Bashmakh & Co (Chartered Accountant)

In this article, we will try to understand the concept of Charitable Purpose. We have tried to cover different possibilities in the form of guidelines, case laws , and other relative topics. With an intention of giving our readers an enhanced yet simply matter, we have introduced few guidelines covering different instances, which are also in the form of case law Judgments, wherein it is very well thought to learn what is a charitable Institution and how does the same should satisfy the very important condition of being constituted for charitable purposes. Read More This Article to get information:-  A Guideline to a better understanding of Charitable Institution and the term ‘Charitable purpose’

  A Guidance Tour to Cross Charge In this article/blog, we will learn important aspects of GST which is a Goods and Service Tax charged on the supply of Goods and Services. These important aspects are cross charge and GST implications. What is the meaning of Cross Charge? Basically, we have to pay GST on the supply which is base on assumption or we can say GST is to be paid on deemed Supply of service, and such service is deemed to be taking  place between the employee of Head office and that of the branch office. Read More Information:-  A Guidance Tour to Cross Charge

 What do we understand by the term Chartered Accountancy or a Chartered Accountant? 1. Let us try and learn today about one of the most qualified posts in the commerce field and that is none other than a chartered accountant. 2. Chartered accountancy is an international accounting designation granted to accounting professionals in many countries around the world, aside from the United States. For example, in India, we have Chartered Accountants whereas in the United States there are Certified Public Accounts. Read More:-    What do we understand by the term Chartered Accountancy or a Chartered Accountant?

  What is GSTIN? Kindly note that all businesses that successfully register under GST are assigned a unique Goods and Services Tax Identification Number which is also known as GSTIN. Before we move ahead, we should make our readers aware and they would be that where there is a law there is a penalty too. Read More:-                 Why GST Number is required? GST Registration Process & Requirements Guide

Audit Tax What Is Tax Audit? A tax audit is an investigation of your tax return by the Internal Revenue Service (IRS to verify that your earnings and deductions are correct. A tax audit is when the Internal Revenue Service (IRS) determines to check your tax return a little more exactly and verify that your income and deductions are accurate. What is the origin of a Chartered Account? Many of us may be aware that the very first need of a Best Chartered Accountant was due to a requirement of examining books of accounts. Read More:-    What is Tax Audit & What role a Chartered Accountant plays in that?

   We should note that Section 194N is nothing but a TDS – Tax Deducted at source  and the same is to be deducted on ‘Aggregate Withdrawal’ in a financial year. In simple terms, this section speaks about the deduction of TDS under certain circumstances i.e., if the aggregate withdrawal of a person during a financial year exceeds Rs. 1 crore then the person (recipient) is liable to a deduction of TDS u/sec 194N which is @ 2% on the amount in excess of Rs. 1 crore. The aforesaid section 194N was introduced by the Finance Minister in Union Budget 2019 thereby promoting cashless transactions and leading to a digitalized India. Read More:-  Section 194N of Income Tax Act 1961