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 …

Applicability Any person who Pays money to a non-resident sportsman (including an athlete) or an entertainer (who is not an Indian citizen); or Payment of money to a sports institution or an association will be referred u/s 115BBA is required to deduct tax u/s 194E. Contributes articles or advertisements relating to any game in india …

This scheme seeks to eliminate the interface between the taxpayer and the income tax department. Structure of E-Assessment A. Notice assigned directly to the assessee  by E-Assessment Centre. Notice Under Sec 143(2) would be served by the Income Tax Department to the taxpayer. Within a period of 15 days, the response needs to be given to …

Capital Asset: Capital Asset includes property of any kind, whether movable or immovable, tangible or intangible, fixed or circulating. Some of the examples of Capital assets are land, building, plant and machinery, motor car, jewelry, furniture, patent, trademarks, share, debentures, etc. Capital Asset does not include the following:- Stock in Trade, consumable stores, the raw …

In India, we have a definite law that covers all aspects and functioning of a Partnership. Two or more people, when come together with a common idea of business by infusing the sources and funds together with the common goal of earning profit is termed as Partnership. Partnership Firm is one of the common forms …

Introduction: There are various forms of business entities in India, like the formation of a sole proprietorship, HUF, Partnership Firm, Limited Liability Partnership, One Person Company, Private Limited Company, Public Limited Company, etc. LLP is a corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in a flexible, innovative and efficient manner, as a …

As per Sec 16(1) of CGST act, it has put forth that every registered person is eligible to take credit of input tax charged on any supply of goods and services or both to him which are used or intended to be used in the course of business or furtherance of business. Whatever amount he …

In 1952, the PF or EPF scheme was introduced under the Employee’s Provident Fund and Miscellaneous Act. All the rules and regulations are defined by the Employee Provident Fund Organisation. The EPFO’s activities are managed by the Ministry of Labour and Employment. In this process, the employer will collect an amount by deducting it from …

RCM on Security Service– Before entering into this topic let us understand what RCM i.e, Reverse charge mechanism means and how it works. Reverse Charge: Normally in GST, supplier of the good/services collects the tax from recipient and deposits to government. Whereas under Reverse Charge, Recipient (if registered) of good/services is under obligation to discharge the …

ponsorship means that company paying money to sponsor individual or some group, some event or an activity, usually for advertising or space at the event or as a part of publicity for an event which cannot communicate specific product attributes.    TDS applicability: Circular Number 715 dated 8-8-1995 cleared that the agreement of sponsorship of debates, seminars …