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Archive: 03 January 2020

Posts in 03 January 2020

CBDT condones delay in filing of Form No. 10B

January 3, 2020 86142 Views 12 comments Print

Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10B for Assessment Year 2018-19 and subsequent years–Circular No. 2/2020-Income Tax Dated 3rd January, 2020. Circular No. 02/2020-Income Tax F.No.197/55/2018-ITA-I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ***** New Delhi, the 3 […]

CBDT Relaxaes time for Compounding of Income Tax Offences

January 3, 2020 3255 Views 0 comment Print

Relaxation of time-Compounding of Offences under Direct Tax Laws (Income Tax)-One-time measure-Extension of Timeline- Circular No. 1/2020-Income Tax Dated 3rd January, 2020.

Critical analysis of provision relating to KMP & Directors

January 3, 2020 16395 Views 0 comment Print

Considering the frequent changes in statute and onerous responsibility cast on directors and KMP, one must understand the critical issues and avoid speculative conjectures or avoid of taking benefit of gray area because we would never know when the government would comes up with any amendment or clarification and apply them retrospectively.

You Must Know About DIN / UDIN / eCSIN used by Different Regulators in India

January 3, 2020 5793 Views 0 comment Print

Identity plays an important role in this world. As the world is moving towards digitalization, it is important to have a digital identity of a document to brings transparency and identification between original and fake. In this regard, we are summarised the following i.r.t. systems implemented in India by the different regulators, to provide identity to […]

Restricted Provisions of Section 269SU – Payment Facilities To Be Provided

January 3, 2020 2859 Views 0 comment Print

Please read carefully provisions of Section 269SU which related to Acceptance of payment through prescribed electronic modes, otherwise Rs. 5000/- per day penalty under Section 271DB shall be imposed on Every person, carrying on business his total sales, turnover or gross receipts, as the case may be, in business exceeds Rs.50 (fifty) crore rupees during the immediately […]

All about GSTR-1

January 3, 2020 77316 Views 6 comments Print

GSTR-1 is a monthly or quarterly return that should be filed by every registered dealer. It contains details of all outward supplies i.e. sales. Let’s understand it in detail. Article explains Persons liable to furnish the details of outward supply [Section 37(1)], Form for submission of details of outward supplies [Section 37(1)], Due date of […]

Cost of Private Limited Company Registration in India

January 3, 2020 137208 Views 10 comments Print

Wondering what would cost you to register a company in India? Know about the cost of starting and operating a private limited. Company is a popular option to start a business in India by startups and businesses with higher growth aspirations. Pvt Ltd company is incorporated under the Companies Act of 2013, and governed by […]

MSME Samadhaan portal integrated with IU of NESL to help MSEs

January 3, 2020 2481 Views 0 comment Print

For the convenience of Micro & Small Enterprises (MSEs), we have now integrated the `MSME Samadhaan’ portal with the `Information Utility (IU)’ of National e-Governance Services Ltd. (NeSL) enabling following steps.

Requirement to File MSME Form -1

January 3, 2020 2412 Views 0 comment Print

Article explains Definition of MSME As per MSME Development (MSMED) Act, 2006, Applicability of MSME Form 1 to Companies registered under Companies Law, Compliance related Half Yearly Submission of MSME Form 1 and  Penalty under section 405(4) of the Companies Act 2013 for delay in filing of MSME Form 1. As per MCA Notification S.O. […]

RCM on Renting of Motor Vehicle : A Game Changer

January 3, 2020 8868 Views 4 comments Print

On eve of New Year 2020 Government had again issued some new notifications. One of such notification issued is notification dealing with Renting of Motor Vehicle designed to carry passengers covered under Reverse Charge Mechanism (hereinafter referred as RCM). In Renting of Motor Vehicle designed to carry passengers, there are two options to pay GST […]

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