Registration Procedure For Trusts/Institutions Seeking Registration U/S 12Ab For The First Time Newly inserted provisions namely section 12AB and clause (ac) in subsection 1 of section 12A in The Income-tax Act, 1961 (Act) have changed the procedure for trusts/ institutions to get themselves registered under the Act. For trusts/institutions which intend to get themselves registered […]
In this article there is an effort to touch upon basic but very important topic of Requirement of ‘GST registration’ from the perspective of different ‘Person’. Particulars Voluntary GST Registration Compulsory Registration Threshold limit for Compulsory Registration Remarks • Individual 1. Physical Natural Person who can perform legal action for himself Yes If cross threshold / comes […]
Ensure compliance with income tax rules for tax deduction at source. Learn about the vital rules and procedures to follow for TDS.
In common parlance, the term search means the act of seeking or looking out for something. While the term seizure means taking away the possession of some goods. The term raid is usually used for denoting the act of searching under the income tax view-point.
A compilation of all the ROC (Company) Filing Due dates for Financial Year 2020-21 (AY 2021-22) As soon as the new financial year starts, it is important for a company be it a Private Limited Company or a Public Limited Company to be aware of all the compliance related due dates falling in the year. […]
Private Placement by Private Companies and Unlisted Public Companies Before understanding the Private Placement, we have to understand the different methods and applicable laws according to which the Companies can issue Securities. On the basis of Section 23 of the Companies Act, 2013, we can divide companies into two parts on the basis of the […]
DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ The Lok Sabha on 23rd March 2021 passed the Finance Bill, 2021 to give effect to the financial proposals of the Central Government for the financial year 2021-2022. (The Finance ACT, 2021 NO. 13 OF 2021 dated 28th March, 2021) ♦ CBDT revises Form No. 12BA […]
This time in GST new things are in Tax Invoice. With effect from the 1st April 2021, All GST taxpayers will have to furnish HSN (Harmonized System of Nomenclature Code), or Service Accounting Code (SAC) in their Tax Invoices. Further if turnover in PYs is more than 50 Cr then E-invoicing is mandatory.
Determination of the residential status under Income Tax Act plays a vital role in to determine whether a person comes under the tax net or not. Section 6 of the Income Tax Act, 1961 deals about the concept of resident for Income tax purposes. Finance Act 2020 dated 23.03.2020 amends Section 6 of the Income Tax Act. This article will throw light on the amendments to Section 6 vide Finance Act 2020 dated 23.03.2020.The said amendment will come into effect from 1st April, 2021.
Purpose of Rule 6G: This rule tells about the name of the forms applicable in the case of 44AB Audit and from 1st April 2021 sub-rule (3) is inserted. Rule 6G: (1) The report of audit of the accounts of a person required to be furnished under section 44AB shall,— (a) In the case of […]
