INCORPORATION OF SECTION 8 COMPANY Section 8 company means a company formed for the purpose of promotion of commerce, art, science, education and research, sports, welfare, religion, protection of environment or any other social object. Section 8 companies are not liable to use the word limited or private limited after their name. A section 8 […]
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CLARIFICATIONS ON FILING GSTR-9 AND GSTR-9C FOR THR F.Y 2021 GSTR-9C RECONCILIATION STATEMENT What is GSTR-9C? GSTR-9C is a form that is required to be filed by certain taxpayers under the goods and services tax (GST) in India. It is a reconciliation statement that compares the values declared in the annual return (GSTR-9) with the
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GOVERNMENT SCHEMES FOR STARTING A BUSINESS IN INDIA Startup India Scheme is one of the flagship initiatives of the Central Government of India. Under Startup India Scheme, several programs are rolled out with the following objectives – To support entrepreneurs; To build a robust startup ecosystem; To transform India from a country of job seekers
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EQUALISATION LEVY What is Equalisation Levy (EL)? Equalisation levy is a direct tax which is withheld at the time of payment by the service recipient. Applicability of Equalisation Levy Equalisation Levy is a direct tax, which is withheld at the time of payment by the service recipient. The two conditions to be met to be
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COMPLIANCE CALENDAR FOR THE MONTH OF JANUARY 2023 I. Compliances under GST a.Taxpayers having aggregate turnover upto Rs. 5 crores in the preceding FY (Group A) Tax period: December 2022 Due Date: 22nd January 2023 Particulars: Due Date for filling GSTR – 3B return for the month of December 2022 for the taxpayer with
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A DETAILED ANALYSIS OF JOB WORK UNDER GST What is Job work? Section 2(68) of the CGST Act, 2017 defines Job-work as ‘any treatment or process undertaken by a person on goods belonging to another registered person’. The one who does the said job would be termed as a ‘job worker’. The ownership of the
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A DETAILED ANALYSIS OF STATUTORY AUDIT Overview: A statutory audit is an independent examination of an organization’s financial records and statements by an external auditor. The purpose of a statutory audit is to ensure that the organization’s financial records are accurate and reliable and to provide assurance to stakeholders that the organization is complying
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DUE DATE TO FILE YOUR BELATED, REVISED INCOME TAX RETURN FOR THE A.Y 2022-23 What is a Belated Return? The due date to file the income tax return for the financial year 2022-23 ended on 31st July 2022. If you were required to file the return but missed filing your income tax return within the
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CHANGE IN THE NAME CLAUSE OF A COMPANY The company is identified only by its name. Changing company names amounts to a significant alteration since the Memorandum of Association and Articles of Association need to be altered. A company desiring to change its name may do so in accordance with the provisions of Section 13
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INTRODUCTION OF STAGGERED DEADLINES FOR THE COMPLIANCE OF LLP AND COMPANIES The Ministry of Corporate Affairs (MCA) is planning to introduce staggered deadlines for the submission of compliance documents. The action is intended to alleviate the MCA portal’s overuse during the busiest filing season, which frequently causes errors or causes the portal to lag.
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