DIRECT TAX Q : Explain Return on Income? Ans. It is a defined method that communicates to the Income-tax Department the details of a person’s income received in a financial year as well as the taxes levied on that income. For filing returns for various statuses and types of income, different forms of income returns …
The Government of India provides the following updates in the month of May 2021, under various laws. INCOME TAX The due date for depositing TCS for the month of March -2021 has been extended up to 15th May 2021. Income Tax Department issued a notice stating that it has issued over Rs 17,061 crore of …
BRIEF INTRODUCTION The Foreign Contribution Regulation Act (FCRA), 2010, commenced from May 1, 2011, to monitor, control, and regulate international contributions that were being received by the persons residing in India. As per the provisions of the FCRA Act, FCRA registration mandatory if any registered trust, society, agency, organization, or NGOs, who want to receive …
Company Registration- Online Company Registration In India Under Chapter-II of the act, along with the [Rules] of the Companies (Incorporation) Rules, 2014 and the Companies Act, 2013 lays down the rules for the incorporation of both public and private companies. A company that wishes to be incorporated as a Private Company must have a minimum …
FCRA CERTIFICATE RENEWAL The certificate issued under the FCRA registration is valid for a period of up to 5 years starting from the date of granting of registration. In the earlier law, such a certificate was permanent in nature, but due to increasing cases of manipulation and fraud, FCRA, 2010 provided that such certificate be …
BITCOIN TAXABILITY UNDER GST ACT, 2017 APPLICATION OF GST ACT Under GST Act, 2017, GST is charged on the supplies related to goods or services or both made for consideration and is in the course or furtherance of business. Therefore, in case the transaction involving Bitcoin comes under the definition of supply, then GST would …
Compulsory display Dynamic QR Code Under GST – Introduction: B2C transactions mean all the transactions made to unregistered persons or consumers. In this type of transaction, all unregistered persons or consumers to whom the transaction is made are not allowed for the input tax credit. B2C transactions dynamic QR code is generated by the taxpayers …
IMPORTER – EXPORTER CODE REGISTRATION AND DOCUMENTATION BRIEF INTRODUCTION In India, we have registration compliance that an importer or exporter company has to comply with. Such registration is known as Import Export Code Number. Importer Exporter Code (IEC) is mandatory for a person indulging in any export or import activities. IEC number is a basic …
GST AUDIT INTRODUCTION The audit is all about the examination of records, returns, and other documents maintained by a registered individual under Goods and Services Tax. The main aim is to verify the correctness of the declared turnover, taxes paid, reimbursed, and input tax credit used, and other such compliances which are thereby evaluated by …
Coronavirus – Precautionary Measures being taken by RWA and Guidelines to Prevent its Spread India now has over Many confirmed cases of COVID-19/Coronavirus. As we are all aware, it takes just one case of Coronavirus infection to put an entire community at risk. Minimizing the transmission risk requires every single person to take part in …