RECENT CHANGES IN RULE OF STRIKING OFF THE NAMES OF THE COMPANY MCA has come with a Gazzate Notification dated 9th June, 2022 amending the erstwhile Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 with Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2022. It […]
RECENT CHANGES IN RULE OF STRIKING OFF THE NAMES OF THE COMPANY Read More »
SECTION 285BA- HIGH VALUE TRANSACTIONS & MANDATORY RETURN FILING Statement of Financial Translations or SFT refers to information related to certain high-value transactions which specified persons are required to report to the income tax department. The SFT was earlier known as ‘Annual Information Return (AIR)’. The objective of SFT or AIR was to curb black
Section 285BA: High Value Transactions & Mandatory Return Filing Read More »
RESTRICTIONS ON CASH LOANS, DEPOSITS & ADVANCES UNDER INCOME TAX No person shall take or accept from any other person (herein referred to as the depositor), any loan or deposit or any specified sum, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank
Restrictions on Cash Loans, Deposits & Advances under Income Tax Read More »
SENIOR CITIZEN NOT HAVING BUSINESS INCOME EXEMPT FROM ADVANCE TAX As per section 208 every person whose estimated tax liability for the year exceeds Rs. 10,000, shall pay his tax in advance in the form of “advance tax”. Thus, any taxpayer whose estimated tax liability for the year exceeds Rs. 10,000 has to pay his
Senior citizen not having business income is exempt from advance tax Read More »
RECTIFICATION OF MISTAKE UNDER SECTION 154 OF INCOME TAX ACT, 1961 Once you file an income tax return the Income Tax Department processes the return and sends an intimation. The intimation contains details of the return submitted by you and the numbers that the department has. If there is a mismatch i.e. a demand
Rectification of mistake under section 154 of Income Tax Act, 1961 Read More »
MSME REGISTRATION: PROCECURE, CERTIFICATE MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the economy. When these industries grow, the economy of the country grows as a whole and flourishes. These industries are also known as small-scale industries or SSI’s. Even if the Company is
MSME Registration: Procedure, Documents required, Certificate Read More »
CBDT ISSUES CLARIFICATION REGARDING FORM NO 10AC Finance Act, 2022 has inserted sub-section (4) in section 12AB of the Income-tax Act, 1961 (the Act) allowing the Principal Commissioner or Commissioner of Income-tax to examine if there is any “specified violation” by the trust or institution registered or provisionally registered under the relevant clauses of sub-section
CBDT issues clarification regarding Form N0 10AC Read More »
CHECKLIST OF ANNUAL SECRETARIAL COMPLIANCE REPORT 2022 SEBI inserted a new regulation i.e. Regulation 24A and made effective for the financial year ended March 31, 2019 in the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI (LODR) Regulations) which mandated the requirements of annexing a Secretarial Audit report in
Checklist of Annual Secretarial Compliance Report 2022 Read More »
EVERYTHING ABOUT PRESUMPTIVE TAXATION SCHEME What is the meaning of presumptive taxation scheme? As per sections 44AA of the Income-tax Act, 1961, a person engaged in business or profession is required to maintain regular books of account under certain circumstances. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed
Know everything about Presumptive Taxation Scheme Read More »
CBDT NOTIFIES FACELESS PENALTY AMENDMENT SCHEME, 2022 CBDT has notified the amendment in the faceless penalty scheme, allowing mandatory personal hearing through electronic mode to any taxpayer who has sought a hearing. The amendment has omitted the Regional Faceless Penalty Centre from the Faceless Penalty Scheme and provides that electronic records shall be authenticated by
CBDT notifies faceless penalty amendment scheme,2022 Read More »
