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What is Panchnama? The term "PANCHNAMA" literally means "record of people's observations." Panchanama is simply a paper that records specific events that occur in the presence of the Panchas and that they see and hear. Panchas are taken to the scene of an offence to see and hear certain things. Thus, a Panchnama is a record of what the Panchas (Witness) see and the same can be proved only when the said Panchas stand in the witness box and testify on oath as to what they saw during the Panchanama. In search and seizure proceedings, Panchnama is an important document because it informs the person from whose premises the articles are seized or the person searched as to the name of the person or the building etc. where the search was carried out and the officers who were authorized to conduct the search, and the articles, if any, confiscated. Thus, preparing panchnama is a way of carrying out search and/or seizure procedures in a transparent and appropriate mann

Finance Minister Nirmala Sitharaman included Section 194S in Budget 2022 to apply TDS on the transfer of cryptocurrencies and other VDAs (Virtual Digital Assets). Section 194S takes effect on July 1, 2022, rather than April 1, 2022. To track the transactions of VDAs and cryptocurrency, the government imposed a 1% TDS deduction on VDA transfers if the aggregate value reaches INR 10,000 during the financial year in question. Particulars Section 194S TDS Rate 1% Threshold Limit No tax is deducted if the consideration is payable by anyone other than a specified person to a resident and the value or aggregate value of such consideration does not exceed Rs 10,000/- during the fiscal year. Non Applicability If the consideration is payable by a specified person to a resident and the value or aggregate value of such consideration does not exceed Rs 50,000/- during the fiscal year, no tax i

DPT 3 Form is a return of deposits or particulars of a transaction that does not constitute a deposit, or both, that every company must file by June 30th of each year. Ministry Announcement The Ministry made this significant decision public through General Circular no. 06/2023. By issuing this circular, the MCA aims to ensure that companies have adequate time to meet their filing obligations for the Financial Year that ended on March 31, 2023. The previous deadline for filing Form DPT-3 was June 30, 2023. However, the MCA has now moved the date forward by one month, to July 31, 2023. This addition is a direct reaction to the issues provided by the MCA-21 Portal's shift from Version-2 to Version-3.

  Statutory Compliance for Oct 2022 1. Income Tax TDS / TCS liability deposit Sep-22 7-Oct-22 Due date of depositing TDS/TCS liabilities under Income Tax Act, 1961 for the previous month. 2. Income Tax TDS Liability Deposit Jul-Sep, 2022 7-Oct-22 Due date for deposit of TDS when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D, or 194H. 3. GST GSTR-7- TDS return under GST Sep-22 10-Oct-22 GSTR 7 is a return to be filed by the persons who are required to deduct TDS (Tax deducted at source) under GST. 4. GST GSTR-8- TCS return under GST Sep-22 10-Oct-22 GSTR-8 is a return to be filed by the e-commerce operators who are required to deduct TCS (Tax collected at source) under GST. 5. GST GSTR-1 Sep-22 11-Oct-22 " 1. GST Filing of returns by a registered person with aggregate turnover exceeding INR 5 Crores during the preceding year. 2. Registered person, with aggregate turnover of less than INR 5 Crores during the preceding year, opted for monthly

Let me explain it to you with an example.  Suppose we want to calculate (1.089)^1.2 Step-1 : P ut down the base (1.089) in your calculator and now press the √ (Square root) key 12 times.  (In our example we will get 1.0000208156) Step-2 : N ow subtract 1 from the number we get in step 1.  (In our example we will get  1. 0000208156  -1= 0000208156) Step-3 : N ow multiply the number in step 2 with the power 'n'  (In our example 1.2,  0000208156  X 1.2 = 0.00002497872) Step-4 : Add back one to the number we get in step 3 (In continuation of our example, the no we get is 1. 00002497872 ) Step-5 : In the  final step press "X =" keys ('Multiplication' and 'Equal To' keys one after the other) 12 times  (Our answer is  1. 00002497872  X=, X=, X=......... 12 times, we will get 1.10772851898 says 1.1077) Practice it a few times before the exams.

  Income tax return (ITR) filing is mandatory if an individual's gross total income exceeds Rs 2.5 lakh in a financial year (FY). If an individual is required to file a tax return, then it is important to ensure that the correct ITR form is used to file a tax return. Which ITR Form applies to you? ITR Who can file? Who cannot file? ITR 1 (Sahaj) ·        Individual qualifying as Ordinarily Resident ·       Non-residents/ Resident but Not Ordinarily Residents ·        Having total income of up to Rs 50 lakh ·       Hindu Undivided Family (HUF) ·        Having income from salaries, one house property, income from other sources (interest, etc.) and agricultural income up to Rs 5,000 ·       Ordinarily Residents having total income of more than Rs 50 lakh ·       Director in a company Further, in case of clubbing of income, an i