KNOW EVERYTHING ABOUT GSTR-4 GSTR-4 is a GST Return that has to be filed by a composition dealer. Unlike a normal taxpayer who needs to furnish 3 monthly returns, a dealer opting for the composition scheme is required to furnish only 1 return which is GSTR 4 once in a year by 30th of April, […]
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INCORPORATION OF SECTION 8 COMPANY A section 8 company is essentially a charitable and non-profit entity that functions on the central government’s license which allows the company to not have to use ‘public/private limited’ in its name. The incorporation process of this company is similar to that of an NGO or a trust, differing only
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SECTION 80EEB: DEDUCTION IN RESPECT OF ELECTRIC VEHICLE During the Union Budget 2019, the government has announced an incentive for purchase electric vehicle. The Finance Minister has stated that advanced battery and registered e-vehicles will be incentivised under the scheme. During this budget insertion new section 80EEB has been introduced allowing a deduction for
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ANNUAL COMPLIANCES OF LIMITED LIABILITY PARTNERSHIP What is LLP? Limited liability partnership is a form of entity which entails features of a partnership firm and a company. The LLP is managed by its partners and it is a separate legal entity from its partners. The concept of Limited Liability Partnership has been brought by way
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HOW TO RECTIFY MISTAKES IN FORM 10B? Form 10B enables a taxpayer to file an audit report if the taxpayer has applied for or is already registered as charitable or religious trust / institution by filing Form 10A. Form 10B is accessed by the CA added by the taxpayer under the My CA service
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SECTION 139(8A): UPDATED RETURN UNDER INCOME TAX What is Updated return? Updated Return is Return of Income under section 139(8A) of Income Tax Act 1961 to be filed in Form ITR-U which allow any taxpayer to file return of income not filed earlier. to rectify any incorrect disclosure in Income Tax Return. to rectify or
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LAST DATE TO UPDATE UDIN ON E-FILING PORTAL IS 30TH APRIL 2022 What is Unique Document Identification Number (UDIN)? The Institute of Chartered Accountants of India, on noticing about the fake certifications by Non-CAs misrepresenting themselves as Chartered Accountants which misled the authorities and stakeholders, pioneered in conceptualizing a unique concept which is called
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CBDT: THESE FORMS ARE NOW AVAILABLE FOR FILING ON INCOME TAX PORTAL CBDT has released the following forms for filing on the portal: The following forms are released: 1.Form 26A- The section 201(1) of Income Tax Act, 1961 talks about when assesse is not treated as assesse in default. That is, when he had complied
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FORM 10BD: STATEMENT & CERTIFICATE OF SECTION 80G DONATION WHAT IS FORM 10BD? Form 10BD is a statement of donations containing the details of donations received by the Charitable Organizations during the financial year. Procedure and time limit for filing form 10BD The form is required to be filed electronically by donation receiving organizations. The
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ICAI: GUIDANCE NOTE TO AUDITORS ON FUNDING DISCLOSURE NORMS The Institute of Chartered Accountants of India (ICAI) has issued a detailed set of instructions to auditors to make sure that the financial statement of companies audit act in accordance with the government’s new investment reporting requirements. The Self regulator of the accounting profession
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