All About Annual Filing by Companies With Registrar of Companies

Introduction: FORM AOC-4All companies under Companies Act 2013 are required to file annually Form AOC-4 (Financial Statement), AOC 4 XBRL (Financial Statement in extensible business reporting language), Form MGT-7(Annual Return), Form AOC-4 CFS (Companies which have Subsidiary/As[...]

Section 115BAA – New Tax Rate for Domestic Companies

IntroductionThe new section – Section 115BAA has been inserted in the Income Tax Act,1961 to give the benefit of a reduced corporate tax rate for the domestic companies. Section 115BAA states that domestic companies have the option to pay tax at a rate of 22% from the FY 2019-2[...]

Formation of Proprietory Concern

The sole proprietorship is the simplest form of business under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. A sole proprietorship can operate under [...]

Applicability of Form 61A and reporting in 3CD

Introduction:To keep vigilance on high - value transactions entered by the taxpayers, The Income tax department has brought a new mechanism to furnish statement of financial transactions in the prescribed form 61A. Also known as Annual information return (AIR). It helps the depar[...]

New E-invoice System and and QR Code on Invoices

From 1st April 2020 a new invoicing system is going to be implemented in the GST era to help business and to reduce the difficulty faced by various business stake holders.In this new system an e-invoice need to be raised by a trader which can be read by computer systems using dyn[...]

TDS Applicability on Sponsorship Fee

Sponsorship means that company paying money to sponsor individual or some group, some event or an activity, usually for advertising or space at the event or as a part of publicity for an event which cannot communicate specific product attributes.   TDS applicability:Cir[...]

RCM on Security Services

RCM on Security Service- Before entering into this topic let us understand what RCM i.e, Reverse charge mechanism means and how it works.Reverse Charge: Normally in GST, supplier of the good/services collects the tax from recipient and deposits to government. Whereas under R[...]

Procedure for Incorporation of Private Limited Company

Articles about company incorporation from our Knowledge BankIncorporating a Company in IndiaIncorporating a LLP in IndiaIncorporating a One Person Company Have you wondered how a private company is registered in India under Companies Act 2013? No, then don’t worry, w[...]

Foreign Tax Credit

IntroductionDue to the impact of rapidly increasing foreign trade and commerce, cross border transactions raises many issues on taxation of the income.Global income is taxed in the country of its residence. But there are situations when a Company/Individual is also exposed to tax[...]

Taxability of Life Insurance Maturity Receipts

Section 10(10)D of the Income Tax Act, 1961:As per Section 10(10D) of the Income Tax Act, 1961- the amount of sum assured plus any amount received as policy proceeds on maturity or surrender of policy or on death of the insured are completely tax free for the receiver. But in the[...]

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