A lot has been said and done about the cancellation of GST Registration. As a result we decided to write about it. Got questions? Please don’t be worried as in this article all your questions will be answered. Who can cancel registration? 1. Proper officer on his own motion 2. Application by registered person 3….
Have you ever wondered how the members of the board of directors get appointed or how do they leave their positions? Well, wonder no more, in this article we will tell you all about appointment and resignation of directors. APPOINTMENT OF DIRECTORS As per Section 149(1), every company shall have a Board of Directors consisting of Individuals as…
There have been major amendments in Income Tax–Finance Act, 2017. To help you understand properly, we have broken it down in this article. RESTRICTION ON CASH TRANSACTIONS SEC 40 A (3) Disallowances of Business expenditures made in cash is reduced from Rs. 20,000 to Rs. 10,000 made to a person per day. Disallowance is extended on capital expenditure…
Have you ever wondered how the disqualification of directors happens? Here’s how… Section 164 of Companies Act 2013 Section 164 of the Companies Act 2013 deals with disqualification of Directors. According to the Companies Act 2013, the following conditions can be reasons for disqualifying a Director. The Director is of unsound mind and stands so…
We are all aware off our income tax returns, but that is not the only returns that we should be concerned with. To give you a picture, here are the different types of returns: Late Filing Return filing is mandatory under GST. Even if there is no transaction, you must file a Nil return. You…
A lot of questions are due regarding Section 142 and Section 143 of Income Tax Act 1961. Yet, they remain some of the most under-discussed topics. So, in this article, we will discuss Section 142 and Section 143 of Income Tax Act 1961. Section 142(1): Preliminary Enquiry before an assessment You will get a notice…
Companies in India must conduct an Annual General Meeting at the end of each financial year and file an annual return with the Ministry of Corporate Affair to maintain compliance. For newly incorporated Companies, the Annual General Meeting should be held within 15 months from date of incorporation or 9 months from the date of…
The Companies Act 2013 prescribes a specific procedure for auditor resignation and appointment. The Auditor is appointed in the companies under section 139 and resigns under section 140 of the Companies Act, 2013. This article discusses the formalities and procedures required for auditor resignation and appointment. Auditor Resignation and Procedure of Filing Form ADT 3…
GST Reverse Charge Mechanism (RCM) basically means that the GST is to be paid and deposited with the Govt. by the recipient of Goods/Services and not by the supplier of Goods/Services. Under the normal mechanism of levy of GST, the receiver of goods/services pays the GST to the supplier of goods/services and such supplier then…
The Place of supply provisions are required to determine whether the supply is an Intra-state Or Inter-state Supply. Place of supply where the supply involves the movement of Goods- Place of supply shall be the location at which the movement of goods terminates for delivery to the recipient. Place of supply where the Goods are…
Input Tax Credit means claiming the credit of GST Paid on Purchase of goods or Receipt of services which are used in the course business. Sec (19) of CGST Act states “capital goods” means goods, the value of which is capitalised in the books of account of the person claiming the input tax credit and…
It is known to everyone that a banker will ask for Form 15CA certificate and 15CB certificate, while making foreign payments. 15CA certificate is required to be furnished by a person who is willing to make payment to non-resident, any sum chargeable to tax under the provisions of Income Tax Act. The Individual who are…