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

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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GSTR-10

GSTR-10

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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Certificate of commencement of Business

Commencement of Business Certificate

As per Companies (Amendment) Ordinance 2018, obtaining Certificate of Commencement of Business is mandatory for every Company within 180 days of incorporation. A director has to declare that every subscriber to the memorandum has paid the value of shares agree…

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RESIGNATION OF ALL DIRECTORS IN A COMPANY

As per Section 149(1)of the Companies Act, 2013, every company shall have a board of directors consisting of individual directors. In case of a public company a minimum of 3 directors are needed and in case of a private company, a minimum of 2 directors are needed to ensure smooth functioning of the…

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Filing Appeal against the assessment order

Filing of Appeal

An appeal is a procedure by which an assessee/tax payer can fight against the assessment order and/or notice of demand given by the Income tax department.

It may so happen that in an assessment, the data given in the Income tax return is not accepted by the Income Tax departme…

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Section 68 & section 69 of Income Tax Act

Unexplained money, Deposits & Investments

Section 68 - Cash credits: Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion o…

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Process to shut down a Section-8 Company

Companies registered under Section 8 can close their company by surrendering their license to operate as a charitable company. Such license can be surrendered by converting the company into a normal company other than a Section 8 company.

Section 8 company cannot be converted to One Person Co…

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Residential Status

RESIDENTIAL STATUS

 

Section -5 of Income Tax Act, 1961 provides Scope of total Income in case of a person who is a resident, not ordinarily residents and non residents. However, it is important to firstly determine the residential status of the assessee because the scope of total  income var…

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PPF for minors

PPF investment benefits for minor

One of the benefits of the PPF account is its 15-year lock-in period. Therefore, if you open a PPF account for your kid at an early stage in his/her life, then by the time he starts working or becomes adult (i.e., turns 18 years of age), the account would hav…

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