"12 April 2021" Archive - Page 4

Incorporation of Private Limited Company

Private Limited Company is a most popular option to start a business in India by startups and businesses with higher growth aspirations. Private Limited Company is incorporated under the Companies Act, 2013 and governed by the Ministry of Corporate Affairs in India. It is a registered corporate structure that provides business a separate...

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Posted Under: Company Law |

Recent Reforms in Direct Taxes (Income Tax)

Major Recent Reforms I. Reduction in tax rates & Simplification of direct tax laws Corporate Tax – It has been the stated policy of the Government to simplify the Income-tax Act, 1961 by removing exemptions and incentives while at the same time reducing the rates of taxes. Starting from the Finance Act, 2016, the corporate [&hel...

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Posted Under: Company Law |

HC directs revenue to consider Application under Vivad Se Vishwas Act, 2020

Sadruddin Tejani Vs ITO (Bombay High Court)

Sadruddin Tejani Vs ITO (Bombay High Court) The basic facts set out above are not in dispute. Without getting into the merits of the demands by the Revenue or the Application for Revision under Section 264 of the Income Tax Act by the Petitioner, it would be relevant to note that, it is not in […]...

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Income Tax Benefits for Senior Citizens & Very Senior Citizens

Benefits for Senior Citizens and Very Senior Citizens under Income tax Act, 1961 Higher Basic exemption limit Higher deduction for Medical Insurance Premium Higher deduction limit for interest from Banks and Post Office and many more… Who is a Senior Citizen and a very Senior Citizen? A Senior Citizen is a resident Indian who is [&h...

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Posted Under: Company Law |

Taxpayer’s Charter- Obligations & Expectation of Income Tax Dept.

The Income Tax Department is committed to 1. Provide fair, courteous, and reasonable treatment. The Department shall provide prompt, courteous and professional assistance in all dealings with the taxpayer. 2. Treat taxpayer as honest The Department shall treat every taxpayer as honest unless there is a reason to believe otherwise. 3. Prov...

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Posted Under: Company Law |

Bank Audits 2021- Decoding Agriculture Advances

by the Banking Institutions. The lending to agriculture sector include Farm Credit (Agriculture and Allied Activities), lending for Agriculture Infrastructure and Ancillary Activities. Farm Credit – Individual farmers Loans to individual farmers and Proprietorship firms of farmers, directly engaged in Agriculture and Allied Activiti...

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Posted Under: Company Law |

Trusts – Be eligible to receive CSR

As per guidelines issued by MCA, From 1st April 2021, CSR Funding will be released only to that NGOs, Trusts, Religious Trusts, Societies, 12AA registered entities, 80 G granted entities, Section 8 Company that are registered with MCA by filing Form CSR-1.So, if such institutions willing to receive CSR Funding then it is mandatory for [&h...

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Posted Under: Company Law |

NGO Darpan Registration – Darpan ID -FAQs

Dear Friends, as we all know from past few years the Government departments are collecting many information from each entity/NGOs, so that a reliable database can be maintained. In this step, Niti Aayog department has launched NGO Darpan portal to maintain a centralized database of NGOs working in India. If you want to raise funding [&hel...

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Posted Under: Company Law |

Weekly newsletter from Chairman, CBIC dated 12/04/2021

D.O.No.62/CH(IC)/2020 12/04/2021

There has been encouraging news from Kolkata on the trade facilitation front. On the 7th of April, our officers cleared the second riverine protocol route for exports from Bangladesh to India. A barge laden with 40,000 cartons of food products started its journey from Palash in Bangladesh and reached Kolkata in eight days after travelling...

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Mandatory Registrations for NGOs after 01.04.2021

Mandatory Registrations for NGOs after 01.04.2021 – Form CSR-1, Section 80G and Section 12AB of Income Tax Act As per Notification issued by Ministry of Corporate Affairs dated 22nd January 2021, it is mandatory for all NGO’s which wants to raise CSR Funding to enrol with MCA w.e.f 01/04/2021 to get CSR Funding. And Filing […]...

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