Now micro enterprises with a turnover up to Rs 3 crore from earlier Rs 2 crore and certain professionals with a turnover up to Rs 75 lakh from earlier Rs 50 lakh will be eligible to be taxed presumptively.
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Feb
2023
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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 moreAccounting Services for small businesses
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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
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Income Tax Due Date Extended
Read moreIncome Tax , GST , Company Law
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 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 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 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 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 moreMCA extends due date for filing e-form AoC-4 up to Nov. 30, 2019 and e-form MGT-7 up to Dec. 31, 2019
Read moreFiling of GSTR-9A waived off & GSTR-9 made optional for taxpayers having turnover of up to Rs. 2 crore
Read moreAll About Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019
Read moreThe Finance Minister, Smt. Nirmala Sitharaman has presented her maiden Union Budget in the Parliament on July 5, 2019. Following are the key amendments have been proposed in the Finance (No. 2) Bill, 2019 relating to Corporate Law and allied services.
Read moreAs per the press release issued by the Ministry of Finance dated 21-06-2019, the CBIC has proposed three new GST Returns forms, which shall be introduced in a phased manner - GST RET-1 (Monthly/Quarterly Normal), GST RET-2 (Sahaj), GST RET-3 (Sugam). The criterion on the basis of which these forms can be chosen by a supplier have been enumerated in the below article
Read moreGST Audit by department Audit to begin after completion of annual filing in August. Small Goods & Services Tax (GST) assessees will not have tax officials paying them a visit for the first audit of annual indirect tax return
Read moreA company registered under Companies Act , 2013 or any other earlier Act is an independent entity by itself. There are several ROC / Company Law compliance a Company mandatory needs to follow in addition to Income Tax and GST Compliance. Here we summarize Compliance by Company post incorporation.
Read moreUnion Budget to be presented on July 5, 2019 , Delhi HC grants stay on recovery of Interest demanded on gross GST liability, Director’s DIN to be marked as ‘Director of ACTIVE non-compliant co.’ on his failure to file Co.’s KYC
Read moreCBDT to share data with GST dept. to trap tax evaders, INC-22A ACTIVE Form deadline extended, companies get time till June 15 to meet new disclosure norms
Read moreThe Annual return under GST (FORM GSTR-9) is active on the GST portal now. , CBDT enables filing of revised return online for ITRs earlier filed manually
Read moreAll the companies which got incorporated on or before 31st Dec 2017 which are under ‘Active’ status as on the date of filing shall submit required particulars in eForm INC-22A on or before 25th April 2019. In case company does not file eForm INC-22A within the time limit, Filing of eForm shall be allowed with a fee of Rs. 10,000. eForm INC-22A -ACTIVE (Active Company Tagging Identities and Verification) is available for filing now.
Read moreGST on Real estate Revised 1. For affordable house in Metro up to 60 Sq Mt and costing less than 45 lacs – 1% 2. For affordable house in Non metro up to 90 sq Mt and costing less than 45 Lacs – 1% 3. For all other houses – 5% *No ITC would be allowed* *To be implemented from 1st April 2019.*
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Read moreThe limit of Annual Turnover in the preceding Financial Year for availing Composition Scheme for Goods shall be increased to Rs 1.5 crore. Special category States would decide, within one week, about the Composition Limit in their respective States.
Read moreA Partnership Firm is where two or more individuals join hands to carry out a business for profit. The partners become owners of joint business and run operations controlled by the partnership deed. The regulations are minimal, which makes it a desirable option for businesses having joint owners. Moreover, in a partnership firm the partners are jointly and individually liable for debts of the firm. This type of structure is perfect if there are no/ reduced requirement of external funds and decreased risk of bad-debts. An example of Partnership Firm is a Consultancy firm.
Read moreHere are some News / Updates / Highlights / Changes in law during the month. Happy Reading !!
Read moreIn the interest of avoiding litigations and trembling investor confidence, the advance ruling plays a very important role. Through this facility, an investor gets clarity over the ambiguous and complex provisions of the law and gets more stability as far as the taxation is concerned. The concept for Advance ruling was first introduced in Income tax laws and later on into the indirect taxes as well.
Read moreGST Returns
Read moreAs part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC
Read moreBenefits of Accounts Outsourcing
Read moreIn a drive carried out under the supervision of the Ministry of Corporate Affairs in the Financial Year 2017-18 the Registrars of Companies (ROCs) identified and removed from the register of companies under Section 248 of the Companies Act, 2013 the names of 2,26,166 companies, which had not filed their Financial Statements or Annual Returns for a continuous period of two or more financial years.
Read moreAre you a Foreign Company planning to Start Your Business in India ? Here are Various Kinds of Entities & Place of Business you can set up in India
Read more31st July is due date for Income Tax Returns. Penalty is payable upto 10000 payable if returns not filed on time.
Read moreBut not all supplies will be simple and clearly identifiable supplies.Some of the supplies will be a combination of goods or combination of services or combination of goods and services both. Each individual component in a given supply may attract different rate of tax. The rate of tax to be levied on such supplies may pose a problem in respet of classification of such supplies. It is for this reason, that the GST Law identifies composite supplies and mixed supplies and provides certainty in respect of tax treatment under GST for such supplies
Read moreEveryone dreams of being independent and having their own business. While most fail to take the step towards startup others jump to the decision without proper planning and thinking.
Read moreGovernment has prescribed detailed procedure for interception of conveyances for inspection of goods in movement, and detention, release and confiscation of such goods and conveyances
Read moreAs per the e-way bill rules, there are certain scenarios, where e-way bill requirement is mandatory, irrespective of the value of the consignment. In other words, even if the value of the consignment is less than INR 50,000, such scenarios warrant an e-way bill to be raised, and thus businesses should be aware about when is e-way bill mandatory.
Read moreThe Council has however decided that the present system of filing GSTR 3B and GSTR 1 be extended for three months till June 2018 till the new return system is finalized. A new model was discussed extensively and group of ministers on IT has been tasked to finalise the same.
Read moreIs your Housing Society GST Registered ?
Read moreUnder GST, there are three critical ledgers which you must keep a track of. These ledgers are maintained electronically in each tax payer’s login in the GST portal. These ledgers will give you information on the amount of cash deposited and utilised for payment of tax liabilities, the amount of tax refunded, the amount of input credit available to you for utilisation against your tax liability, the amount of input credit utilised already and its details, the amount of tax payable and paid, etc.
Read moreWe are keen to network with Tax Professionals / Global Consultants / CPAs / Global Accounting Professionals.We are willing to take up Accounts Outsourcing & Tax Filings from Mumbai for Global Clients.
Read moreBudget 2018: What do home buyers and developers want?
Read moreIntroduction of Goods and Services Tax (GST) across India with effect from 1st of July 2017 is a very significant step in the field of indirect tax reforms in India. For quick and easy movement of goods across India without any hindrance, all the check posts across the country are abolished. The GST system provides a provision of e-Way Bill, a document to be carried by the person in charge of conveyance, generated electronically from the common portal. To implement the e-Way Bill system, ICT based solution is required. Hence, as approved by the Goods and Services Tax (GST) Council, a web based solution has been designed and developed by National Informatics Centre and it is being rolled out for the use of taxpayers and transporters.
Read moreBitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games. But much of the hype is about getting rich by trading it. The price of bitcoin skyrocketed into the thousands in 2017.
Read moreAre you confused which entity suits your business style ? If yes following are the basic features and compliances for few of the prominent entity types. We hope you will find them useful !!
Read moreThe Real Estate (Regulation and Development) Act, 2016 (RERA), intends to protect the interests of home buyers and enhance transparency in the real estate sector. We examine how it will affect various stakeholders – from home buyers and builders, to brokers – and the provisions and penalties prescribed under the act The Government of India enacted the Real Estate (Regulation and Development) Act 2016 on 26th March 2016 and all its provisions came into effect, from May 1, 2017. Developers have been given until the end of July 2017, to register their projects under RERA. Likewise, real estate agents, who also fall under its ambit, are still in the process of registering themselves. Several states still need to notify the rules under the Act and most importantly for buyers, developers/promoters need to register their projects under RERA.
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