Income Tax
Analysis of Clause 44 of Tax Audit Report in Form 3CD
The Tax Auditors and the assessee are both concerned about ‘Clause 44’ in the tax audit report in Form 3CD, which deals with reporting…
Compliance
Disclosure on the website by Public Unlisted Company
The Companies Act 2013 mandates that certain information be published on a company’s website. Information like company name, registered office address, company identification number,…
Company Law
Procedure for Issue of Duplicate Share Certificate in India
Share certificates issued by the Company are sometimes lost or misplaced by the shareholders due to unforeseen circumstances. The loss of share certificates can…
Income Tax
All you need to know about Section 80JJAA
Entrepreneurs rejoice! Now save money by hiring! The Income Tax Act 1961 contains a provision under section 80JJAA to offer additional tax credits to…
Income Tax
Income Tax implications on Cash Transactions
In the Indian economy, cash transactions have always played a major role and serve as a consistent reason for the accumulation of black money.…
Income Tax
Powers & Limitations of the Commissioner of Income Tax (Appeal)
For effective financial management, it is essential to understand the functioning, powers, and limitations of the powers of the tax authorities. This turns out…
Compliance
Key Regulatory updates for the Month of November 2022
Taxpayers in India are required to adhere to the Indian government’s recommended tax compliance. Such compliance also entails following the GST Return filing due…
Income Tax
Evolution of Income Tax and Section 1 of Income-tax Act, 1961
The history of Income Tax in India is later back to the 1800s, In 1860 the tax was first introduced in India by Sir…
GST
Harmonized National Market for Goods and Services in GST
Article 279A of the Constitution of India provides for the establishment of the Goods and Services Tax Board by the President of India under…
Compliance
Statutory and Tax Compliance Calendar for November, 2022
There are two sorts of Indian Taxes: Direct Taxes and Indirect Taxes. During a fiscal year, direct taxes are charged on the revenue received…
GST
Analysis of E-Commerce Operators in GST
The COVID-19 epidemic has had a huge impact on the Indian economy, resulting in one of the world’s greatest lockdowns. The Indian internet economy,…
Finance Company
Concept of Revenue Leakage in Banks Audit
Banks and Banking Institutions are critical to a country’s development. Banks are economic actors, and they, like other sectors, are subject to hazardous operations.…
Finance Company
External Commercial borrowing (ECB) for Start-ups: An easy funding
With the introduction of economic reforms since the balance of payment crisis, external assistance ceased to be an important element of capital inflows and…
GST
Changes in Reporting of Input Tax Credit in GSTR–3B
While preparing GSTR-3B for August 2022, you must take note of a critical modification. From the GSTR-3B of August 2022 forward, the form’s recently…
Finance Company
Auditors Liability for Willful Default: Prudential Norms by RBI
It is often observed that the Indian management system adopts the method of defining responsibilities and punishments rather than analyzing and solving the problem.…
Compliance
Mandatory Legal Obligations for Companies in India
For any entrepreneur, managing the day-to-day operations of their company while also adhering to corporate regulations may be a bit difficult. Therefore, it is…
Finance Company
Corporate bonds in India: Market Analysis
Corporate bonds market in India are investments with low risk if an individual is looking for a short-term investment system. Such bonds are considered to…
Income Tax
Non-Payment and Non-filing of TDS/TCS Returns: Consequences
The concept of Tax Deducted at Source was introduced with the purpose of collecting tax from the source of income. According to this concept,…
Income Tax
Direct and Indirect Taxes: Basics
Tax is a compulsory fee that is imposed on corporations or individuals by the State and the Central Government. This fee is imposed by…
Annual Compliance
Annual Filing of Companies: Jammu and Kashmir
The Union territory of Jammu and Kashmir (J&K) offers a large number of investment opportunities for entrepreneurs as the UT is rich in certain…
Trademark Registration/IPR
All you need to know about Trademark vs. Certification Trademark
The Concept of Trademarking is not new to the society. A lot of us might have commonly heard the word Trademark. However, usually, when…
GST
Summons under GST: Rights and Duties of Taxpayers
GST is a complex subject matter according to most people and over time these complexities only increased. With the rise in difficulty for taxpayers…
Miscellaneous
Preparation Tips: CA (Chartered Accountant) Examinations
CA Exams are conducted by the ICAI (The Institute of Chartered Accountants of India). This exam is conducted for individuals who aspire to become…
GST
GST Audit by Tax Authorities: Introduction and Procedure
Audit by departmental authorities is a familiar concept. It already existed within the laws that existed even before the GST tax regime was introduced.…
GST
Changes in GST law: Finance Act 2022
Finance Minister of India, Smt. Nirmala Seetharaman on 1st February 2022 presented the 2nd digital union budget for the FY 2022-2023. Accordingly, the proposed…
Miscellaneous
Comparative Analysis of Competition Laws: India vs UK
Indian Competition Law is widely based on UK legislation and the European Union law seeks the solution for similar nature of issues such as…
Miscellaneous
Healthcare Reforms in India
The Healthcare sector of India reached a market value of about USD 372 billion in the year 2022. The factors that were included in…
GST
Procedure of GST Litigation in India
The structure of GST (Goods and Service Tax) is created to make the process of tax collection efficient, reduce corruption, and make the movement…
Compliance
Do you know about the Conditions for FDI in Broadcasting, Print Media & Civil Aviation?
Foreign Direct Investment is the main engine of economic growth and a source of non-debt financing for the country’s economic development. The FDI policy…
Income Tax
Taxation of Unlisted Share and Biggest Catch in Disclosure in ITR
Currently, there is a surge in equity transactions, investments, and so on. Indian investors have moved beyond conventional gold, silver, and real estate investments…
Income Tax
All about Clause 44 of FORM 3CD of Tax Audit Report
An auditor should utilize Form 3CD when examining the financial records of taxpayers who are the subject of tax audits. According to the Income…
Miscellaneous
Related Party Transactions – ‘CA 2013’ vis-à-vis ‘SEBI LODR’
The Companies Act, 2013 was enacted to encourage businesses to adopt the “Jet Set Go” philosophy, with compliance and openness being crucial. Among the various…
Latest News
Appointment of International Citizen as Director of Indian Company
The Ministry of Corporate Affairs (MCA) has notified an amendment for a situation when a person who belongs to a neighboring land border sharing…
Finance Company
Why is Rupee falling against US Dollar?
The Indian rupee has come under intense selling pressure in recent weeks amid a perfect storm of global headwinds that analysts say will continue…
GST
How to reply notices of mismatch of GSTR 3B & 2A?
Even after four years of GST implementation and over a thousand notifications and circulars, we continue to encounter several issues with GST on-site maintenance…
Compliance
Secretarial Standard-1 on Board Meetings
It is crucial to adhere to secretarial standards in the meeting’s processes and in topics related to them since company law provisions are growing…
Compliance
All you need to know about Retirement by Rotation
The Companies Act, 2013 (the Act) emphasizes flexibility and rigidity in the composition of the board of directors (boards). Flexibility hereby refers to the…
Finance Company
RBI’s Regulatory Framework for Microfinance Loans
The Reserve Bank of India has directed regulated entities (REs) lending to the microfinance sector to ensure that loans are unsecured and not secured…
Income Tax
What Non-Resident needs to know about the acquisition of an Immovable Property?
The Reserve Bank of India (RBI) regulates the purchase and acquisition of immovable property in India by non-residents under the Foreign Exchange Management Act…
GST
Avail ITC in GST as per Section 16(2) (aa) of CGST Act, 2017
Businesses must claim Input Tax Credit (ITC) that shows only in GSTR-2B from January 1, 2022. As a result, Rule 36(4) of the CGST…
GST
GST On pre-packed and Labeled Retail Packs of Food Items
The 47th GST Council meeting held on June 28th and 29th, 2022, produced a new proposal stating that GST will be levied at 5%…
GST
GST Applicability on Liquidated Damages, Compensation and Penalty
In a circular dated August 3, 2022, the Central Board of Indirect Taxes and Customs (CBIC) clarified the application of the GST to various…
FEMA
A guide to Non-Resident and Types of transactions under FEMA
An Indian residing abroad is generally known as a Non-Resident Indian (NRI). NRI means a person residing outside India who is a person of…
Compliance
What everyone ought to know about the Composition of the Board of Directors under SEBI LODR
Section 149 of the Companies Act of 2019 regulates the composition of the board of directors. In the case of a public company, there…
Miscellaneous
Does the evolving role of Company Secretaries full of Challenges and Opportunities?
A key expectation of members of self-governing professions is that they accept legal and ethical responsibility for their work and put the interests of…
Company Law
An IPO-a step towards enhanced ‘Corporate Governance’
Going public is certainly a very important milestone in a company’s life. An initial public offering (IPO) happens only once in a lifetime during…
GST
Whether Implementation of GST is Boon or Bane to the economy?
Every coin has two faces and so the same applies to the concept of GST implementation in India. Of course, this is the biggest…
Startup/ Registration
Process of Incorporation of a Foreign subsidiary in India
India is among the fastest growing economies in the world with plenty of business opportunities making it a preferred investment destination for NRIs, foreigners,…
Annual Compliance
Quick Review of Section 8 Company Annual Compliance
Every Section 8 company is required to carry out annual compliance tasks under the Companies Act, 2013 and the Income Tax Act, 1961. This…
Company Law
Reply Format to strike off notice u/s 248(1) of Companies Act 2013
If the company does not start operations within one year or the company does not carry out any business activity for 2 years, then…
GST
ITC Rules for Capital Goods under GST
Input Tax Credit (ITC) reversal calculations, input tax credit availability and non-availability calculations, and input tax credit calculations for capital under GST each have…
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…