Mandatory filing of Income Tax Return AY 2022-23 India’s population is more than 136 crores, but only around 8 crore people pay income tax. This means that the taxpayers constitute only about 5.8 percent of the total Indian public. A lot of people do not file an income tax return (ITR) generally because of one …
COMPANY NAME REMOVAL WITHOUT FILING OF ANNUAL RETURNS: APPLICATION TOWARDS COMPANY NAME REMOVAL WITHOUT FILING OF ANNUAL ROC FILLING: Prior to the Register of Companies amendment, under Rule 4 (Removal of Names of Companies from the Register of Companies) Rules, 2016, it was mandatory for a company to file all of its pending Annual Returns, …
Trust Registration – An overview The meaning of trust registration is legalizing the trust deed ((a legal contract between Trustee & settlor) from the registrar of the respective judistriction. The trust works as a legal medium that is used for the lawful distribution of the settlor’s assets among the concerned beneficiaries. The trust becomes valid …
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 …