CA Niteshkumar Delvadiya

Samples of Situations leading to MOC   At least go into depth to find MOC for every aspect as below:   1.          Wrong EMI calculations. So short of excess recovery of intt/principal. 2.          Moratorium intt not added to principal for EMI calculation like edu loan. 3.          Incorrect feeding of Loan term, RoI, date of 1St EMI, 6.          Income leakage like processing, penal, inspection. Two rectification entries in MOC. One for leakage. 2nd for reversal of it. 7.          Non provision of expenses 8.          Wrong calculations of intt subventions 9.          Wrong entitlement of intt subvention. Like not a KCC, paid prompt but not a genuine source credit. 10.  ...

  In CC accounts, some imp. points of attention:   1. no debits being diverted to pay any other loan. Chk thru cust id of other loans.   2. Where debit are going. Just read narrations carefully. If other than for buying of related stock,, it is diversion of funds. 3. Use ctrl+f n chk debit of insurance, insp, processing for renewals etc. debited or not. 4. If acc. opened 6m back, why insurance done so later. 5. Credit submissions must be at least 5 times of limit. Cross chk thru PL stat. and cr. total of cc acc. 6. Chk source of credits be from genuine sources. 7. In large cc acc., Demand from party, monthly list of creditors from his tally to calc. value of paid stock for monthly dp set n allowed. If excess allowed for 90 days, its npa. 8. In insurance cover note of cc stock, chk: -short sum insured, be at least 125% of limit. -bnk clause -type of coverage like fire, theft etc. be there. -no break in period of ins. 9. Stock st.: -whether sho...

Illustration: For Non funded Facilities   Fill the following types of facities availed by Borrower Mr. Nirav in below example given:   1. Letter of Undetaking 2. Letter of Comfort 3. Bank Guarantee 4. Letter of Credit 5. Buyer's Credit 6. Seller's Credit   Example:   1. Mr. Nirav, a diamond dealer, imprter/exporter, has availed a non fund based facility in his firm from PNB, Mumbai and thus issued a __ to undetake a diamond cutting contact from a surat based firm mehul & co.   2. On. 1.4.22, He visited PNB with a need to import diamonds from china firm abc inc. and requested to issue___to china firm's bank.   3. On 1.7.22, He, with a need to import diamonds from dubai, thought to get__, being a cheaper finance option from dubai pnb overseas branch. And thus requested pnb, mumbai to issue_.   4. On 1.10.22, He, with a need to import diamonds from singapore, thought to get__ from sbi overseas branch. And thus req...

  March 2023 ending - GST Aspects   The following are the things to keep in mind from GST aspects:- Billing Series:  New billing series for FY 23-24 w.e.f. 1st April 2023 should be started.   E-Invoicing:  Businesses with an annual aggregate turnover of more than Rs.10 crore, as calculated in any preceding financial year from 2017-18 up to 2022-23, must begin generating e-invoices from 1st April 2023.  Letter of Undertaking (LUT):  All the exporters who supply goods or services to SEZ without payment of GST should apply for LUT in form GST RFD 11 for FY 2023-24.   Composition Scheme:  Small taxpayers having a turnover less than 1.5 crores should calculate tax liability under the composition scheme and normal option, and accordingly may opt for the option which is beneficial to them considering all the conditions.   Quarterly Return Monthly Payment (QRMP) Scheme:  Taxpayers having Turnover below Rs 5 Crores s...

This is no personal finance hidden secret, but very few salaried employees are taking advantage of this super power to earn lakhs of tax free income.  You just need to have a long term mindset and be reasonably good/diligent in performing the day-to-day job at your work place. This super power is called "Gratuity".  Under the Payment of Gratuity Act, 1972, employers pay gratuity to their employees at the end of their service as a token of appreciation as long as they have served the company for 5 years or more (technically become eligible after 4 years and 6 months). Gratuity is calculated as N*B*(15/26) N = Number of years of service B = Last drawn Basic+DA monthly salary How to calculate N? N is rounded off to the nearest whole number. If you've served 7 years 3 months, then N=7 and if you've served 7 years 8 months, then N=8. Now, let me take a simple example of how much tax free money salaried employees can get via this super power. Let's say ther...

No Restriction for GST Registeration For Professional on Residential Address, Clarified by Govt On Rajya Sabha Dated 14/3/2023 By MoS Finance Shri Pankaj Choudhary

Every seller selling specified goods is required to collect Tax collected at source (TCS) from the buyer at the prescribed rate. We have tried to compile the rates in below mentioned chart. Section For Payment of Threshold limit TCS Rate % FY 2023-24 FY 2022-23 206C(1)(i) Alcoholic Liquor for Human Consumption NA 1% 1% 206C(1)(iii) Timber obtained under a forest lease NA 2.50% 2.50% 206C(1)(iv) Timber obtained by any mode other than under a forest lease NA 2.50% 2.50% 206C(1)(v) Any other forest produce not being timber or tendu leaves NA 2.50% 2.50% 206C(1)(vi) Scrap NA 1% 1% 206C(1C)(i) Grant of a license, lease, etc of the Parking lot NA 2% 2% 206C(1C)(ii) Grant of a license, lease, etc of Toll Plaza NA 2% 2% 206C(1C)(iii) Grant of Mining and Quarrying NA 2% 2% 206C(1)(ii) Tendu Leaves NA 5% 5% 206C(1)(vii) Minerals, being coal or lignite, or iron ore NA 1% 1% 206C(1F) Sale of the motor vehicle whether payment is received by cheque or by any other mode > 10 lakh 1% 1%...