Blog

28
Jan
2022
Discounts under GST regime
01
Sep
2021
Accounting Services for small businesses
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
31
Aug
2020
Tax & Corporate Updates August 2020
12
Jul
2020
Tax & Corporate Updates July 2020
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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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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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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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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31
Oct
2019
Tax & Corporate Updates October 2019
30
Sep
2019
Tax & Corporate Updates September 2019
31
Aug
2019
Tax & Corporate Updates August 2019
31
Jul
2019
Tax & Corporate Updates July 2019

The 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.

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18
Jul
2019
FAQS on New GST Return Forms

As 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

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30
Jun
2019
Tax & Corporate Updates June 2019

GST 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

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01
Jun
2019
Mandatory Compliance by Private Limited Company & Public Limited Company
31
May
2019
Tax & Corporate Updates May 2019

Union Budget to be presented on July 5, 2019 , Delhi HC grants stay on recovery of Interest demanded on gross GST liability, Directors DIN to be marked as Director of ACTIVE non-compliant co. on his failure to file Co.s KYC

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12
Apr
2019
Tax & Corporate Updates April 2019
31
Mar
2019
Tax & Corporate Updates March 2019
04
Mar
2019
eForm INC-22A -ACTIVE (Active Company Tagging Identities and Verification)

All 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.

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28
Feb
2019
Tax & Corporate Updates Feb 2019

GST 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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01
Feb
2019
Budget 2019 Live Streaming
28
Jan
2019
Tax & Corporate Updates January 2019

The 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.

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31
Dec
2018
Tax & Corporate Updates December 2018
12
Dec
2018
All about Partnership Firms

A 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.

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30
Nov
2018
Tax & Corporate Updates November 2018
31
Oct
2018
Tax and Corporate Updates October 2018
19
Aug
2018
What is Advance Ruling in GST ?

In 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.

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23
Jul
2018
GST Simplified Returns
09
Jul
2018
Mandatory KYC of Directors by 31st August
29
Jun
2018
Benefits of Accounts Outsourcing
12
Jun
2018
Annual Filings and ROC Returns by Company and LLP

In 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.

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04
Jun
2018
Foreign Investment in India - Setting Up Business in India
01
Jun
2018
Tax Time

31st July is due date for Income Tax Returns. Penalty is payable upto 10000 payable if returns not filed on time.

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17
May
2018
GST on Composite Supply and Mixed Supply

But 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

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19
Apr
2018
Are you born to be an entrepreneur ?
19
Apr
2018
Company / LLP Incorporation- Advantages
16
Apr
2018
Govt. prescribes procedure for interception of conveyance for inspection of goods
31
Mar
2018
When is GST E-way Bill mandatory ?

As 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.

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20
Mar
2018
Outsource your Business Accounts and Book Keeping
12
Mar
2018
GSTR3B & GSTR1 Mismatch

The 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.

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01
Mar
2018
50,000 housing societies in Mumbai Metropolitan Region to fall under GST net
16
Feb
2018
Electronic Ledgers in GST

Under GST, there are three critical ledgers which you must keep a track of. These ledgers are maintained electronically in each tax payers 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.

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30
Jan
2018
Accounts Outsourcing to India

We 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.

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23
Jan
2018
Budget2018 Expectations by Home Buyers & Developers
10
Jan
2018
Eway Bill under GST

Introduction 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.

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13
Dec
2017
What is Bitcoin ?

Bitcoin 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.

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12
Dec
2017
Basic difference between different types of  Company  and LLP
25
Oct
2017
What is RERA and how will it impact the real estate industry and home buyers?

The 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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