Blog

10
May
2022
Maharashtra State Tax Amnesty Scheme 2022
28
Jan
2022
Discounts under GST regime
26
Nov
2021
Avoiding GST Notices and if you do get one here a handy tips to make preperations.
01
Sep
2021
Accounting Services for small businesses
15
May
2021
Rates for tax deduction at source for Assessment year 2022-23
27
Apr
2021
List of Income Tax Benefits available to Small Businessmen
01
Apr
2021
TCS under GST - Seller on Amazon / Flipkart etc
01
Mar
2021
Rates of depreciation  for income-tax
15
Jan
2021
Presumptive Taxation - Income Tax
16
Dec
2020
Benefits of Accounts Outsourcing

In spite of being considered as non-core, accounting services form an integral part of an organizations operational capabilities and systematic functioning. Therefore, outsourced accounting definitely help streamline core business operations of an organization.

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24
Nov
2020
Salient features of Quarterly Return filing & Monthly Payment of Taxes (QRMP) Scheme
31
Oct
2020
Tax & Corporate Updates October 2020
30
Sep
2020
Tax and Corporate Updates September 2020
19
Sep
2020
Delinking of Credit Note/Debit Note from invoice, while reporting them in Form GSTR 1/GSTR 6
31
Aug
2020
Tax & Corporate Updates August 2020
24
Aug
2020
CBIC mandates conduct of virtual hearing under Customs, Excise, ST & GST

CBIC 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.

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13
Aug
2020
Income Tax - E-Assessment is now Faceless Assessment

The 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.

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12
Jul
2020
Tax & Corporate Updates July 2020
08
Jul
2020
TDS in case of cash withdrawal

To 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

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30
Jun
2020
Tax & Corporate Updates June 2020

Due 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.

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18
Jun
2020
Income Tax Accounts and Audit Requirements
01
Jun
2020
Income under the House Properties
27
May
2020
Tax & Corporate Updates May 2020

MSMEs to get loans at 9.25% under Centres Rs 3-trillion package , GST Officials seek Directors Remuneration Information , WhatsApp allowed for GST ,Excise related virtual hearing

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18
May
2020
Reduced TDS and TCS Rate  for  FY 2020 -2021 - Covid19 Relaxation
26
Apr
2020
Tax & Corporate Updates April 2020

Employer 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.

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24
Apr
2020
Contractual Mergers, Fast Track Mergers under Section 233 of Companies Act 2013
13
Apr
2020
Key income tax changes effective April 1, 2020

Even 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.

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06
Apr
2020
Conversion of Partnership to Private Limited Company

Anyone 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.

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03
Apr
2020
Relaxation of Realisation and Repatriation of Export Proceeds - Goods and Services
31
Mar
2020
Tax & Corporate Updates March 2020

The 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.

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01
Mar
2020
GST Composition Scheme for 2020-21
28
Feb
2020
Income Tax Notice Received
25
Feb
2020
Appointment of Independent Directors

Set 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.

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25
Feb
2020
Tax & Corporate Updates Feb 2020
24
Feb
2020
TCS under GST

Notwithstanding 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

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20
Feb
2020
Taxation on Dividend  Post budget analysis

The 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.

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05
Feb
2020
Reason I received Income Tax Notice
31
Jan
2020
Tax & Corporate Updates January 2020

Hike 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.

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28
Jan
2020
Internal Audit Requirement - Companies Act 2013

As 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.

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11
Jan
2020
Issue of Shares with Differential Voting Rights- Procedural Requirements

Can 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.

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31
Dec
2019
Tax & Corporate Updates December 2019

The 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.

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24
Dec
2019
Directors Resignation

The 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)

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16
Dec
2019
Post Incorporation Compliances-Companies Act 2013

Congratulations! 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).

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11
Dec
2019
Sec 8 Company - Meaning , Do's and Don'ts
08
Dec
2019
GST New Returns