Requirement of Submitting Form 15CA & 15CB

So, you are planning to make payment or money transfer outside of India, we need to follow certain rules and compliances for such transactions and transfers. Certain Foreign remittances have tax implications which sometimes are missed out by the tax payers. As per the Income [...]

Relevance of Personal Financial Planning

In our daily life we focus on arranging our finances for immediate needs like paying school fee, arranging funds for EMI on car or home loan, buying clothing, and the list is endless. In order to improve the quality of our daily life, we need to take control of our finances. [...]

Ineligible Input Tax Credit (ITC) under GST

As per CGST Act, input tax credit for following goods and services are not available or is ineligible: 1. Motor Vehicles or Conveyances ITC cannot be claimed on motor vehicles if they are used for self-consumption by companies or individuals. However, ITC can be claim[...]

Section 80TTA vs 80TTB

Section 80TTA Section 80TTA provides a deduction on Income earned from Savings Account. Applicability 1.Individual 2.HUF Limit Maximum Deduction allowed is Rs. 10,000/-. It is not applicable on Interest earned from Fixed Deposit, Recurring deposit and any other Time Dep[...]

Introduction to INC 32 - SPICe

Introduction to INC 32 - SPICeSimplified Proforma for Incorporating Company ElectronicallyCompany is a type of entity wherein the liability of its shareholders is limited to their shareholding in the Company. Companies in India are governed by the Company Act, 2013 (includi[...]

Section 234F

Introduction: A new section has been inserted in Income Tax Act, 1961 with effect from Assessment Year 2018-19 (Financial Year 2017-18). Under this section, fee (penalty) is levied if the Income-tax return is not filed within due date. Earlier penalty for delay in filing o[...]

Recent Changes in GST

Increase in the limit to opt into the scheme has been increased from Rs. 1 Crore to Rs. 1.5 Crore. The effective changes to GST Composition scheme for both suppliers of goods and services will apply from 1st April 2019.[...]

Incorporating a Company in India

ALL YOU NEED TO KNOW ABOUT STEPS INVOLVED FOR COMPANY INCORPORATION IN INDIAStarting a company requires a lot of planning and activities and more than that there are a number of formalities which need to be complied with. Detailed procedures and paper works are involved in or[...]

Compulsory GST Registration in Certain Cases

As per sub-section (1) of section 22 of CGST Act, 2017, the following categories of persons shall be required to be registered under this Act–         ii. casual taxable persons making taxable supply;         iv. person[...]

Steps for Revival of a Struck Company (Sec.253(3) & 87A of NCLT Rules, 2017)

As per provisions of Section 252(3) of Companies Act, 2013, following persons can file application in NCLT for restoration of name of Company in the records of the ROC. CompanyAny memberWorkmenCreditor Following are the Steps for Revival of Struck Company:- Step-1: The pet[...]

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