LIMIT APPLICABLE FOR INCOME TAX AUDIT (U/S 44AB) IN INDIA

RJA 09 Jul, 2018

Objective if tax audit:-  Objectives of tax audit is to report the requirements of Form Nos. 3CA/3CB and 3CD. Other than the reporting requirements of Form Nos. 3CA/3CB and 3CD a proper tax audit for will ensure that the books of account and other records are ...

Limited Liability Partnership (LLPs) requirements at the time of Incorporation

RJA 06 Jul, 2018

Minimum Partners Two Maximum Partners No Limit Minimum Designated Partners  at least one designated partner shall be resident in India Designated Partners Identification Number All the designated partners shall obtain Designated Partners Identification Number (DPIN) by filing E-Form no. 7 online on the Limited Liability Partnership Portal. Filing Fee for ...

HOW TO INCORPORATE THE COMPANY

RJA 05 Jul, 2018

Steps for incorporating the company:- The first step of getting a company incorporated is obtaining the approval of name from Registrar of Companies. A company may adopt any name which is not prohibited under the Emblems and Names (Prevention of Improper Use) Act, 1950.The government has launched a web ...

CHANGE IN LAW OF BELATED RETURN IN INCOME TAX FROM A.Y. 2017-18 BELATED RETURN U/S 139(4)

RJA 03 Jul, 2018

Old provision up to assessment year 2016-17 :- Any person who has not filed his return within the time allowed us 139(1) he can filed his return at any time before the expiry of one year from the end of the relevant assessment year or completion of Assessment whichever is earlier. ...

QUICK REVIEW ON “INCOME COMPUTATION AND DISCLOSURE STANDARDS (ICDS)”

RJA 30 Jun, 2018

CBDT issued 12 drafts of Income Computation and Disclosure Standards (ICDS) after taking suggestions from stakeholders and the draft ICDS were open for comments and suggestions till 8 February 2015. After taking suggestion 10 ICDS is finalized by CBDT on 31st march 2015. It will applicable from AY 2017-18. APPLICABILITY RULES OF ICDS:- ...

COMMON MISTAKES IN ITR

RJA 17 Jun, 2018

Mistakes that are commonly done by taxpayers in filing ITR are listed below. These mistakes may create some problems or may bring tax notice for the tax payers. So it is beneficial to avoid such mistakes that are given below:- Filing ITR using the wrong form as per rules ...

A FORIGN COMPANY OPEN A BRANCH OFFICE IN INDIA

RJA 15 Jun, 2018

Pre Compliances REQUIRED CONDITIONS OF A FORIGN COMPANY OPEN A BRANCH OFFICE IN INDIA, The name of Indian Branch office shall be same as parent company. The Branch office does not have any ownership, it is just extension of the exiting company in the foreign country. All the expenses of ...

Benefits of Start ups - under the startup India scheme

RJA 12 Jun, 2018

Compliance regime based on self certification The objective of compliance regime based on self certification is to reduce the regulatory burden on startups. This self-certification will apply to laws like payment of gratuity, contract labour, employees provident fund, water and air pollution acts. Startup India hub A startup India hub ...

AUDIT UNDER GOODS AND SERVICES TAX

RJA 05 Jun, 2018

Audit under GST is the process of examination of records, returns and other documents As per sub-section (13) of section 2 of CGST Act 2017, Audit means examination of records, returns and other documents maintained or furnished by the registered person under this Act or the rules made there under or under ...

National Committee i.e. the Finance Ministry said That Deduction benefit under section 35AC is not available from April 1, 2018 onwards for carrying-out any eligible project or scheme.

RJA 02 Jun, 2018

This is to update about Deduction benefit under section 35AC, the Government today said the benefit of deduction under section 35AC of the IT Act will only be available till March 31, in respect to the payments made to association or institution approved by the National Committee for carrying-out any ...

Due Date for Annual Return

RJA 18 May, 2018

All companies registered in India must file annual return each year, irrespective of business turnover or activity. Annual return must be filed in Form MGT-7 and Form AOC-4 is also filed along with the annual return. In this article, we look at the due date for annual return for a ...

Shifting of Registered Office from One State to Another

RJA 11 May, 2018

Shifting of Registered Office(RO) of the Company from One State to the Another which have more compliance than shifting the Registered Office within the State. Detailed Procedure According to the Section 13 read with Rule 30 of Companies (Incorporation) Rules, 2014:- Preapare Draft Memorandum and Articles of Association of the Company. ...

MCA has notified amendment to various rules under Companies Act, 2013

RJA 11 May, 2018

MCA has notified amendment to various rules under Companies Act, 2013. The amendments are effective from May 07, 2018. The amended provisions have been discussed as under: MCA has amended the Companies (Meetings of the Board and its Powers) Rules, 2014. A new provision has been inserted to Rule 4 of the said rules ...

START-UP’S COMPANIES & THE MISTAKES THEY DO WHICH CAUSE THEM A BIG TROUBLE TO EXPAND THEIR BUSINESS

RJA 09 May, 2018

Details about start-ups and the mistakes they do which cause them a big trouble to expand their business and yes sometimes more serious than that, they have negative remark on their goodwill. Also, in the present scenario government has become more conscious and strict about following the Corporate Laws and ...

CONVERSION OF LLP INTO COMPANY LIMITED BY SHARES.

RJA 07 May, 2018

LLP Act, 2008 does not cover the conversion of LLP into Company but in Companies Act, 2013 conversion of LLP into Company is covered in section 366. Please note that recently MCA has notified Companies (Authorized to Register) Amendment Rules, 2018 which shall came into force on 16.02.2018 in which form URC–1 has ...

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