Blog

10
May
2022
Maharashtra State Tax Amnesty Scheme 2022
26
Nov
2021
Avoiding GST Notices and if you do get one here a handy tips to make preperations.
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
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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24
Apr
2020
Contractual Mergers, Fast Track Mergers under Section 233 of Companies Act 2013
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
01
Mar
2020
GST Composition Scheme for 2020-21
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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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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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
01
Nov
2019
Cyber Frauds - Types & Controls
15
Oct
2019
Due Diligence
09
Jul
2018
Mandatory KYC of Directors by 31st August
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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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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24
May
2018
Tax department has started sending GST notices to GST non-filers

Its been almost 11 months now that GST has become applicable. The implementation may not have been as smooth as expected by the government and also even today many changes are expected in the GST Return compliance. While many have deligently adopted the New GST Compliance , there are loads of GST Non Filiers too.

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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
11
Nov
2017
Goods to Get Cheaper. Major Changes in GST Rates
11
Nov
2017
Major GST Compliance Changes and Reliefs post the 23rd GST Council Meeting
04
Nov
2017
Company Annual Compliance and ROC Returns

Annual return consists of information and documents that include the Balance Sheet of the Company, Profit & Loss Account, Compliance Certificate, Registered Office Address, Register of Member, Shares and Debentures details, Debt details and information about the Management of the Company. The annual return would also disclose the shareholding structure of the Company, changes in Directorship and details of transfers of securities.

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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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16
Oct
2017
GST Return Non-filing Notice

As per rule 68 of CGST rules, GSTR-3A is a notice for not filing GST returns issued under the GST regulations. A notice in FORM GSTR-3A shall be issued, electronically, to a registered person who fails to furnish return under section 39 or section 44 or section 45 or section 52. GSTR-3A is issued by the GST department when a taxpayer has not filed GST returns continuously.

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09
Oct
2017
Late Fees to be paid if GSTR 1 for July 2017 is not filed by Due Date

The basic features of the returns mechanism in GST include electronic filing of returns, uploading of invoice level information and auto-population of information relating to Input Tax Credit (ITC) from returns of supplier to that of recipient, invoice-level information matching and auto reversal of Input Tax Credit in case of mismatch.

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20
Sep
2017
Are you a Foreign Company wanting to start your business Operations in India ?

If you are a foreign company wanting to start your operations in India and tap into one of the largest and fast growing market, and have access to some of the best human resources in the world we can be your professional partners in India.Foreign National (other than a citizen of Pakistan or Bangladesh) or an entity incorporated outside India (other than entity incorporated in Pakistan or Bangladesh) can invest and own a Company in India by acquiring shares of the company, subject to the FDI Policy of India. In addition, a minimum of one Indian Director who is a Indian Director and Indian Resident is required for incorporation of an Indian Company along with an address in India.

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13
Sep
2017
GST Implications on Co-operative Housing Society
23
Aug
2017
How to claim Transitional GST Credits ??? Trans - 1 ?

Every registered person under GST who wants to take transitional credits as per transitional provisions is required to fill TRAN-1 within 90 days from appointed day i.e. 28th September. But if that person wants to utilise transitional credits for making payment of taxes dues for the month of July, he is required to fill TRAN-1 before filing summary return of July. Therefore, he is bound to fill TRAN-1 before filing GSTR-3B of July. The last date of filing TRAN-1 for such persons is August 28th, 2017.

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20
Jul
2017
Scope of Supply- GST

he taxable event in GST is supply of goods or services or both. Various taxable events like manufacture, sale, rendering of service, purchase, entry into a territory of state etc. have been done away with in favour of just one event i.e. supply. The constitution defines Goods and Services Tax as any tax on supply of goods, or services or both, except for taxes on the supply of the alcoholic liquor for human consumption.

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01
Jul
2017
All about GST Returns

The basic features of the returns mechanism in GST include electronic filing of returns, uploading of invoice level information and auto-population of information relating to Input Tax Credit (ITC) from returns of supplier to that of recipient, invoice-level information matching and auto reversal of Input Tax Credit in case of mismatch. The returns mechanism is designed to assist the taxpayer to file returns and avail ITC.

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19
Jun
2017
GST Registration

GST being a tax on the event of supply, every supplier needs to get registered. However, small businesses having all India aggregate turnover below Rupees 20 lakh (10 lakh if business is in Assam, Arunachal Pradesh, J&K, Himachal Pradesh, Uttarakhand, Manipur, Mizoram, Sikkim, Meghalaya, Nagaland or Tripura) need not register. The small businesses, having turnover below the threshold limit can, however, voluntarily opt to register.

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31
May
2017
All about One Person Company
19
May
2017
Final GST Rates

Yes !! The GST Rates are more or less final now. Check the link below to view what would be your future liability.

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17
May
2017
How to Change the Object of a Company ?
05
May
2017
Limited Liability Partnership

Every partner of an LLP would be, for the purpose of the business of the LLP, an agent of the LLP but not of the other partners. Liability of partners shall be limited except in case of unauthorized acts, fraud and negligence. But a partner shall not be personally liable for the wrongful acts or omission of any other partner. An obligation of the limited liability partnership whether arising in contract or otherwise, is solely the obligation of the limited liability partnership. The liabilities of LLP shall be met out of the property of the LLP.

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01
May
2017
LLP Annual Compliance & Audit Requirements
30
Apr
2017
Closure of Company by way of Stikeoff
18
Apr
2017
BSE Listed Company Compliance
31
Mar
2017
AMENDMENTS TO SCHEDULE III OF THE COMPANIES ACT, 2013