CA NARESH KUMAR SANKHLA

Understanding the Role of Net Worth and CA Certificates in Visa Applications When planning to travel abroad, whether for study, tourism, or immigration, understanding the financial documentation required for visa applications is crucial. Among these, the “Net Worth Certificate for Visa,” “CA Certificate for Visa,” and “CA Certificate for Visa Format” are key documents that embassies and consulates often request. Let’s delve into what these terms mean and why they are important. Net Worth Certificate for Visa A Net Worth Certificate is a document that showcases an individual’s financial health. It lists all assets, both movable and immovable, and subtracts any liabilities to calculate the net worth. This certificate is often required by visa authorities to assess an applicant’s financial stability and ensure they have sufficient funds to support their stay in the foreign country. CA Certificate for Visa A Chartered Accountant (CA) Certificate for Visa is a statement certified by a pract

Introduction Term insurance is a type of life insurance that provides a lump sum amount to the nominee or beneficiary in case of the death of the policyholder during the policy term. Term insurance is also known as pure protection plan, as it does not have any maturity or survival benefit. Term insurance is one of the most affordable and effective ways to secure the financial future of your family in your absence. Term insurance can help you to: - Replace your income and support your dependents - Pay off your debts and liabilities - Cover your children's education and marriage expenses - Achieve your long-term goals and dreams - Leave a legacy for your loved ones Status Term insurance is gaining popularity and awareness in India, as more and more people realize the importance of financial protection and planning. According to a report by CRISIL Research, the term insurance segment grew by 17.4% in FY 2020-21, despite the challenges posed by the COVID-19 pandemic. The report also pr

In a move to streamline tax compliance and bolster accessibility for taxpayers, the Goods and Services Tax (GST) portal has introduced a noteworthy update, enabling Credit and Debit Card payments. This latest enhancement, accompanied by the inclusion of Jharkhand, Karnataka, Rajasthan, and Tripura, signifies a significant leap towards digitalization and ease of tax management. Payment Options and Procedure Taxpayers interested in utilizing this new payment method are encouraged to opt for the E-payment option on the GST portal. Within this section, a dedicated area for Credit/Debit Card payments awaits users. The transaction process is straightforward: 1. Choose the E-payment option. 2. Select the Credit/Debit Card payment option. 3. Choose the preferred bank. 4. Agree to the terms and conditions. 5. Finalize the transaction by clicking "Make Payment." Transaction Charges and Considerations While the introduction of Credit and Debit Card payments enhances convenience, taxpaye

  Can a composition taxpayer sell through an e-commerce operator in India? In the realm of tax compliance, the Composition Scheme emerges as a beacon of simplicity for small businesses, especially those navigating the complexities of e-commerce. Recent amendments have expanded the scope of this scheme, granting e-commerce goods suppliers the opportunity to embrace its advantages. Now, they can revel in the perks of a fixed tax rate based on turnover and streamlined compliance procedures. It's important to emphasize that this amendment exclusively pertains to the sale of goods via e-commerce platforms, excluding services. Service providers operating within the e-commerce landscape remain outside the purview of the Composition Scheme. This amendment represents a significant stride forward, lightening the tax load for e-commerce goods suppliers. It's a testament to fostering growth and adherence to regulations within the ever-evolving digital marketplace.

 ICAI The Institute of Chartered Accountants of India (ICAI) hosted a press conference on Thursday in Ahmedabad to share insights about the first Global Professional Accountants Convention (GloPAC) being hosted from 24th-26th November, 2023 on the theme “Connecting the Globe, Creating Value” at the Mahatma Mandir Convention Centre in Gandhinagar, Gujarat, India.

The Central Government, acting on the recommendations of the GST Council, has issued a set of significant notifications, bringing about changes that will impact electronic commerce operators and businesses operating in the e-commerce space. These changes are set to take effect on October 1, 2023. Can a composition scheme dealer sell online? Notification No. 36/2023 - Central Tax (Dated: August 4, 2023): According to this composition scheme dealer can sell online within same state. This notification outlines a special procedure for electronic commerce operators in India. It restricts them from facilitating inter-State supply of goods by persons paying tax under Section 10 of the Central Goods and Services Tax Act. Electronic commerce operators are required to collect tax at source for such supplies and file the details electronically in FORM GSTR-8. These changes aim to ensure smoother tax collection and reporting, particularly for composition scheme dealers. The effectiv

Can UDIN be provided on profit & loss account, statement of affairs, computation, and ITR copy for loan purposes if ITR is filed under section 44AD? No, it is not necessary to provide a Unique Document Identification Number (UDIN) on the profit and loss account, statement of affairs, computation, and Income Tax Return (ITR) copy if the ITR has been filed under section 44AD. Section 44AD constitutes a presumptive taxation scheme that permits businesses to calculate their taxable income at a flat rate of 8% of their turnover. This scheme exempts businesses from maintaining conventional bookkeeping practices or undergoing financial statement audits by a chartered accountant. Consequently, the requirement for a UDIN, which is a distinctive document identification number generated by a chartered accountant for certifying or attesting documents, is negated. However, it's important to note that specific banks might still mandate a UDIN even when the ITR is filed under section 44AD. Su