DIR-3 KYC and its compliance on Ministry of Corporate Affairs with clarification:

"Director Identification Number" (DIN) means an identification number allotted by the Central Government to any individual, intending to be appointed as director or to any existing director of a company, for the purpose of his identification as a director of a company:Provided fu[...]

Export Promotion Schemes

Exports From India SchemesIn order to encourage exports in India the Government provides certain benefits to exports to offset infrastructural inefficiencies and associated costs. These benefits are provided to both service providers and export of goods.There are two schemes to a[...]

Section 80D and 80DD of Income Tax Act, 1961

Section 80D of Income Tax Act, 1961.This section is related to Deduction from income for Medical insurance premium paid and Preventive health check up taken. Section 80D ApplicabilityOnly Individual or HUF can claim deduction under Section 80D.1. Medical InsuranceM[...]

Slump Sale

IntroductionAs per section 2(42C) of Income -tax Act 1961, 'slump sale' means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such salesComputation of Capital G[...]

Prohibition on Acceptance of Deposits From Public and Penal Provisions

Prohibition on acceptance of deposits from public:Section 73. (1) On and after the commencement of this Act, no company shall invite, accept or renew deposits under this Act from the public except in a manner provided under this Chapter:Provided that nothing in this sub-section s[...]

Real Estate Regulation and Development (RERA) Act 2016

An Act to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of plot, apartment or building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the inter[...]

Transfer of Shares to Non-Resident

Transfer of shares between two residents (of India) involves payment of consideration (buyer to the seller) and execution of share transfer deed. Share transfer deed to be duly stamped @ 0.25% of the consideration amount. When the transaction is between a resident and a non-resid[...]

Letter of Undertaking under GST

Letter of Undertaking (LUT)According to the Notification no. 37/2017 Central Tax, any registered person who intends to supply goods /services to outside India or units covered under SEZ (Special Economic Zone) or developer of SEZ without payment of integrated tax (IGST) is requir[...]

Project Insight

Project Insight is an initiative by the Income-Tax Department to mine big data from social media to scrutinize potential tax evaders. For example if you flaunt photos or videos of your recent exotic vacation trip or of a new expensive car that costs an arm on Facebook, Twitter or[...]

Transfer of Unutilized Input Tax Credit Under GST in Case of Death of a Sole Proprietor

The concept of “Perpetual Existence” is not a common feature of a Sole Proprietorship concern. Once the proprietor dies, the business is over! So one might ask, “is there no way a sole proprietorship business can achieve continuity?” Let’s say the proprietor willed[...]

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