Reverse charge
the date of payment
the date immediately following 60 days from the date of issue of invoice
Supply of vouchers
Date of issue of the coupon, if the amount is identifiable at that point
Time of redemption of the voucher, in all other cases
Residual
In the case where a periodical return has to be filed, the date on which such return is to be submitted
In any other case, the date on which CGST/SGST is paid
Continuous Supply of Services
Section 2(33) “continuous supply of services” means a supply of services which is provided, or agreed to be delivered, continuously or on recurrent basis, under a contract, for a period exceeding three months with periodic payment obligations and includes supply of such services as the Government may, subject to such conditions, as it may, by notification, specify;
Additional Consideration Section further provides that the time of Supply to the extent it relates to an addition in the value of supply by way of interest, late fee or penalty for delayed payment of any consideration shall be the date on which the supplier receives such addition in value. Thus, any additional consideration for any supply of services shall be taxable at the time when such additional consideration is received.
Time of supply of services – rate change
Supply Issue of invoice Receipt of payment
Time of supply Before the change in the rate of tax
After the difference in the rate of tax
Date of receipt of payment, or date of issue of invoice, whichever is earlier Before the change in the rate of tax
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Lesson Posted on 07/05/2018 Learn Exam Coaching/CA Coaching
Company Accounts - Preparation of Financial Statements
FR Prashanth Reddy
I enjoy teaching and interacting with students. Teaching is my passion, profession and hobby. Every student...
What are the Statutory Provisions relating to the Transfer of Profits to Reserves?
Answer:
As per companies Act, 2013 there is no requirement of minimum transfer of profits to reserves. The company can transfer any amount of profits to reserves as per its own judgement before paying dividends.
Depreciation is calculated from the period when the asset is put to use as per INCOME TAX Act.
Managerial Remuneration: Section 197 AND SCHEDULE V prescribes overall maximum managerial remuneration. Managerial personnel means directors on the board of directors.
Sl. No. |
Managerial Personnel |
% of Net Profits U/S SECTION 198 (Maximum) |
1. |
Overall (excluding fees for attending meetings) |
11% |
2. |
If there is one managerial personal |
5% |
3. |
If there is more than one managerial personnel |
10% |
4. |
Remuneration of part-time Directors: (a) If there is no manager or whole – time director (b) If there is a managing director of whole time director |
3% 1% |
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Lesson Posted on 29/05/2017 Learn Exam Coaching/CA Coaching
FR Prashanth Reddy
I enjoy teaching and interacting with students. Teaching is my passion, profession and hobby. Every student...
SALARY
Relationship of the receiver with payer: Income under head salary is taxable only if there is employer, employee relationship between payer and payee. And this relation is said to exist only if there is control over the method of doing the work of other person.
Control is said to exist if the payer can direct what has to be done, when, how and by whom it has to be done, and the receiver is bound to follow all his instructions. This relationship is also called master - servant or principal - agent relationship.
Few common examples when there is no control of payer over payee are:
In all the above cases income of the receiver is not taxable under head salary.
Taxability of Salary:
Particulars |
Treatment |
Wages for workers |
The same would be treated as salary and would be taxable accordingly. There arises no difference between wages & salary. |
Salary received by a partner of a firm |
Such remuneration would be treated as business income since the partner is not an employee of the entity. |
Director Fees |
Sitting fees paid to directors for attending board meeting is not a salary but taxable as “Other Income”. |
Director Remuneration |
Any amount payable to any whole time directors who are also an employee of the company would be treated as salary. In any other case, the same would be treated as the “Other Income”. |
Pension to retired employee |
Pension is paid in pursuance to the terms of the employment. Hence, any amount received as pension would be considered as “Salary” in the hand of the recipient. |
Pension to the legal heir of the deceased employee |
Amount received by legal heir of the deceased employee, who is not an employee of the organization, would be considered as the “Income from Other Sources” and not as “Income from Salary”. |
Remuneration paid to teacher of any University / College |
Any such remuneration would be treated as “Salary” if the terms of employment provide a condition for checking such any paper. However, in any other case, such income is considered as “Other Income”. |
Voluntary Retirement payment by employer to employees |
Since the employee would get the amount in accordance with the terms of employment obligation, the same would be considered as “Salary”. |
Remuneration to the MP / MLA |
Such income shall be considered as “Income from Other Sources” as there exists no employer / employee relationship. |
Employer includes:
No Intention to Pay:
Agreement between teacher and management to pay salary to employee and another agreement by which an identical sum has to be returned by the same teacher doesn’t constitute salary because here salary is not real but fictitious. (Actual intention to pay is important)
More than one Employer:
Salary and Wages:
From income tax point of view there is no difference between salary and wages.
Contract of Service Vs Contract for Service
Wherever there exists employer-employee relationship there is a “Contract of Service”. In this employer can control and direct the work to be performed by employee. In this income received by a person shall be regarded as salary. Where there is no employer – employee relationship then two people enjoy the relationship of “Contract for Service”. In this the contractee can only be told what is to be done. There can be no specific instructions about how it is to be done. In this case income shall be taxable as income of business and profession or income of other sources.
“Contract of Service” employer, employee relationship whereas “Contract for Service” doesn’t result in such a relationship. Therefore any income from such relation is not to be taxed under this head of income.
Basis of Charge[Section 15]
Salary is taxable on receipt or due basis whichever is earlier.
Salary from more than one source
If an individual receives salary from more than one employer during the same previous year (maybe due to change in employment or due to employment with more than one employer simultaneously), salary from each source is taxable under the head “Salaries”. For instance, if a clerk works with two employers on part time basis, salary from both the employers will be chargeable to tax under the head “Salaries”.
Salary due or Received in foreign currency
If the Salary is earned in foreign currency, it will be converted into rupees.
Computation of the salary in grade system
Ex: If any employee joins the service on 1-5-2013 and is placed in the grade of Rs.32,500 – 500 – 38,000 – 800 – 44,000. It means that:
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