Agreement Drafting
Enforcement of an Arbitration Agreement
Arbitration is a method of Alternative Dispute Resolution in which a third party, the arbitrator, is granted the ability to make final and legally…
GST
GST on Rent of Residential Property
The Goods and Services Tax (GST) on rent went into force on July 18th. However, the GST will only apply in particular circumstances and…
Company Law
Concept of Minutes of Meeting: Companies Act, 2013
A Company is an official entity that involves formal transactions. Every gathering, communication, or transaction which has the potential to affect any interest of…
Company Law
Procedure for Cancellation of Resolution passed in Board Meeting
There is no provision in the Companies Act 2013 for the annulment of a resolution, whether it is a resolution of the board of…
Compliance
Compliances Applicable on Limited Liability Partnership (LLP)
A Limited Liability Partnership is a globally recognized business entity. It was introduced in India by the procedure under the Limited Liability Partnership Act,…
Income Tax
No more mistakes in understanding Taxation of Educational Institutions
The tax on the income of educational institutions often remains the most controversial topic. The nature of educational institutions such as top educational institutions…
FEMA
Foreign Incomes and Assets under Black Money Act, 2015 in India
The Government of India has enacted the Black Money Act, 2015 (BMA 2015) in addition to the existing Income Tax Act, 1961 to punish ordinary…
Latest News
Statutory Tax Compliance Tracker for September, 2022
Indian taxes are classified into two types: direct taxes and indirect taxes. Direct taxes are levied on the income earned by various types of…
Compliance
Clarification on spending of CSR funds for ‘Har Ghar Tiranga’
‘Har Ghar Tiranga’ is a campaign organized by Azadi Ka Amrit Mahotsav to encourage people to carry the Tiranga home and hoist it to…
FEMA
Everything You Need to Know About the Foreign Exchange Management Act’s FEMA and RBI Compliances
Due to the complexity of different industrial areas, corporations and individuals always struggle to comply with FEMA/RBI rules within the allotted period. Globalization has…
Startup/ Registration
MSME Registration and the procedure to obtain the MSME Certificate for Free
Small-scale enterprises are critical to every country’s economic development. The government of India has introduced a number of initiatives to assist small and medium-sized…
Miscellaneous
Insights of Online Gaming (Regulation) Bill, 2022
The recently adopted gaming Bill, which was submitted in the Lok Sabha on April 1, 2022, properly states that India has about 420 million…
Start and manage a business
Is Factory License mandatory for MSME Sector?
Before launching a business, each factory owner is required under the Factory Act, 1948 to register their premises with municipal authorities. A factory license is…
Miscellaneous
EPR Registration and Compliance
Packaging is prevalent in our everyday lives, allowing for the reduction of food waste and total product breakage while providing increased convenience features at…
GST
GST Notices and its Possible Solutions for Taxpayers
There has been a sharp increase in the number of GST notifications in the last 2 years. This is due to the completion of…
Agreement Drafting
Quick Review on Revised DIR-2 Format
The Ministry of Corporate Affairs has recently amended the Companies (Rules for Appointment and Qualification of Directors) and a new notification has come out…
Startup/ Registration
Reasons for Failure of Start- Ups or Why does a start-up fail?
People in India are constantly coming up with new startup ideas. Everyone wants to start a business, and everyone wants to make a billion…
GST
Ultimate Guide to GST on Healthcare Services
GST is a major factor that has the potential to cover the economic base of the country along with its ancillary activities, India is…
Miscellaneous
Facts on Value of Supply of Residential/Commercial Property
Hon’ble AAR, Gujarat in Re: Karma Buildcon [Case No- GUJ/GAAR/R/33/2020 dated July 2, 2020] has fixed this supplied value for a transaction of supply…
GST
Clear understanding of GST on Interest Income of Individual
Under the GST Regime, assessees are required to obtain registration under the GST Act based on their aggregate turnover. All taxpayers (suppliers of goods…
GST
Unacummulated Tax Credit on Input Services: Constitutionality of Section 54(3) of CGST Act, 2017
Taxation is seen as one of the necessities that influence the formation of every constitutional democracy. Tax policy decisions in India have an impact…
Latest News
Companies Act, 2013 (Amendment): Physical verification of Addresses of the registered offices of Companies
The MCA (Ministry of Corporate Affairs) has with a recent circular inserted provisions to strengthen the law that makes the process of ‘Physical address…
Company Law
Loan to Director – Section 185 of Companies Act, 2013 – Provisions
When the Companies Act, of 1956 was in effect, public companies may offer loans, guarantees, and securities if they acquired prior authorization from the…
Latest News
Brief History of CARO & Applicability/Coverage of CARO 2020
A new structure for statutory audits of companies has been announced by the Ministry of Corporate Affairs (MCA). Companies (Auditor’s Report) Order, 2020 was…
Compliance
Appointment of Auditor, Casual Vacancy, ROC Filing, First Auditor Appointment
Any person who is a chartered accountant can be appointed as an auditor of the company. In the case of a firm where most…
GST
What everyone should know about GST on the sale of used Motor Vehicle
The introduction of GST has brought a positive impact on the automobile sector. Previously, traders could not claim credit for excise duty and VAT…
Miscellaneous
A Guide to Applicability of Customs Duty on Imported Goods
The Government of India levies duty on all imports within the country and some exports from the country. The amount to be paid as…
Latest News
Appointment & Qualification of Directors Amendment Rules, 2022 – Analysis
The Ministry of Corporate Affairs (MCA) in a notification dated June 1, 2022, issued the Companies Amendment (Appointment and Qualification of Directors) Rules, 2022…
Miscellaneous
Liability of Director under Negotiable Instruments Act, 1881
The Negotiable Instruments Act, of 1881 provides a safety net for creditors (whether deemed or actual) who are having difficulty recovering a defaulted amount…
GST
GST on Bricks Manufacturer
According to a government proclamation dated March 31, proposed changes to the 45th GST Council Meeting on building bricks, clay tiles or roofs, fly…
Company Law
CARO 2020-Key Changes and Disclosure Requirements
CARO 2020 is a new system for the release of audit reports in the event of a statutory corporate audit under the Companies Act,…
Compliance
ESOP by an unlisted public company and private company
An employee stock option plan (ESOP) is a frequently used incentive mechanism used by organizations. There are various reasons why company employees are given…
Company Law
Provisions for Loan & Investment by Company under Section 186
Section 186 of the Companies Act 2013 sets out the loans and investments that a company can make. It states that the company can…
GST
GST and Breach of public trust by agents of Collection
Businesses that collect taxes from the general public are bound by the principle of public trust as the general public who pays such taxes…
Finance Company
How to register Entity User and Business User in FIRMS Portal of RBI?
The RBI has announced that to consolidate existing reporting frameworks for various types of foreign investment in India, it will introduce a Single Master…
Income Tax
Presumptive taxation- Section 44AD, 44ADA, 44AEAC
The presumptive scheme option has always been an exciting and confusing story for taxpayers. As the 2016 Budget comes into effect from FY 2016-17,…
Start and manage a business
Why LLP is better than Private Limited Company?
Great! You have the ideal business concept, are motivated, have a supportive team, and are eager to get started. But hold on! Have you…
Finance Company
Audit of Insurance Companies
Insurance auditors while conducting insurance audits will review credit policy and procedures, tax records, risk assessments, and other financial records of insurance. This is…
NGO
FCRA Registration – Eligibility & Required Documents
In the current context, the world is heavily focused on social and environmental actions. Businesses themselves, in addition to their common goal of…
Miscellaneous
Mandatory Requirement to obtain LEI for Non-individual Borrowers
The launch of the Legal Entity Identifier (LEI) was intended to improve the quality and accuracy of financial data systems to better manage risk…
FEMA
Compounding of Contraventions under FEMA, 1999 in India
The Foreign Exchange Management Act, of 1999, was approved by the Indian Parliament. Its mission is to consolidate and revise foreign currency legislation to…
FEMA
Imports of Goods and Services under Indian FEMA
Importing is the process of bringing commodities into a certain country. Importation can take place by land, air, or water. The Government of India,…
Income Tax
What to Do when TDS Not Reflected in Form 26AS?
Form 26AS is a tax credit statement that summarizes all tax deducted, tax received, advance taxes, and self-assessment taxes paid in a single report.…
Start and manage a business
Investment in a Foreign Company by Indian Individual
Investing in a foreign company by an Indian is governed by the Foreign Exchange and Management Act, 1999, as well as the various laws…
Miscellaneous
All about PAN-AADHAR linking: Post 31st March 2022
Every Indian citizen receives an Aadhaar card, which is a centralized and universal identifying number. The Aadhar Card is a biometric record that maintains…
Miscellaneous
How to Register RCMC in DGFT Online
The acronym DGFT stands for the Directorate General of Foreign Trade. The DGFT is in charge of the laws and regulations that apply to…
Miscellaneous
Top Differences between Management & Financial Accounting
After finishing a monetary accounting course, many students dread another semester of debit entries, credits, and reflective diaries. Fortunately, management accounting is not the…
Company Law
Powers of Board & Restriction on Powers of Board – Companies Act
Under the Companies Act 2013, a Company can exercise its power through a Board of Directors or shareholders. The relationship between the shareholders…
Company Law
Brief of Section 196, 197 & Schedule-V of Companies Act, 2013
Sections 196 and 197 of the Companies Act 2013 and the rules made thereunder read together with Schedule V provide for the appointment and…
Income Tax
Income Tax & FEMA provisions applicable to Non Residents
If an individual is classified as ‘non-resident’ then the tax inference is similar to that of ‘RNOR’ status. In the case of NRIs, only…
Startup/ Registration
How to register on Myntra?
Shopping online is one of the most exciting and easy ways to buy products online. It means accessing the Internet using a laptop or…
Income Tax
Income Tax on Short Term Capital Gain with examples
Capital gain tax includes short-term capital gains and long-term capital gains. Larger assets can be properties or securities. There is a tax exemption in…
Income Tax
Fees & Penalty for late/Non-filing of TDS Return
No filing or late filing of TDS/TCS returns can get you into trouble. As tax laws suggest, taxpayers fall under two penalties in the…
Income Tax
Section 80EEB: Deduction on purchase of an Electronic Vehicle
In the Union Budget of 2019, the government announced an offer to buy an electric car. In a budget speech, the finance minister said…
Income Tax
Senior Citizen – Exempt From Filing ITR
The Income-Tax Act, of 1961 does not provide for the exemption of a senior citizen or a very senior citizen from completing a…
Income Tax
Income Tax Implications where Contract (JDA) is not registered
The Joint Development Agreement (‘JDA’) is the most common and most popular method of arrangement to construct buildings in our country. It is a…
Miscellaneous
Taxation of Futures and Options
Futures & Options (F&O) traders often enter large-scale operations but the profits they make from such purchases are very small. As the volume and…
Compliance
Appointment of Director in a Private Limited Company
A Company Director is a person appointed by shareholders to manage company affairs following MOA and AOA. Since the company is an artificial person…
Company Law
All About Transfer of Shares in physical format in case of Private Company
The transferability of a company’s shares is a crucial feature. Moveable property includes shares and debentures. They can be transferred in the ways specified…
GST
Post GST Registration Compliance
The implementation of the new GST tax system has resulted in significant tax reform in the country. The new system combines several state and…
Latest News
Listed Companies need not send hard copies of annual reports till 31.12.2022
The Ministry of Corporate Affairs (MCA) has approved the holding of the Annual General Meeting (AGM) in electronic mode until 31 December 2022. This…
Miscellaneous
Know Your AO Code for PAN and TAN Application
When someone applies for a new PAN Card, they must input an AO code in one section of the application. It is requested at…
Compliance
Strike off of Companies – Voluntary Removal
Striking off a company name is another way to shut down a company’s operations. The Registrar of Companies (‘ROC’) may issue a notice to…
Company Law
CRUX of Section 108, 109 & 110 of Companies Act, 2013
Section 110 of the Indian Companies Act, 2013 contains the provisions of the ‘postal ballot’, Section 109 of the Indian Companies Act, 2013 contains…
Miscellaneous
EPFO issues Circular clarifying TDS on interest on PF contributions
The Employees’ Provident Fund Organization (EPFO) is a statutory agency established by the Indian government. As the largest social security institution in the country,…
Compliance
Compliances under Companies Act, 2013 and SEBI (LODR) Regulations
Are you concerned about compliances or want to learn more about what compliances under the Companies Act, 2013 and SEBI (LODR) Regulations are? This article…
Income Tax
Advance Tax under Income Tax Act 1961
Every Indian citizen is required to pay tax if their income falls within the Income Tax bracket. The government relies heavily on taxation to…
Income Tax
Income Tax Audit under Section 44AB of Income Tax Act, 1962
Before we go into what a tax audit is, let’s define the term “audit.” The definition of audit in the dictionary implies that it…
GST
RCM on commission charged on global sales by E-Marketplaces
In the instance of a conventional taxable supply, the supplier issues a tax invoice to the receiver, gets the money from the recipient including…
Income Tax
Taxation of Crypto currency in India
A crypto currency, sometimes known as crypto, is a virtual currency that is protected by encryption. It is intended to function as a means…
Income Tax
Can IT Freelancers/Professionals Use the Income Tax Presumptive Scheme?
If you work as a freelancer, professional, or consultant, you are only required to pay income tax on half of your gross annual income.…
Miscellaneous
Guidelines to SEBI KYC Registration Agency (KRA) Regulations, 2011
Know Your Customer, or KYC, allows banks and financial organisations to confirm the identification of their clients. As a first-time investor, you only need…
Miscellaneous
GST payable on Collection of Electricity
Power, or electrical energy, is an important source of revenue for state governments because it is under the state list of the Constitution, and…
Income Tax
Marginal Relief required for those whose Income Exceeds Marginally
The notion of marginal relief is intended to give a taxpayer with relief from surcharge levy if total income surpasses slightly more than Rs.…
Miscellaneous
Different aspects of Valuation for a Company to consider at the time of Issue/Transfer of Share
When planning to sell your company, it’s critical to evaluate its value before embarking on the M&A process. There are several methods for determining…
Company Law
Draft Format of Directors Report: Small Company 2022
All the registered companies are required to hold annual general meetings and file the company’s annual return with the ministry of corporate affairs. Undoubtedly…
Company Law
Valuation of Unquoted Equity Shares – Rule 11UA
Rule 11UA Income Tax Act applies to the initiation of unquoted shares. As per clause (b) of Sub-Rule 2 of Rule 11UA, a…
Miscellaneous
Mandatory Linking of PAN & Aadhaar Card
An Aadhaar card is a centralised and universal identification number supplied to every Indian citizen. The Aadhar Card is a biometric record that stores…
GST
Time of Supply for E-commerce Business under GST
Delivery time refers to the time at which goods/services are considered to be supplied ’. When the seller knows the ‘time’, it helps him…
Compliance
Purpose and Importance of XBRL
XBRL is the language of electronic communication of business and financial data that transforms business reporting around the world. It offers great benefits…
Latest News
Regulation 23 of SEBI (LODR) Regulations 2015
According to statistics, family-owned companies account for the majority of all enterprises in India, accounting for a substantial part of total employment. Unlike…
Startup/ Registration
Micro, Small, and Medium-sized Enterprises (MSME) Day 2022
To highlight the enormous contributions made by MSMEs to the accomplishment of the Sustainable Development Goals of the United Nations, the United Nations…
Income Tax
Residential Status of Individuals
The residence status of a taxpayer is significant because the income tax department treats its taxpayers differently. As a result, it is critical for…
Compliance
Post Incorporation Compliances for Companies
Once a company has merged, there is a set of compliance procedures that must be completed to maintain compliance with the Companies Act, 2013.…
Finance Company
Annual Return on Financial Liability & Asset (FLA)
With many Indian company attracting foreign investors in the form of cheap, easy-to-access, and affordable investments, Foreign Direct Investment (FDI) has become commonplace in…
Company Law
Analysis of Liquidation Process – Meaning, Forms and Procedure
Liquidation is a process by which the legal position of a company ends. Companies are closed for various reasons but one of the…
Miscellaneous
Difference between EPF, PPF & NPS and Tax Benefits
As the financial year draws to a close, all leading employees find themselves working on their investments that will help with tax deductions. It…
Company Law
Procedure for Issue & Delivery of share certificates after allotment
When companies issue shares in the market, purchasing shareholders are issued a share certificate. The basic sharing certificate serves as a receipt for the…
Change in Business
Increase in authorized share capital of company with its Procedure & Benefits
One of the most crucial considerations that the promoters must make throughout the incorporation process is the amount of capital to put in the…
Compliance
Private Placement of Shares/Securities – Companies Act, 2013
Section 42 of the Companies Act, 2013 provides that a company may be able to create a private placement for a particular group…
Latest News
Comparative summary of CARO 2016 & CARO 2020
CARO 2020 represents the Companies (Auditor’s Report) Order, 2020. Section 143 of the Companies Act, 2013 states that auditors are authorized to report on…
Miscellaneous
Section 455 of Companies Act 2013-Dormant Company status
The main purpose of the revisions to the Companies Act, 1956 was to have a simplified law that would address changes taking place in…
Change in Business
Input Tax Credit under GST
The Input Tax Credit is a key concept of GST as it eliminates the declining effect of tax. A registered person is entitled to…
Income Tax
Income Tax on Transfer by a partner of his share in a Partnership Firm
Although Partnership Firms do not have a separate legal entity, for Income Tax, they are treated as separate from their partners. These firms whether…
GST
Critical Issues in registration under GST
For almost two years India has taken a major step in the tax system through GST. Although there are many benefits to GST, the…
Compliance
Audit of a Small Company
Although auditing is often regarded as stressful, a wealth of valuable information can be gleaned from these financial tests. Internal and external audits are…
Company Law
Issue & Redemption of Preference Shares – Companies Act 2013
Section 55 of the Companies Act, 2013 read with Rule 9 of the Companies Act (Share Debt and Capital), 2014 allows the Company to…
Income Tax
Why everyone should file Income Tax Returns?
Are you perplexed and unable to decide whether to file an ITR? Have you heard elsewhere that if your income is less than the…
Compliance
Annual Compliance for Section 8 Companies in Jaipur
As provided for in the Companies Act of 2013, every company registered under the Companies Act 2013 or previous rules whether a private limited…
Miscellaneous
Box Office Collection and Money Laundering in Indian Cinema
The phrase “box office” may be dated back to the early Elizabethan era. When the general people used to attend to theatres to see…