Income tax filing deadline is near, and some people might get confused about which form they need to file as they are not aware of the changes in ITR forms. It is to be noted that if you fail to comply with the new requirements mentioned, you may get a notice from the Income Tax…
“The only thing that is constant is change” One must always be updated of the recent changes in their environment. The same holds true for the tax payers too. Income tax is like an ever-changing ocean of knowledge which one needs to maintain a constant watch on. Following 6 changes can be noted in the…
Recent Changes in GST – Registration and Composition Scheme The Goods and Services Tax (GST) council, at its 32nd meeting, held on 10th January 2019, announced several changes. GST Registration Limit: One of those changes is that GST registration limit has been increased from Rs.20 Lakhs to Rs.40 Lakhs. This has been hailed as a major…
ALL YOU NEED TO KNOW ABOUT STEPS INVOLVED FOR COMPANY INCORPORATION IN INDIA Starting 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 order to start or to register a company…
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– i. persons making any inter-State taxable supply; ii. casual taxable persons making taxable supply; iii. persons who are required to pay tax under reverse charge; …
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. Company Any member Workmen Creditor Following are the Steps for Revival of Struck Company:- Step-1: The petition shall be filed with the Tribunal (NCLT) in Form…
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 Act, 1961 (“IT Act”) – also referred to as Angel Tax – has been…
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 per Self Assessment of Income tax. The Intimation would contain the details of return filed by the assessee…
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 3B (Table 3.2) and GSTR 1 (Table 7). Analysis: If there is inter-state unregistered supply…
DECLARATION AND SUBMISSION OF PROOF OF INVESTMENTS Every employee is required to submit to the respective employer, at the beginning of every Financial Year, a list of investments expected to be made during that particular financial year. This list enables the payroll processors to ensure correct TDS deduction on employee salary throughout the period. This…
INPUT CROSS UTILIZATION IN GST As we all know that IGST Input can be utilized against IGST output, then against CGST after setting off CGST input and SGST after setting off SGST input accordingly. But the same has changed consequent to the insertion of Sections 49A and 49B vide CGST Amendment Act 2018. Brief Explanation…
Articles about company incorporation from our Knowledge Bank Incorporating a Company in India Incorporating a LLP in India Incorporating a Private Limited Company Introduction: OPC is registered as a Private Company with one member, one nominee and may also have at least one director. Only a natural person who is an Indian citizen and resident in…