1. Upon introduction of the new tax regime of Goods &Service Tax [GST] w.e.f 01.07.2017, all the suppliers/service providers/ manufacturers/dealers etc., were migrated from erstwhile regime of indirect taxation to the new regime i.e. GST. Under the GST regime, every registered person was required to file electronically FORM GST TRAN-1 concerning availment of unutilised input […]
Background To begin with, the unexplained income simply means any income for which assessee do not have valid explanation about the nature and / or source or the assessing officer is not satisfied with the explanation provided by the assessee. Under the provisions of Income-tax Act, 1961 (the Act) broadly, the term ‘unexplained income’ is […]
Generally,due to following reasons, people enter into benami transactions: a) To invest unaccounted money. b) To invest money earned from illegal means, that is, through corruption, etc. c) To hide the ownership of the property from banks or creditors.
Trade Mark Registration Process Step 1: ♣ Click on the following link to start the registration procedure https://ipindiaonline.gov.in/trademarkefiling/user/frmLoginNew.aspx ♣ Then register yourself by clicking on “New User? Sign Up” ♣ Then proceed for Registration, if you fulfil the following two requirements: ♣ Class II or III digital Signature from any of the Indian Certifying Authorities […]
BOARD MEETING THROUGH VIDEO CONFERENCING OR OTHER AUDIO VIDEO MEANS Companies (Meetings of Board and its Powers) Rules, 2014 issued various procedure for convening and conducting the Board meetings through video conferencing or other audio-visual means. Some of the procedures are as follows: – Necessary arrangements to be made to avoid failure of video or […]
PROCEDURE FOR DECLARATION OF FINAL DIVIDEND: Board Meeting: Dividend shall be declared only on the recommendation of the Board, made at a meeting of the Board. Where a company has an Audit Committee, this Committee shall consider the annual financial statements before submission to the Board. Dividend shall be recommended by the Board after consideration […]
Q1. What is MSME? Ans: ♥ MICRO SMALL and MEDIUM ENTERPRISES (Under MSMED Act 2006) ♥ Engaging Manufacturing or Production of goods as well as enterprises engaging in providing or rendering of services other than: 02 Forestry and Logging 03 Fishing and Aquaculture 45 Wholesale and retail trade and repair of Motor Vehicle and Motorcycles […]
COVID-19 (coronavirus) is significantly impacting businesses and the economy worldwide. In the middle of the ongoing crisis, every regulator authority, be it the Reserve Bank of India, the Securities and Exchange Board of India, the Ministry of Corporate Affairs or the courts, has made efforts to ease the burden on businesses,creditors and general public,by recalibrating […]
Introduction :- Taxing the Education Sector has always been a sensitive issue, as education is seen more as a social activity than a business one. The government has a constitutional obligation to provide free and compulsory elementary education to every child. Thus, to promote education, it would be beneficial if educational services are exempted from […]
In this article, we have discussed about how the residential status of an individual taxpayer can be determined for the Previous Year i.e 2019-2020 or Assessment Year 2020-2021.
