GUIDANCE NOTE ON DISCLOSURE OF RELATED PARTY DISCLOSURE DEFINITION: Related party – parties are considered to be related if at any time during the reporting period one party has the ability to control the other party or exercise significant influence over the other party in making financial and/or operating decisions. Related party transaction – a […]
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GSTN: EASE OF SUBMITTING GSTR-1 IN GST PORTAL What is GSTR-1? GSTR-1 is a monthly or quarterly return that should be filed by every registered dealer. It contains details of all outward supplies i.e. sales What are the basic details? GSTIN Legal Name & Trade Name Aggregate Turnover in previous year Tax Period HSN-wise summary
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EVERYTHING YOU NEED TO KNOW ABOUT ITR-1 Every Individual will have this one question in his/her mind that how do I know which ITR I need to file? The answer is simple different tax returns are prescribed for filing by individual taxpayers depending on their source of income and residential status. To determine the
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RECENT AMENDMENTS ON E-COMMERCE EFFECTIVE FROM JANUARY 2022 What is E- commerce? Electronic Commerce has been defined in Sec. 2(44) of the CGST Act, 2017 to mean the supply of goods or services or both, including digital products over digital or electronic network. Who is an E- commerce operator? Electronic Commerce Operator has been
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AN OVERVIEW OF STARTUP INDIA SEED FUND SCHEME Minister of Railways, Commerce & Industry, Consumer Affairs and Food & Public Distribution Shri Piyush Goyal launched the Startup India Seed Fund Scheme (SISFS). The Fund aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialization. The Scheme
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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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SECTION 16(2) (aa)-RESTRICTION TO AVAIL ITC UNDER CGST Section 16 of The Central Goods and Services Tax, Act, 2017 (“CGST Act, 2017”) provides that subject to such conditions and restrictions as may be prescribed and, in the manner, specified in section 49, be entitled to take credit of input tax charged on any supply of
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E-COMMERCE COMPLIANCES FOR SELLER What is E-commerce? Ecommerce as it is popularly known is buying and selling of goods and services via the internet. Ecommerce generally refers to the transactions made during the online trading of goods and services. So, basically when you as an individual or as an organization engage in the purchase or
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DRASTIC REDUCTION IN ADDITION FEES FOR FILING OF ANNUAL RETURNS OF LLP The Central Government hereby makes the following rules further to amend the Limited Liability Partnership Rules, 2009, namely (1) These rules may be called the Limited Liability Partnership (Amendment) Rules, 2022. (2) They shall come into force with effect from the 01st April,
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MCA NOTIFIES NIDHI AMENDMENT RULES, 2022 Under the Companies Act, 1956, a Nidhi or Mutual Benefit Society meant a company which the Central Government declared as Nidhi or Mutual Benefit Society by notification in the official gazette. Under the Companies Act, 2013, initially there was no need for a company to get declaration from Central
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