Posts in category: Articles

Important Changes in GST w.e.f. 01-10-2019 Reverse Charge Renting of Motor Vehicle Services provided by way of renting of motor vehicle by any Individual/Firm/LLP to any Body corporate (companies), covered under reverse charge mechanism, taxable @5%. However, if the service provider charges GST @12% then he can continue with Forward Charge. Then no Reverse Charge applicable. Exemption Warehousing (Notification No 21/2019- Central Tax (Rate) W.e.f 01.10.2019, services provided by way of sto ...

The director at his discretion may resign from directorship on reasonable ground matters by giving notice. The resignation of a director shall take effect from the date on which the notice is received by the company or the date, if any, specified by the director in the notice, whichever is later. (Section 168 of the Companies Act, 2013) Section 168 of Companies Act, 2013 discusses the terms and conditions related to the resignation of a director. Compliance by director The notice shou ...

Violation of Section 269SS and 269ST Background of Insertion Various legislative steps have been taken by the Finance Act, 2017 to curb black money by discouraging cash transaction and by promoting the digital economy. These prominently include placing a restriction on cash transaction by the introduction of new sections 269ST & 271DA to the Income-Tax Act Section 269ST states that no person shall receive an amount of Rs 2 Lakh or more: In aggregate from a person in a day; or In r ...

Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tiresome GST formalities and pay GST at a fixed rate on turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs. 1.5 Crore. A servicer provider can opt composition scheme if turnover is less than Rs. 50 Lakh. Tax payers who are NOT Eligible for opting composition scheme Casual taxable person or a non - resident taxable person. Person making Inter - State S ...

FORM GSTR - 9 is to be filed which is known as Annual return. It is compilation return of all Intra and Inter State Outward/ Inward Supplies made during the particular financial year. It is consolidated return of monthly and quarterly returns. It is filed once in a year. It is mandatory to file annual return. Types of Annual Return Form Applicability GSTR - 9 GSTR - 9 is annual return filed by taxpayers registered under regular scheme including SEZ unit. GSTR - 9 A GSTR ...

The Rule 12A of Companies (Appointment and Qualification of Directors) fourth Amendment Rules, 2018 provided that ‘Every individual who has been allotted a Director Identification Number (DIN) as on 31st March of a financial year as per these rules shall, submit e-form DIR-3-KYC to the Central Government on or before April 30th, 2019.’ Every Director who has been allotted DIN on or before the end of the financial year, and whose DIN status is ‘Approved’, would be mandatorily required to f ...

Section 80C: Deduction in respect of payment of Life insurance premium, Children Education Expenditure etc. Payment of tution fees to any university,college,school or any other educational instituion situated in India for the purpose of full-time education of the children. Payment of Life insurance premium for insurance policy taken on the life: In case of individual: Such individual, his/her spouse,and child (whether major or minor) Contribution made towards Public Provi ...

An entity cannot survive in an isolated environment.Its existance depends upon the external factors even called as the business environment. Hence, it becomes the obligation of an organization to look after the society in which they are growing.It is because of this reason, the concept of Corporate Social Responsibility has gained its importance.India is the first country to mandate provisions for this which are governed under the Companies Act,2013.Section 135 covers the abovesaid provis ...

Budget Highlights : 1. Income Tax Interest on House Loan Deduction - Section 80 EEA It was increased by Rs. 1.5 Lakhs for Interest on home loan taken on self occupied property if, Such Loan is taken before 31-03-2020. House with the cost of 45 Lakhs will be eligible. Interest on Electric Vehicle Loan - Section 80 EEB Additional deduction of Rs. 1.5 Lakhs for interest on loan taken to purchase electric vehicle & Custom Duty is Exempted on purchase of electric vehicle ...

Advance TAX Any amount which is paid as a tax on income earned or received, before the end of the financial year is called an advance tax. It is also called a ‘pay-as-you-earn’ scheme. As in case of salaried taxpayers, Tax is deducted by the employer on salary, so such salaried taxpayers are required to pay advance tax on income apart from salary if any and which is not reported to the employer. Advance tax is mandatory only if Tax Liability is 10,000 or more. For computing tax liability, in ...