Stock Audit Report Format — Ready to use…..

Click the Google Drive link below,  to use the MLG Suggested user friendly format of the Stock Audit

https://drive.google.com/drive/folders/1RKFROjhgbtCpMcCjTEcPBrrffaeg1XtG?usp=share_link

Stock Audits –

How, we can help the industry, in efficiency, True stocks, More reliability in information, and more profits in business

What the New Generation must know regarding the Stock Audits, … why are they important… This was a Session in our office – meant for our outstation teams on site audits, and in industrial trainings – for Practical Knowledge on Stock Audits –

True stocks, help in more business continuity, reliable information, better decisions, and growing India.

Link to this channel : https://youtube.com/@sangeet.gupta.CA.Faridabad

Mission to help all customers adhere to the most basic stores practice.. that the Stock value report must be correct and must be from their ERP.

This requires correct Quantity, and Correct Rates. Saves time at year end saves time at every month end makes reports reliable, makes planning reliable makes you safe in GST and income tax laws makes your bank stock audits as easy as a cool breeze of spring season. Come let us make things better. Clean your ERP. Your company should sort of win awards for best clean systematic Stores. Yes it will give you many direct and indirect benefits.

See another video by Mr Sangeet Gupta and Mr Virender Singh on Stock Audits :

We welcome CA Students, on Deputation, for Industrial Training Assignments… CA Articles,CA in Faridabad,Training of CA articleship, Things to cover in CA Articleship,What to learn in Ca articleship,Stock Audit,Physical verification of Stocks,how to do stock audit,importance of stock audits,Industrial training in CA

Stock Audits, Physical verification of Stock, How CA’s can add value in Stock , Inventory, Finsys Making Business better Stock Audit physical verification CA

Click the Google Drive link below,  to use the MLG Suggested user friendly format of the Stock Audit

https://drive.google.com/drive/folders/1RKFROjhgbtCpMcCjTEcPBrrffaeg1XtG?usp=share_link

Contact us at Contact page

Detailed Consulting assignment completed for Investment by Indian Company in Singapore, Malaysia, Sri Lanka for its business projects

Investment by Indian Company in Singapore, Malaysia, Sri Lanka

Study included the study on relevant DTAA

Study included study on websites of relevant Country’s own Income tax department sites ( IRS  / commercial tax dept etc)

Study on websites of other consultants in the line

study of RBI master circulars in this regard

and Study of Pro’s and Con’s of the Specific situation

DTAA Thailand and Singapore

Source : Singapore Govt Income tax dept website

https://www.iras.gov.sg/media/docs/default-source/dtas/singapore-thailand-dta-(ratified)(mli)(1-july-2022).pdf?sfvrsn=9cadbc65_6

Means = Zero tax in home country – Singapore
And pay tax as applicable in Thailand only

Point 3 Means = this includes the “letting” income = Rental income

( same treatment as in India)
Agreement for avoidance of double taxation of income with USA

ARTICLE 6 in India – USA DTAA
INCOME FROM IMMOVABLE PROPERTY (REAL PROPERTY)
1. Income derived by a resident of a Contracting State from immovable property (real property), including income from agriculture or forestry, situated in the other Contracting State may be taxed in that other State.
2. The term “immovable property” shall have the meaning which it has under the law of the Contracting State in which the property in question is situated.
3. The provisions of paragraph 1 shall also apply to income derived from the direct use, letting, or use in any other form of immovable property.
4. The provisions of paragraphs 1 and 3 shall also apply to the income from immovable property of an enterprise and to income from immovable property used for the performance of independent personal services.

Means = Zero tax in home country – Singapore
And pay tax as applicable in Thailand only.

Means
Will have to file ITR in Thailand regularly

Article 22 Means =
Singapore shall allow the credit of TDS in Thailand
Good
( same treatment as in India)

Second source : a private site

Taxed in state, where the property is situated

Case Study on Place of Supply for Cross State Tenancy

What is the GST on Rent of Commercial Property at Delhi ? in this case

where

1.  Landlord of Faridabad / Gurgaon / Sonepat , registered in GST in  Haryana
2. Tenant also of Faridabad, registered in GST in Faridabad ( Haryana )
3. Tenant is not registered in Delhi in GST
4. so, as per law, the place of supply is Delhi only.
5. Landlord must mention the place of supply as Delhi in the invoice. And the Tax will be IGST only
6. And, Tenant cannot take the ITC input of this tax invoice, as per law.
7. This is valid and correct interpretation of the law

Any method, to save the GST for tenant ?

He can get ITC only if he takes GST registration in Delhi

There is no other legal method

How to Make the Invoice and how to File the GST Return (by landlord )

in the invoice, the landlord can put the tenant at Delhi address and without the GST number, since Tenant has no GSTIN in Delhi anyway.

IGST is levied = OK

This becomes like a B2C invoice = OK

Tenant does not get the GST2A entry for this and does not take inputs of this = Ok

Till the Tenant gets a GST registration in Delhi, this is a good method,

Any compulsive need of Landlord taking GSTIN in Delhi ?

No, not required in this situation.

Tax ALERT

This is normal yearly Quarterly SOP. Nothing new. But sending this reminder only for ready reference.

We all know that we must pay advance tax before the financial year ends in 4 instalments: 15th June, 15th September, 15th December and 15th March.

This is not applicable if your Tax due is nil, of Tax due is less than the TDS already deducted by your customers etc.

Points to remember

1. Is this on estimate basis ? Yes, make your best estimate .
2. This is 15% of the Annual Tax payable by 15th June for FY 22-23
3. This is not applicable if your Tax due is nil, of Tax due is less than the TDS already deducted by your customers etc.
4. What will happen if you dont pay in time ? Govt will charge a bit of interest… this is approx 1% p.a. ( for a block of 3 months, in 1 go )
5. How ? Online only
6. Site name = either your Bank account will have a link, or
7. Official sites are : https://incometaxindia.gov.in/ and
8. https://incometaxindia.gov.in/Pages/tax-services/pay-tax-online.aspx

Benefits of Paying Advance Tax
1. Avoidance of interest and penalty charges
2. Better cash flow management
3. Avoidance of last-minute rush and stress
4. Avoidance of default notice by the tax department

SO
PLS AVOID LAST DATE. and pay in time, as per normal annual SOP.