Section 234F

Introduction: A new section has been inserted in Income Tax Act, 1961 with effect from Assessment Year 2018-19 (Financial Year 2017-18). Under this section, fee (penalty) is levied if the Income-tax return is not filed within due date. Earlier penalty for delay in filing o[...]

Recent Changes in GST

Increase in the limit to opt into the scheme has been increased from Rs. 1 Crore to Rs. 1.5 Crore. The effective changes to GST Composition scheme for both suppliers of goods and services will apply from 1st April 2019.[...]

Incorporating a Company in India

ALL YOU NEED TO KNOW ABOUT STEPS INVOLVED FOR COMPANY INCORPORATION IN INDIAStarting a company requires a lot of planning and activities and more than that there are a number of formalities which need to be complied with. Detailed procedures and paper works are involved in or[...]

Compulsory GST Registration in Certain Cases

As per sub-section (1) of section 22 of CGST Act, 2017, the following categories of persons shall be required to be registered under this Act–         ii. casual taxable persons making taxable supply;         iv. person[...]

Steps for Revival of a Struck Company (Sec.253(3) & 87A of NCLT Rules, 2017)

As per provisions of Section 252(3) of Companies Act, 2013, following persons can file application in NCLT for restoration of name of Company in the records of the ROC. CompanyAny memberWorkmenCreditor Following are the Steps for Revival of Struck Company:- Step-1: The pet[...]

Relief From Angel Tax to Startup Companies

Analysis of Notification by DPIIT to revise exemptions for start-ups under Section 56(2)(viib) of the Income Tax Act, 1961 Taxation of start-ups on account of issue  of shares at a premium above the fair market value under Section 56(2)(viib) of the Income-tax [...]

GST Audit

MeaningExamination of records, returns  and other documents maintained or furnished by registered person under this Act or rules made there under any law  for the time being in force  to verify the Correctness of turnover declared, taxes paid, refund Claime[...]

Intimation under 143 (1) of Income Tax Act

INTIMATION u/s 143(1) OF INCOME TAX ACT Understanding 143 (1) Intimation Intimation under section 143(1) is sent to a taxpayer only in case any tax or interest is found payable or refundable or there is any increase / reduction in loss declared as pe[...]

Mismatch in GSTRs Assessee will be Liable for Penalty Us 125

PENALTY ON NON-DISCLOSURE/UNDER DISCLOSURE OF INTERSTATE SUPPLY TO UNREGISTERED DEALERS IN GST RETURNS As per CBIC circular 89/08/2019-GST dated 18-02-2019, Penalty will be levied if there is mismatch in the details of the Inter-state supply to unregistered person, in GSTR 3[...]

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