ALL ABOUT ANNUAL FILING BY COMPANIES WITH REGISTRAR OF COMPANIES

Introduction: FORM AOC-4 All companies under Companies Act 2013 are required to file annually Form AOC-4 (Financial Statement), AOC 4 XBRL (Financial Statement in extensible business reporting language), Form MGT-7(Annual Return), Form AOC-4 CFS (Companies which have Subsidiary/Associate company /Joint Ventures).  Financial statements provide information of great significance to the stakeholders. It gives a broad…

REVERSE CHARGE MECHANISM ON RENT-A-CAB SERVICE

Since its introduction, the GST provisions have gone through many amendments from time to time. Recently issued Notification No. 22/2019-CT (R) dated 30.09.2019 clarifies the Reverse Charge (RCM) applicability on Rent-A-Cab Service.  GST is payable under Reverse Charge Mechanism” when the incidence of tax falls on the person receiving the service. Though the word “Rent-A-Cab”…

VIVAD SE VISHWAS SCHEME, 2020

Purpose: Due to the significant rise in number of appeals pending disposal under Income Tax, which is burdensome on the Government preventing them from timely collection of revenue as well as for tax payers who has to spend time and resources on such appeals, the Finance Minister in her recent Budget has proposed “The Direct Tax Vivad Se…

EXEMPTION UNDER SECTION 54F OF INCOME TAX ACT ON SALE OF ANY LONG-TERM CAPITAL ASSET EXCEPT RESIDENTIAL HOUSE

Who can Claim: This section is only applicable for Individual assessee  Conditions to claim Exemption:  a) Assessee should Purchase or construct a Residential house.  b) The time limits for purchase or construction of Residential house:  i) In case of Purchase: ii) In case of Construction: Max. amount of Exemption is: a) The complete amount of capital gain…

TAXABILITY OF DIVIDEND INCOME RECEIVED FOR DOMESTIC AND FOREIGN COMPANY

Investing in share and mutual funds are new way of investing as these instruments provide higher rate of return in less time, however it involves high degree of risk but due to high benefit it is attracting various investors. In these transactions there are two ways of earning profit, one is rate variance of purchase…

DEDUCTIONS UNDER 80G

Donation is a noble task. In order to do favour for the Kind heart persons who donated for noble purpose, Income Tax department is providing Tax benefits to those persons. Contributions made to certain relief funds and charitable institutions can be claimed as deduction from tax under section 80G of Income Tax Act. However, contributions…

TRANSMISSION OF SHARES UNDER COMPANIES ACT 2013

Introduction: Transmission of Shares: The word ‘transmission‘ means devolution of title of shares otherwise than by transfer, for example, devolution by death, succession, inheritance, bankruptcy, marriage etc. Transfer of title by operation of law. This type of situation arises when a shareholder dies, inheritance, bankruptcy, marriage and succession. Transfer of shares relates to a voluntary…