Goods and Service Tax is the best step in India’s indirect tax reforms. GST is a path breaking indirect tax regime which creates a national common market. GST was implemented not only to get rid of fallacies of the then indirect tax models but also to improve tax compliances and check black ma...
Section - 270AA, Income-tax Act, 1961 Immunity from imposition of penalty, etc. 270AA.
(1) An assessee may make an application to the Assessing Officer to grant immunity from imposition of penalty under section 270A and initiation of proceedings under section 276C&n...
A. Empanelment of CA firms/LLPs
Chartered Accountant firms (firms) and Limited Liability Partnerships (LLPs) in India with at least one full time [1] FCA (Partner/Sole Proprietor) can apply for empanelment with this office for the pur...
Taxation of land or building or both under income tax act, 1961 certain issues..
1) Normally, there are two types of transaction that prevailed in the transfer of land or building or both. One is transfer made for some consideration and other is without consideration which is generally term...
General notes on Return of losses us 139(3) followed by chapter VI consisting of section 70 to 80.
1) if the assessee consisting of any losses , the loss return shall be filled us 139(3).
2) for company and firm it is mandatory to filled their return even in the cases of losses.
...
Overseas Direct Investment (ODI)
Overseas investment in Joint Venture (JV) and wholly-owned subsidiaries (WOS) have been recognized as important avenues for promoting global business by Indian entrepreneurs in terms of Foreign exchange earnings like dividend, royalty, technical know-how and other ...
For issuing Show Cause Notice and receive replies in respect of non-compliance of provisions of Companies Act 2013, MINISTRY OF CORPORATE AFFAIRS has implemented online web portal - Compliance Monitoring System (https://mcacms.gov.in).
MCACMS (MINISTRY OF CORPORATE AFFAIRS COMPLAINCE MONITO...
Niti Aayog Registration The government of India has started automation in nearly all fields and now wants to maintain an online database of all Registration Process. With this aim, now the Government of India has made it mandatory for all NGO/ Society/ Trust, who wants to avail any Government grant...
Introduction
Limited Review can be defined as the audit of financial statements on quarterly basis.
Listed companies are required to conduct limited review through statutory auditors
Every listed co. under clause 41 of the listing agreement is required to furnish the unaud...
A COMPARISON OF TWO CO-OP. BANK FAILURES – MADHAVPURA BANK & PMC BANK Since 23rd Sept, 2019, there is lot of stress in the Co-op. Banking Sector in the Indian Economy. On 24th September, the Reserve Bank of India, keeping aside the normal procedure of issuing a notice for irregulari...
What is Form BEN – 2??
According to Section 90 of Companies Act, 2013; every company is required to file the declaration to the concerned RoC i.r.o. Significant Beneficial Owners of the company,
Disclosing their interest in the company by way of : -
shareholding or
&nbs...
HOW TO INCREASE SHARE CAPITAL OF LIMITED COMPANY
When a company wants to Increase its share capital, then it has to follow a specified procedure as laid down by Companies Act, 2013. Section 61 of Companies Act, 2013 describes about power of Limited Company to alter its share capital. According to t...
“Six things must To Do” in Sept-19 for every GST registered person!! 20th October, 2019 is approaching soon & every person registered under GST must be aware that 20th October, 2019 is the due date for availing ITC for FY 2018-19. The extract of the section 16(4) of CGST Act, 2017 i...
Introduction According to Regulation 55A (1) of SEBI (Depositories and Participants) Regulations, 1996, every issuer company who has issued its any security whether shares, debentures etc. on a recognized stock exchange is mandatorily requires to submit the concerned Stock Exchanges where the issu...
CORPORATE Compliance CALENDAR
For the month of September, 2019
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About Arti...
DIR-3 KYC: Mandatory Compliance for DIN Holders
(An Analysis Of MCA Circulars, Notification, Laws And Regulation, E-Forms Etc.)
Attention:
MCA (Ministry of Corporate Affairs) has recently issued Companies (Appointment and Qualification of Directors) Third Amendment Rules,...
Disadvantage/Problems of Not Filing ITR with in Due Date
WHAT HAPPENED IF ITR (INCOME TAX RETURN) NOT FILED ON OR BEFORE DUE DATE Due date extended from 31.07.2019 to 31.08.2019
ITR Filing
After the end of a financial year, earning individual and entities need to calculate total...
Key Highlights on DPT-3 Form (including ICSI Webinar key points)
As per the recent amendments made under the Companies Act, 2013 and read with the various notification issued by the Ministry of Corporate Affairs of India‐
The companies are required to make disclosures of Deposits&n...
Annual Return on Foreign Liabilities and Assets (FLA Return)
- An Analysis (Key Points, FAQ’s and Important Definitions)
1. Compliance Particular: Annual Return on Foreign Liabilities and Assets (FLA Return)
2.Requirement: FLA Return is required to be submitted mandatoril...
Maternity Benefits to the Women Employees
Government is working on an incentive Scheme of reimbursement of 07 weeks wages for entities that provide 26 weeks maternity benefits
to their woman employees as provided for in the Maternity Benefit (Amendment) Act, 2017. To enable an entity to av...
Compliance overview for Private Limited Companies
Private Limited Company:
Private Limited Company is defined under Section 2(68) of the Companies Act, 2013 . It Means a company which by its articles :
(i) restricts the right to transfer its shares;
(ii) except in case of One Per...
Payment of Gratuity to employees under the Working Journalists (Conditions of Service) and Miscellaneous Provisions Act, 1955
A. Applicability
The Working Journalists (Conditions of Service) and Miscellaneous Provisions Act, 1955 lays downs an elaborate scheme applicable to Working J...
Important Question on NFRA -1 Applicability
What is the reason that NFRA is not applicable to the Company as defined under Section 2(20) of the Companies Act, 2013 ?
Interpretation only
In E-form NFRA-1, details of Auditors is required to be filed. As under Companies Act, ...
Hello to all professional colleges!! It is easy to advise the client about the conventional form of business concerns, but what made us different from other players in the market is that at what extent we can advise them novation, benefits/ exemptions from various governing laws, extent of co...
Key Higlights of Budget - Direct Taxes
Increased turnover threshold for claiming 25 percent tax rate
The current lower tax rate of 25 percent is applicable only to companies whose annual turnover is up to Rs. 250 cr. This annual turnover threshold is proposed to be in...
Clarification regarding Annual Returns and Reconciliation Statement
The Government of India has been receiving a number of representations regarding Annual Return (FORM GSTR-9 / FORM GSTR-9A) and Reconciliation Statement (FORM GSTR-9C). In this regard the following clarifications are issued for inf...
Arjuna (Fictional Character): Krishna, When is GST Audit applicable?
Krishna(Fictional Character): Arjuna, GST Audit for FY 2017-18 is applicable to every registered person whose aggregate turnover during a financial year exceeds Rs. 2 Crores. The copy of audited annual accounts and a reconciliat...
GST AUDIT CHECKLIST
To help in conducting GST audit and in order to facilitate a clause by clause analysis of Form GSTR-9C by members and other stakeholder, GST & Indirect Taxes Committee of ICAI has brought out the Technical Guide on GST Audit. Since GST Audit is the last activity to be done ...
The Finance Act, 2018 has withdrawn the exemption under section 10(38) of the Income-tax Act, 1961 and has introduced a new section 112A in order to levy long term capital gain tax on the transfer of a long term capital asset being an equity share in a company or a unit of an equity oriented funds o...
Civil Appeal No.3747 of 2019 titled Hari Sankaran vs. Union of India & Others filed by Ex-Director of Infrastructure Leasing & Financial Services Limited before the Apex Court has been dismissed by the Hon’ble Court.
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