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…
GST
Concept of e- Invoicing and FAQs on e-Invoicing under GST
Are you also, looking for filing up of invoice of business? In that case you have landed up on the right place. The submission…
Compliance
Due Dates of Filing ROC Forms for the Month of June 2022
When one fiscal year finishes and a new one begins, it serves as a reminder to all company’s registered in India to mark their…
Startup/ Registration
Company Annual Filing in Ajmer
Company annual filing refers to the completion of the audited annual financial statements of the Company and the report of the Directors and the…
GST
GST on Manufacturer of Alcoholic Liquor on Job Work Basis
Exemptions, rate rationalisation, expansion of relaxations to Covid supply, exports, ITC, debit notes, late penalties, inclusion of specific items / services in tax net,…
Finance Company
Understanding Different Deposits & Applicable Tax Benefits
When it comes to banks, we are all about banks and the system it provides when you visit or open a bank account. Bank…
Miscellaneous
Gold Monetisation Scheme, 2015 – Types, Benefits & FAQs
The government introduced the Gold monetisation plan in 2015 with the goal of mobilization Gold and facilitating its usage for economic purposes, which would…
Miscellaneous
Sukanya Samriddhi Yojana and Tax Benefits
Sukanya Samriddhi Yojana (SSY) started to provide Indian girls equality and freedom in terms of features and benefits. It offers great tax benefits as…
Latest News
Important amendments to IRAC norms for bank branch auditors-2022
Prior to 1992, banks used to recognize interest on the whole portion of loans and advances, regardless of whether each loan advanced was good…
FEMA
Basics notion of Foreign Exchange Management Act, 1999
The Foreign Exchange Management Act, 1999 was enacted by the Indian Central Government to facilitate external payments and cross-border trade in India. FEMA (Foreign…
Income Tax
Cash Transaction limit under Income Tax Act, 1961 & GST
Cash transactions have always played a significant role in the Indian economy and are a consistent source of black money accumulation. The government has…
Startup/ Registration
How to incorporate a company in Ajmer?
In India, company registration is also known as corporate incorporation. It is a legal and regulatory process to enter a company (installation means a…
FEMA
Concept of External Commercial Borrowings under the FEMA Act, 1999.
External Commercial Borrowings (ECB) is borrowings made by an eligible entity in India from any recognised entity outside India for commercial reasons. Debt financing…
GST
Procedure for an adding an additional place of business under GST
Do you want to start your business, or looking for how to add some additional place of business under GST? Then you have landed…
Income Tax
Tax benefit on Home Loan under Income Tax Act, 1961
For most people, owning a home is a dream comes true. The Indian government has traditionally favoured encouraging residents to invest in real estate.…
Income Tax
Everything you need to know about NRI Income Tax Return
Are you aware that non-resident Indians, or NRIs, must pay income tax in India? Not only do residential Indians pay taxes, but so do non-resident…
SEBI Registration
All you need to know about Alternative Investment Funds
An Alternative Investment Fund (AIF) is a kind of investment fund in India. Investors use it for investing and getting benefits. In AIF investors…
Trademark Registration/IPR
Passing Off a Trade Mark and its Effect
In layman’s terms, passing off takes place when a trader/businessperson/or another person makes a false representation to their client, leading them to believe that…
Latest News
Directors and Officers Liability Insurance in Present Corporate Scenario
Directors and Officers Liability Insurance is quite a new concept in the Indian Corporate Scenario. It is often termed D&O Liability Insurance and is…
Miscellaneous
Online Address Update Process for Aadhaar in India
An Aadhaar card is a centralised and universal identifying number that is issued to every citizen of India. The Aadhar card is a biometric…
Compliance
Event based compliances as per Companies Act, 2013
Hey are you worried about compliances or you want to gain some valuable knowledge about, what are compliances under Companies Act, 2013? In this…
Company Law
Matters to be Included in Board’s Report under Companies Act, 2013
The Board’s report is a message from the company’s Board of Directors to its shareholders. The Board of Directors generally communicates about the company’s…
Compliance
Corporate Social Responsibility (CSR) in India as per Companies Act 2013
Corporate Social responsibility (hereinafter referred as ‘CSR’) is an initiative laid down mandatory for every company that falls under the provisions prescribed by Indian…
Compliance
Annual Compliances for FY 2022-23 W.R.T ROC & RBI
Companies and LLPs in India must comply with the yearly filing requirements stipulated in the Companies Act, 2013 and the Limited Liability Partnership Act,…
Section 8 Company
Impact of Revised RBI Guidelines on Section 8 Microfinance Companies
When you wish to create a financial business across India without RBI clearance and capital restrictions, registration of microfinance companies under section 8 is…
Compliance
General Agenda items for First Board Meeting of Company Post Incorporation
Nowadays, a lot many companies are getting incorporated quite successfully with different objectives in the form of public, private, or any other thing as…
Latest News
SEBI IPO Disclosure Norms for Loss Making Companies
There are a lot of new-age companies that are not performing up to the mark in the market. They have no track record of…
Compliance
ROC Compliance under Companies Act, 2013 for Financial Year 2022-2023
Companies and LLPs operating throughout India are required to follow the yearly filing requirements outlined in the Companies Act, 2013 and the Limited Liability Partnership…
Miscellaneous
Concept of Customs Cash Ledger with applicable Amendments
When a taxpayer constructs a Challan, the amounts to be contributed to each Minor Head inside each Major Head are chosen by the taxpayer.…
Income Tax
Assessment under Section 153A of Income Tax Act, 1961
Section 153 A of the Income Tax Act, 1961 specifies the system for assessing income in the case of a searched person. In terms of…
Startup/ Registration
How to start your business in Bikaner?
With the rapid change in time and fast development of technology, the world is racing towards perfection. India is a country that is very…
Income Tax
Income of a Religious Trust under Income Tax Act, 1961
The definition of Religious Trusts is not present under the Income Tax Act, 1961. The creation of a Religious Trust is mandated by the special…
Miscellaneous
Methods of Valuation, its procedure – Is Valuation a Scam?
A company appraisal necessitates a working understanding of several criteria, as well as professional judgment and expertise. This involves recognizing the valuation’s goal, the…
Miscellaneous
The Atal Pension Yojana – Eligibility, Procedure and Benefits
The Atal Pension Yojana is a pension system that aims to provide a stable income to the working poor after they retire. All bank…
Income Tax
Taxation of Gold and Gold Products under the Taxation System in India
In India, gold is one of the most popular and respected assets. It has shown to be the strongest investment option for generating high…
Miscellaneous
How Payroll Software Improve Your Business Productivity?
Every business has to enhance its processes in order to prosper. Many are afraid to place within the time and money to do so. Even though…
Latest News
Applicability of Accounting Software with Audit Trail
To reduce the risk of fraudulent transactions or manipulation in the books of accounts, the MCA has issued a notice requiring the company to use…
Company Law
All about Employee Stock Options Plan (ESOPs): Buyback of ESOPs
Employee Stock Options Plan (ESOP) is an employee benefit plan, that provides workers ownership interest in the company. This interest takes in the form…
Income Tax
What is Income Tax Audit?
There are different types of audits performed under different rules such as company audits/statutory audits conducted under the terms of company law, cost audits,…
Compliance
Composition of the Board of Directors of a Listed company in India
A board of directors is a panel of people elected to represent shareholders. The board is in charge of protecting shareholders’ interests, establishing policies…
Miscellaneous
Concept of Housing Loans & EMI’s Business in India
The typical payback time for a home loan is between 20 and 30 years. Owing to the difficulty of repaying your house loan and…
Income Tax
4 Major Changes in Income Tax after 1st April 2022: FY 2022-2023
With the beginning of the new financial year FY 2022-2023, numerous rules and regulations have changed in respect of Income Tax. Some of the…
Startup/ Registration
Public Company in Jaipur – Overview and Incorporation Process
A Public Company is a type of company in which ownership is distributed to general public shareholders through the free sale of stock shares…
Miscellaneous
All about Registered Mortgage: Meaning, Process and Difference from Equitable Mortgage
The term mortgagee was firstly well-defined by the Transfer of Property Act, 1882. Since time immemorial it is seen that the property whether it…
Change in Business
Conversion of Private Company into Public Company
A company is a group of people who want to do some business activities after obtaining a legal existence. Among all the types of…
Income Tax
Definition of Persons under Income Tax Act, 1961
Under Section 2 (31), ‘Person’ is an AOP or Association of Persons or BOI (Body of Individuals) or a Local Authority or an artificial…
Income Tax
Income Tax Deduction under section 80CCC in India
Section 80CCC of the Income Tax Act of 1961 provides for deductions amounting to Rs. 1.5 lakhs per year for personal contributions to certain…
Income Tax
Section 50C of the Income Tax Act, 1961
As per section 50C, the calculation of capital gain of the sale of land or building or both is held as a capital asset.…
Income Tax
Importance of Minimum Alternate Tax in Tackling Tax Avoidance
Minimum Alternate Tax (MAT) was created to decrease the gap between the tax accountability under income calculation and book profits. Further, the objective behind…
Miscellaneous
Concept of Deductible and Co-Payment Insurance under Insurance
We’ve explored the necessity of medical insurance and its ability to sustain the financially viable in the event of an insured risk on several…