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2020

Compliances for Private Limited Companies under the Companies Act 2013

A private limited company is the most popular form of business entity. Private limited companies in India are governed by the Companies Act under the Ministry of Corporate Affairs (MCA). Every private limited company has to follow numbers of compliance as laid down by various statutes and other regulatory bodies. These include but are not limited to the periodic filing of tax and other returns, holding the board and other meetings, maintaining statutory books and accounts etc.

Recently, Government strike off more than 2 Lakh companies and disqualified more than 3 Lakh directors for non-compliance of various provisions of Companies Act, 2013. Such type of historic action came at the time when government came to know about the various techniques used by corporate entity to evade taxes.

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2020

Further Extension of certain Income Tax Due Dates

After more than 2 months of nationwide lockdown, the Center announced Unlock – 1 from June 1st granting certain relaxations especially in non-red zones. However, social distancing norms and other guidelines, protocols& precautions are being violated by many people ever since the relaxations have been granted. Though the fatality rate has improved, the situation in Delhi and Mumbai is still not under control. Giving due consideration to the outbreak of novel corona virus in various states, Government has further extended certain dates pertaining to Income Tax law.

2020

Treatment of Unexplained Transactions under the Income Tax Act 1961

This Article discusses Tax Treatment of Cash Credit, Unexplained investments, Unexplained money, Amount of investments not fully disclosed in books of account, Unexplained expenditure and Amount borrowed or repaid on hundi in cash under section 68, Section 69, Section 69A, Section 69B, Section 69C and Section 69D respectively of the Income Tax Act, 1961.

2020

Key Highlights of 40th GST Council Meeting 1

The 40th GST Council meeting was held on 12th June, 2020 Friday. It was chaired by Finance Minister Nirmala Sitharaman. Taking into consideration the critical situation in the country in the wake of pandemic Covid-19 and expectations of hard hit MSME sector of the country, the meeting recommended further relief in GST Compliance burden. Let us discuss the key highlights of the major recommendations of the council.

2020

Frequently Asked Questions on TCS under GST

Tax Collection at Source (TCS) has similarities with TDS, as well as has distinctive features also. TDS refers to tax which is deducted when recipient of goods or services makes some payments under a contract etc. while TCS refers to tax which is collected by the electronic commerce operator when a supplier supplies some goods or services through its portal and the payment for that supply is collected by the electronic commerce operator.

Here are some most frequently asked questions on TCS under GST.

2020

Changes in Customs Duty Rate in Budget 2020

Custom duty in India is defined under the Customs Act, 1962. All matters related to custom duty fall under the Central Board of Excise & Customs (CBEC). The CBEC, in turn, is a division of the Department of Revenue of the Ministry of Finance. CBEC has various divisions that take care of the field work including Commissionerate of Customs, Customs, Customs (preventive and Central Excise Zones, Central Revenues Control Laboratory and Directorates etc. CBEC also oversees proper tax administration for foreign and inland travel.

Financial Management