Introduction: - 

Subject of cash credits has been a major area of litigation in taxation, Section 68 has been introduced to plug loopholes and to place certain situations beyond doubt. Before introduction of this section, the decisions were being taken by court (For eg. Even prior to introduction of sec. 68 there are a large no. of case laws present and were in favour of Assessing officer - AO). Hence section 68 was inserted in the finance act 2012 w.e.f 01.04.2013,to provide statutory recognition to a principle which had been clearly enumerated in judicial decisions. 

Similarly, sections 69,69A etc. talks about unexplained investments. The precondition to apply this section is that there must be existence of investment, expenditure etc. must be conclusively established by material on record or proper evidence available if any. 

Additions under section 68 & 69 can be made to income during the previous year in which cash credit and unexplained investment respectively happened.

Read more: Cash Credits

1. Introduction 

ISO is an independent international standard setting body which issues standards in various areas such as manufacture, technology, agriculture, hospitality etc. ISO was formed with an objective to facilitate world trade by providing common standards between various nations. 

2. Background of ISO 

Formation: ISO began its journey in 1926 as the International Federation of the National Standardizing Associations (ISA). It was suspended in 1942 during World War II, but after the war ISA was approached by the United Nations Standards Coordinating Committee (UNSCC) with a proposal to form a new global standards body. Finally, ISO was formed on 23rd February 1947, headquartered at Geneva, Switzerland. 

Read more: Background of ISO and getting ISO Certification

What is a Housekeeping department? 

As the name suggests, this department is responsible for keeping the house, in prime and proper shape. The basic rule of Housekeeping department is to ensure the comfort of the guest in a clean, hygienic and pleasant ambiance. 

This department is responsible for cleaning of guest rooms, Public areas, upkeep of the lawns and plants placed at various places, maintenance of linen and uniforms of the staff. 

In this article, we will discuss how to conduct the audit of housekeeping department. 

Read more: Audit of Housekeeping Department

OBJECTIVES:

• Definition
• Job work Procedure u/s 143 of CGST Act, 2017.
• Input tax credit as per Section 16 and 19 of the CGST Act, 2017.
• Other clarifications relating to Job work as per Circular No. 38/12/2017 – Central Tax dated 26th of March 2018.

This article is contributed by Partners of SBS and Company LLP – Chartered Accountant Company You can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.