EPF (Employees’ Provident Fund) and ESI (Employees’ State Insurance) are some of the most frequently queried topics. However, how much do we know about their applicability? In this article, we will talk about their applicability, starting with EPF. EMPLOYEES’ PROVIDENT FUND AND MISCELLANEOUS PROVISIONS ACT ‘1952: The Employees’ Provident Fund and Miscellaneous Provisions Act 1952 …

According to the Notification no. 37/2017 Central Tax, any registered person who intends to supply goods /services to outside India or units covered under SEZ (Special Economic Zone) or developer of SEZ without payment of integrated tax (IGST) is required to furnish Letter of Undertaking (LUT) in FORM GST RFD-11. The following types of persons registered …

Almost every small business person considers whether or not to incorporate their business at some point. Note that the form of business ownership isn’t fixed forever; you can change the legal structure of your business as it grows. A common scenario is for small businesses to start out as sole proprietorship or partnerships and become incorporated as a Company, LLP, …

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 …

Many a times you may come across terms like “Partnership Firm” and “Company”. But, have you ever wondered, how are they any different from one another? Don’t worry, in this article we will explain the differences to you. We hope this article helped you to understand the difference between Partnership Firm and Company. For further …

There has been a time in our lives when we have sought for a loan. The directors are no different, they would have their requirements and they would look for loans. But, have you wondered how the procedure of giving a loan to director under section 185 of Companies Act 2013 work? No, don’t worry, …

Different people have different types of approaches to business and hence, we get to see different types of companies. But, have you ever thought of diving deep to know about these differences? Here are the details.   Those were a lot of details, don’t you think? Do you have more queries? Are you looking for …