Overview on Financial Statements & Books of Accounts of Company All the company should prepare and keep its books of accounts and financial statement at the end of every FY which give a true & fair view of the state of the affairs of the company explains each transactions. The Books of accounts should be …
The Goods and Services Tax Network recently implemented a new feature that allows you to add a “Additional Trade Name” (not the same as the ordinary trade name) to the same Goods and Services Tax Number.
Having various trade names under the same legal name or the same Goods and Services Tax Number will be advantageous to a company. The facility is open to both new and existing taxpayers. Existing taxpayers can apply for this functionality by filing an amendment application under the core field.
GST Dashboard => Services => Registration => Amendment
But New taxpayers, can use this option when completing out a new registration form.
Statutory Compliance Calendar for June 2022 S. No. Statue Under Which Period Of Compliance Filling Purpose Timeline Date Particular of Compliance Details 1 Goods and Services Tax May-22 GSTR -7 Tax deducted at source return under Goods and Services Tax 11-Jun-22 GSTR -7 is a return to be filed by the persons who …
GST Dues Recovery is Not mandatory during the Search & Investigation : GST Dept. The official GST portal is where taxpayers can pay their GST dues. The GST Dept has said emphatically that payment of dues is not required during the search and investigation procedure. Because there have been several instances where taxpayers have been …
GST applicable on escalated Value of Contract: Maharashtra Authority of Advance Ruling (AAR) Maharashtra AAR – Issue on which ruling was sought : M/s. B. P. Sangle Construction Pvt. Ltd apply AAR to clarify whether the escalated value shall be added to taxable value U/s 15 of the CGST Act 2017. As per AAR, GST …
Scope of Chartered Accountants in Future After globalization, privatization and liberalization, chartered accountancy has become a massively profitable vocation in India. Given the numerous advantages of being a chartered accountant (CA), it is understandable that many people would desire to pursue this profession. In fact, according to records, over 1.25 lakh student take the ICAI …
Introduction of Corporate Insolvency Resolution Process India has passed the IBC Code in 2016. The significant changes and improvements which were termed the largest economic reform were done by the Insolvency and Bankruptcy Code (IBC). Now it becomes a Rules & Regulation that will speed up India’s insolvency procedure. The main objective of the Insolvency …
One person Company and its registration process One person company was introduced by the company’s Act 2013. There is a requirement of a minimum number of Two members and Two directors in a private company as well as a minimum No of 3 directors along with Seven members in a public company. Earlier a company …
How to choose a business structure in India? When starting a business the first step to incorporating a company is to satisfy all legal regulations and ensure compliance with the legal requirements to make the Firm function safely. A Business model is a conceptual structure. It involves purpose goals to achieve long-term goals and planning …
Concept of Personal Guarantors (Promoter) under IBC The concept of ‘guarantee’ as defined in the Indian Contracts Act, 1872 refers to an agreement of assurance made among the debtor, guarantor and creditor. If the debtor fails to repay the debt to the creditor, the burden falls on the guarantor to pay the amount and failing …