Maharashtra Government announces amnesty scheme for indirect tax dues other than GST
Read more10
May
2022
Blog
n fact, GST segregates the discounts allowed into two categories: Those given before or at the time of supply, and Those given after the time of supply.
Read moreHere are some tips to avoid such and other GST Notices and be compliant.
Read moreAccounting Services for small businesses
Read moreRates for tax deduction at source for Assessment year 2022-23
Read moreList of Income Tax Benefits available to Small Businessmen
Read moreE-Commerce Operators (not being an agent) are the specified category of the person, who is required to collect TCS under GST. Some common day to day examples of e-commerce operators around us are Amazon, Flipkart, Snapdeal etc.
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Rates of depreciation for income-tax
Read morePresumptive Taxation - Income Tax
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In spite of being considered as non-core, accounting services form an integral part of an organization’s operational capabilities and systematic functioning. Therefore, outsourced accounting definitely help streamline core business operations of an organization.
Read moreFor qtr. Jan., 2021 to March, 2021, all RPs whose AATO for the FY 2019-20 is up to Rs 5 Cr. and have furnished the return in Form GSTR-3B for the month of October, 2020 by 30th 2020, will be migrated by default in the GST system as follows
Read moreIncome Tax Due Date Extended
Read moreThe Central Board of Indirect Taxes and Customs has through a tweet intimated the extension of due date for filing of GSTR-9 and 9C for the year 2018-2019 from September 30, 2020 to October 31, 2020.
Read moreTill now, original invoice number was mandatorily required to be quoted by the taxpayers, while reporting a Credit Note or Debit Note in Form GSTR-1 or Form GSTR-6
Read moreIncome Tax , GST , Company Law
Read moreCBIC has now decided to make it mandatory for various authorities to conduct personal hearing in respect of any proceedings under the Customs Act 1962, Central Excise Act 1944 and Service Tax through video conferencing facility. This facility has also been extended to proceedings under the GST as well. Broad guidelines to conduct virtual hearing have also been provided to ensure ongoing work of appeals and adjudication are completed expeditiously.
Read moreThe Central Board of Direct Taxes (CBDT) has revised the ‘E-assessment Scheme, 2019’ notified on September 12, 2019. Now, e-assessment scheme shall be called Faceless Assessment. Now, the National e-Assessment Centre shall intimate the assessee for conduct of faceless assessment in case wherein notice has been issued by AO.
Read moreTax Alert! Your share trading, other data will now be with Income Tax Department, I-T department amends TDS form, makes it more comprehensive
Read moreTo discourage cash transactions and to move towards the cash-less economy, the Finance (No. 2) Act, 2019 inserted a new Section 194N to the Income-tax Act, 1961. Section 194N provides that a banking company or a co-op. bank or a post office is required to deduct tax at source
Read moreDue date for income tax return for the FY 2019-20 (AY 2020-21) has been extended to 30th November, 2020. Hence, the returns of income which are required to be filed by 31st July, 2020 and 31st October, 2020 can be filed upto 30th November, 2020. Consequently, the date for furnishing tax audit report has also been extended to 31st October, 2020.
Read moreCompulsory Audit of books of accounts - Income Tax
Read moreIncome under the House Properties
Read moreMSMEs to get loans at 9.25% under Centre’s Rs 3-trillion package , GST Officials seek Directors Remuneration Information , WhatsApp allowed for GST ,Excise related virtual hearing
Read moreReduction in rate of Tax Deduction at Source (TDS) & Tax Collection at Source (TCS)
Read moreEmployer is liable to deduct tax as per Sec. 115BAC only after receiving intimation from employee The CBDT has clarified that eligible employees, who are intending to opt for concessional tax regime under section 115BAC, may intimate his employer about it so that employer will compute total income and TDS thereon in accordance with the provisions. If no such intimation is made, employer shall make TDS without considering provisions of Section 115BAC. The intimation by employee would not amount to exercising option and the employee shall be required to do so along with the return to be furnished under sub-section (1) of section 139 of the Act for that previous year.
Read moreSection 233 of the Act read with Rule 25 of the Companies , Arrangements & Amalgamation Rules, 2016 deals with fast track Mergers . There are specific provisions incorporated under Act for completion of Company Mergers without following detail procedures otherwise laid down under Section 230 and 232 of the Act.
Read moreEven while the country is in a complete lockdown to control the spread of Coronavirus in the country, the new financial year (FY) 2020-21 has sneaked in from April 1. For income tax purpose, while the FY 2020-21 has begun on April 1 and will end on March 31, 2021, the relevant assessment year (AY) will be AY 2021-22. All income earned during the FY is assessed in the AY and income tax return for FY 2020-21 is accordingly filed in the AY 2021-22. As a taxpayer and even if one is not a taxpayer, there have been several important changes that one needs to be aware of. Here are a few of those key income tax changes effective April 1, 2020.
Read moreAnyone who desires to increase small and medium scale enterprises to a large scale one, or for combination of equity capital can choose conversion of partnership firm into a private limited company. According to the Companies Act , at least 7 members are needed for any entity that is to be converted into a Private Limited Company. Under the amended section 366 of the companies Act, 2013 any unit be it a co-operative society, partnership firm, LLP or any other business entity created under any other law, with at least 2 members can be registered as a Private Limited Company.
Read moreto increase the present period of realization and repatriation to India of the amount representing the full export value of goods or software or services exported, from nine months to fifteen months from the date of export, for the exports made up to or on July 31, 2020.
Read moreThe Securities and Exchange Board of India (Sebi) on Thursday relaxed several compliance norms and allowed listed companies to file their quarterly and annual financial results by June 30, 2020.
Read moreAdvisory on Opting-in Composition Scheme for 2020-21 by filing FORM GST CMP-02
Read moreLets Know the Various Income Tax Notices that may be received by you...
Read moreSet up under the Companies Act, 2013, independent directors are required to register themselves with the databank within three months from December 1, as per rules notified by the Corporate Affairs Ministry i.e. February 29, 2020.
Read moreNotwithstanding anything to the contrary contained in the Act, every electronic commerce operator (hereinafter referred to in this section as the operator), not being an agent, shall collect an amount calculated at such rate not exceeding 1 percent as may be notified by the Government on the recommendation of the council of the net value of taxable supplies made through it by other suppliers where the consideration with respect to such supplies is to be collected by the operator
Read moreThe dividend so distributed is income in the hands of the recipient instead of the company. Therefore, the incidence of the tax should have been on the recipient. Under pre-budget regime, the incidence of tax was actually on the payer company/mutual fund. Moreover, the pre-budget provisions levied tax at a flat rate (15%) on dividend distribution, irrespective of the marginal rate at which the recipient would have otherwise been taxed. Hence, the provisions were considered iniquitous and regressive.
Read moreLets discuss the Various Reasons that may attract an unwanted Notice from the Income Tax Department
Read moreHike in threshold limit for appointing a CS: The MCA has amended the Rule 8 A which changes the threshold limit for appointment of whole time Company Secretary in a private company. Now, companies having paid up share capital of 10 crore of more must have whole time CS in a board otherwise penalty will be imposed on such companies. At present, threshold limit of paid up share capital is 5 crore or more.
Read moreAs per Section 138 of the Companies Act, a certain class of companies are required to appoint an internal auditor for conducting internal audit which evaluates the function and activities of the company. The internal auditor can be the chartered accountant or a cost accountant, or such other professional as decided by the Board can be appointed as the Internal Auditor. In this article, we look at the requirement and procedure for the appointment of Internal Auditor in detail.
Read moreCan a private limited company raise funds with the ability to control majority voting power with a relatively small percentage of total equity? This has become an important question in the modern startup world, where it is believed that there can be genius founders or wizards who should be able to control the future of a company even when their shareholding is greatly diluted to raise money for growth.
Read moreThe goods and services tax (GST) authorities have stumbled upon instances of online sales reported by several firms that sell goods on e-commerce portals like Amazon and Flipkart being much lower than such sales computed from the tax collected at source (TCS) data furnished by the marketplaces.
Read moreThe resignation by a Director is not subject to acceptance by the Board. The resignation of a director shall take effect from the date on which the notice is received by the company or the date, if any, specified by the director in the notice, whichever is later. (Section 168 of the Companies Act, 2013)
Read moreCongratulations! Now that you got the company registered, what care do you need to take to be on the rightside of the law. It makes a lot of economic sense to stay compliant. It helps in efficient and non- interrupted functioning of the Company. There are some crucial time bound compliances, especially when FDI is involved. There is always an urgency w.r.t opening of bank account but before doing that, Banks needs to be communicated and sensitised when inward remittance is flowing in from the Non-resident subscribers. Timely steps be taken for appointment of Auditors, GST and IEC (Import Export Number) registrations, wherever required (for further information you can visit our blog GST-Registration).
Read moreSection 8 Company can be registered for charitable purposes. Section 8 Companies are similar to Trusts and Associations.
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