THE PUBLIC LIABILITY INSURANCE ACT, 1991 The 1991 Public Liability Law regulates mandatory liability insurance. Under the law, companies must commit to installing and handling hazardous materials that have been reported under the Environmental Protection Act, 1986. It is basically a part of tort law, which focuses on the misconduct of civil law. The […]
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CBDT CONDONES DELAY IN FILING FORM 10A As per the provisions of the Income-tax Act, 1961, Form 10A was required to be filed electronically by 30.06.2021, which was extended to 31.08.2021 and further extended to 31.03.2022 by Circular No. 16/2021 In view of the representations received by Central Board of Direct Taxes (CBDT) and with
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KARNATAKA PROFESSIONAL TAX Professional Tax is not a tax that is applicable to professionals only, it is a tax that is applicable to all kinds of professions, trades, and employment and is based on income. Professional Tax in the State of Karnataka is administered by the “Karnataka Tax and Profession, Trade, Callings, and Employment Act,
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UNICORN STARTUP What is a unicorn startup? Unicorns are privately held, venture-capital-backed startups that have reached a value of $1 billion. The valuation of unicorns is not expressly linked to their current financial performance, but largely based on their growth potential as perceived by investors and venture capitalists who have taken part in various funding
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DTAA: DEFINITION, TYPES, AND THEIR BENEFITS Meaning of Treaty: A treaty is a formally concluded agreement between two or more independent nations. The Oxford Companion to Law defines a treaty as “an international agreement, normally in written form, passing under various titles (treaty, convention, protocol, covenant, charter, pact, statute, act, declaration, concordat, exchange of notes,
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STARTUP INDIA SCHEME: DEFINITION, ELIGIBILITY & TAX EXEMPTION Introduction: The Startup India Scheme is an initiative of the Government of India in 2016. The primary objective of Startup India is the promotion of startups, the generation of employment, and wealth creation. Startup India has initiated several programs for building a robust startup ecosystem and
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REPORTING OF 4-DIGIT HSN CODES IN GSTR-1 WITH TURNOVER UPTO RS.5 CRORE What is HSN Code? HSN stands for Harmonised System of Nomenclature code, it is an internationally standardized system of names and numbers to classify traded products. It came into effect in 1988 and has since been developed and maintained by the World Customs
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FREE TOOLS FOR GENERATING E-INVOICES FOR SMALL TAXPAYERS To ensure that businesses get enough time to adapt to the new system of electronic invoicing, the GST Council has approved the introduction of e-invoicing in a phased manner For businesses with a turnover of ₹500 crores and more, e-invoice is already introduced from 1st October
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CLOSURE OF DEFUNCT LLP When a limited liability partnership (LLP) hasn’t conducted any activity for a year or more, it can be easily dissolved by removing its name. An LLP can also be wound up by a voluntary winding up or by a tribunal winding up. A defunct LLP, however, that has not conducted any
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FOREIGN BANK AND FINANCIAL ACCOUNTS REGULATIONS (FBAR) The Foreign Bank and Financial Accounts Regulations (FBAR) form came into existence as part of the Bank Secrecy Act of 1970 (BSA) with the aim to prevent taxpayers from avoiding paying taxes by hiding assets overseas. However, the IRS has enforced foreign financial account reporting rules for American
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