"21 April 2021" Archive - Page 2

Start-up | Benefits under Income-tax

Start-up India initiative is one of the pertinent initiatives that every budding entrepreneur should be aware of. It enables the start-up to gain various benefits under Income-tax Act, 1961. The requirement is nothing but registration on the Start-up India portal. However, there are some pre-requisites for being eligible to get registered...

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Posted Under: Income Tax |

Reporting Requirements Under CARO 2020

CARO 2020 is a new format for issue of audit reports in case of statutory audits of companies under Companies Act, 2013. CARO 2020 has included additional reporting requirements after consultations with the NFRA.** The aim of CARO 2020 is to enhance the overall quality of reporting by the company auditors. Every report made by […]...

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Posted Under: Income Tax |

Why Corporate Identity Number (CIN) & Know Structure of CIN

Now first question which must come to your mind why CIN is allotted to company so let’s find out the answer to this question if you see other law like under Income-tax law you get PAN, under GST law you get GSTIN etc. just like in similar way CIN is allotted to company on incorporation […]...

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Posted Under: Income Tax |

4 Suggestion to FM related to GST for Immediate implementation

It is suggested that: 1. The adherence to Rule 36(4) be kept in abeyance for the months of March to May 2021. 2. The due date to furnish GSTR 3B for March 2021 to May 2021 be extended suitably. 3. A nearest date to conduct a virtual GST Council Meeting be decided at the earliest & informed accordingly. 4. The Due date of Filling I.T.R. of...

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Posted Under: Income Tax |

e-Commerce and Compliance under Income Tax & GST

E Commerce is the buzz word in today’s world. Sale and purchase of goods and availing services has gone on digital platform. The world is shrinking as the E commerce platforms are growing. Being a new business model, the compliance and taxation under E commerce is multiple and complex. Definition of E commerce and E […]...

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Posted Under: Income Tax |

CSR Activity through Trust, Society and Section 8 Companies

Corporate Social Responsibility literally means the responsibility of Corporates towards Society. Its an opportunity for big corporates to do their part to the society either voluntarily or through the compulsion under CSR. Section 135(1) of the Companies Act 2013, deals with the CSR provisions and constitution of CSR committee. Here we w...

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Posted Under: Income Tax |

HC stays order passed under Faceless Assessment Scheme for violation of natural justice

K L Trading Corporation Vs National E-Assessment Centre Delhi (Delhi High Court)

Since there was a variation made to the declared income of the petitioner qua the assessment year 2018-2019, a show-cause notice should have been issued, before finalizing the variation....

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Legal Position of Online Gaming/Gambling In India

Generally Online Gaming/Gambling laws in India prohibit betting or wagering and any act which is intended to aid or facilitate the same. As per FEMA, 1999 Gambling is prohibited under schedule-I. Gambling here means selection of winners through lottery or luck by chance, where luck by chance arise it means gambling occurs. Gambling is pro...

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Posted Under: Income Tax |

Reasons For Intangibles Valuation : Franchises & Brand License Agreements

Before dwelling into the valuation perspective of intangibles, let us understand its meaning first. In simple terms, an 'intangible asset' is something that cannot be touched or seen, for example patents, copyrights, brands and franchises etc. Moreover, other invisible assets like services of key and competent managerial persons, skilled ...

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Posted Under: Income Tax |

Appointment of a director in case the number of directors fall below statutory limit

Appointment of a director in case the number of directors fall below the statutory limit As per Section 149(1): Every company shall have a Board of Directors consisting of individuals as directors and shall have a minimum number of: 1. three directors in the case of a public company, two directors in the case of […]...

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Posted Under: Income Tax |

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