Blog posts : "Companies Act Forensic Accounting & Fraud Detection General GST Income Tax LLP MCA NRI RERA ROC Trade Mark Udyog Aadhar"

Guide to the Mandatory compliance of a Private Limited Company

1. Company Name Board- Every Company shall paint or affix the name and address of registered office and keep the same painted/affixed outside every office or place in which its business is carried on, in legible letters.
2. Letter Head of Company- Every Company shall get its n…

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The taxability of capital gains arising on transfer of title to land from the landowner to the developer in a Joint Development Agreement (JDA) can be summarised as under-

Determination of date of Transfer:

Sub-section (5A) in section 45 of the Income Tax Act, 1961 provides that the capital ga…

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India- Hong Kong Income Tax Agreement

Taxation In Hong Kong for Individuals

  • Hong Kong follows a territorial principle of taxation. Individuals are taxed only on income that has been earned in Hong Kong.
  • There is no Double taxation avoidance agreement between India and Hong Kong for the year 2018.
  • Assessment year : A year o…

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More disclosures in the Income Tax return

More disclosures are required in the Income tax returns which are recently notified in the new ITR Forms. This underlines the Government's stated objective of increasing the tax net and reducing the possibility of tax evasion.

The highlights are as follows:-

  1. More disclosures for shareho…

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Income Tax Forms - Which Form applicable for whom?

Form No.:ITR-1 SAHAJ - For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs. 5,000/-.


This Form is not applicable –

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Tax on sitting fees and commission received by directors

Section 194J is for Fees for professional or technical services.

(ba) Any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident any sum by way of any remuneration or fees or commission by whatever name called, other than those on which tax is…

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Certain LTCG & STCG cannot be set off against basic exemption limit for NRI’s

For NRIs, certain special tax rate short term or long term capital gains from sale of investments or assets are taxed even if the total income is below the basic exemption limit. These include short term capital gains on equity shares and equity mutual funds where tax rate is 15% and long term capit…

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Tax deduction at source is not applicable from payment made to foreign shipping companies

Various representations have been received regarding the scope of sections 172, 194C and 195 of the Income-tax Act, 1961, in connection with tax deduction at source from payments made to the foreign shipping companies or their agents.

The clarification is as follows:-

Section 172 deals wit…

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A taxable person who has applied for surrender of GSTIN or whose GST Registration has been cancelled needs to file GSTR-10 or Final return after getting the cancellation order from GST Department. GSTR-10 is a statement of stocks held on the day immediately before the effective date of ca…

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Private Placement of Shares

A private company may issue securities through 3 methods to raise capital:-

a) Through the issue of bonus shares

b) Through the issue of right shares

c) Through private placement


Private Placement (Section 42) refers to an offer made to a particular group of persons by a company by…

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Applicability of Section 234F in case of AOP or BOI

The provisions of Section 234F (Fees for default in furnishing return of income) of the Income Tax Act,1961 are:-

Where a person required to furnish a return of income under section 139, fails to do so within due date, he shall pay:-

(a)Rs. 5,000/- if the return is furnished…

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Relief on startups

Under the Startup India Action Plan, startups eligible are required to apply for recognition.

The government is now considering giving complete exemption to startups from angel tax once they are certified by the Commerce and Industry Ministry to help growing entrepreneurs.

Multiple Startups a…

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Filing of eForm INC-22A

Filing of e-Form INC-22A: Active Company Tagging Identities and Verification (ACTIVE)

MCA has issued a notification on 21.02.2019, and brought amendment by Companies (Incorporation) Amendment Rules, 2019, wherein certain new statutes have been introduced,

  • Insertion of new Rule 25A after …

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Section 234F - Fee (Penalty) for delay in filing Income-tax return

1. What is Section 234F?

With reference to Section 234F of Income Tax Act, if it is mandatory for an individual/entity to file Income Tax Return (ITR forms i.e. ITR-1,2,3,4,5,6,7) as per the provisions of Income Tax Law [section 139(1)] but does not file it within the prescribed time limit, then …

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IE Code Registration

Any entity cannot import or export without having a valid IEC Number. It is a mandatory requirement without which facilitation of import or export cannot be done. So, the question of what is  IEC number naturally arise.

Well, it is a 10 digit code number which is issued by DGFT(Director General …

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GST on Health Care services

Health Care means the maintenance and improvement of physical and mental health, especially through the provision of medical services.


Health Care services include diagnosis or treatment or care for illness, injury, deformity, abnormality or pregnancy in any recognized system of medicines i…

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Trade Mark Application to protect your brand name

A trademark is a symbol, design, word, or phrase that identifies one’s business goods or services from those of another. A company may come up with a design that is unique, to stand as a symbol of the company, or a product. Trademark protects them from being used by others to promote their own agen…

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Taxation of Freelancers

There is no age limit for freelancing. A plethora of work opportunities, and the favourable tax rules, ensure that freelancing is now more fruitful than before, for those who wish to make a living out of it, or who do it part time.

The term "Freelancing" relates to self employment and consultancy…

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Name availability guidelines for Company are given under Rule 8 of the Companies (Incorporation) Rules, 2014

In old Companies Act, 1956 Ministry had issued name availability guidelines by way of (Companies (Name Availability) Rules, updated in 2011). In the new Companies Act, 2013 name availability guidelines for Company are given under Rule 8 of the Companies (Incorporation) Rules, 2014.


In dete…

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NAME AVAILABILITY GUIDELINES - Rules 2011 (Not applicable Now)


  1. As per the Name Availability Guidelines 2011, while selecting the company name, the following should should be considered:

  2. The proposed name should not be undesirable or identical with or too nearly resembling with the name of a Company / LLP (Limited Liability Partnership) alrea…

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