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Adv. Bhagyashree Jain

Latest Posts by Adv. Bhagyashree Jain

E-Assessment Procedures – Income Tax

December 21, 2019 30642 Views 2 comments Print

Electronic assessment, also known as e-assessment, online assessment, computer assisted/mediated assessment and computer-based assessment, is the use of information technology in various forms of assessment. Finance Minister, Arun Jaitley, also announced of such scheme in his budget speech on February 1, 2018; which would almost eliminate person-to-person contact in the Tax Department for greater transparency in assessment procedures.

UDIN for Chartered Accountants (FAQs)

July 26, 2018 21075 Views 1 comment Print

Unique Documents Identification Number (UDIN) will be a unique number which will be required to be generated for each and every document type being certified or attested by Practicing Chartered Accountant. Registration will be required to be done for the same at UDIN portal from July 1, 2018.

Important Aspects of a One Person Company

April 6, 2018 4050 Views 0 comment Print

Introduction The concept of One Person Company in India was introduced through the Companies Act, 2013 to support entrepreneurs to start a venture on their own by allowing them to create a single person economic entity. In a One Person Company there can be only one member while a minimum of two members are required […]

Conceptual Understanding of Limited Liability Partnership

March 29, 2018 6333 Views 0 comment Print

The changing global scenario, globalisation of similar tax norms, Income Recognition Standards, led to evolvement of business structures in India. A need to provide for a new corporate form of business ownership which could be an alternative to the traditional partnership gave rise to concept of the limited liability partnership.

Trusts in India: Still Remain Unexplored

March 21, 2018 58617 Views 5 comments Print

Trust is defined in section 3 of the Indian Trust Act, 1882 as an obligation annexed to the ownership of property and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him, for the benefit of another or of another and the owner. Simply said, it is a transfer of property by one person (settlor) to another (trustee) who manages that property for the benefit of someone else (beneficiary).

The Concept of will

February 23, 2018 44616 Views 3 comments Print

A Will becomes enforceable only after the death of the testator. It gives absolutely no rights to the legatee (the person who inherits) until the death of the testator. It has no effect during the lifetime of the testator. A testator can change his Will, at any time, in any manner he deems fit.

Benami Law and Its Implications

February 15, 2018 4113 Views 3 comments Print

Various steps have been taken for removal of unaccounted assets by Government like The Black Money Foreign Income and Asset Act, 2015, Income Disclosure Scheme 2016, Demonetization of high denomination currency, Prime Minister Garib Kalyan Yojna, by amendments in Income Tax Act, by amendments in Money Laundering Act, Implementation of GST, Introduction of GAAR, RERA […]

ICDS Income Tax: Understanding The Change

February 14, 2018 98304 Views 1 comment Print

ICDS Income Tax is not meant for maintenance of books of accounts or preparation of financial statements. Persons are required to maintain books and prepare financial statements as per accounting policies applicable to them. Companies are required to maintain books of account and prepare financial statements as per requirements of Companies Act 2013.

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