ALL ABOUT GST TDS

RJA 25 Jul, 2018

  GST TDS is the system through which certain percentage of tax is collected at the source of the income. Certain Government Department, Local Authorities, Agencies and Public Sector Undertaking are required to deduct GST TDS. GST TDS is a dynamic tool for reduction of tax evasion. As per Section 51 ...

OVERVIEW OF GST REGISTRATION

RJA 24 Jul, 2018

FOR SERVICE PROVIDERS: - like any other category of business, service providers would be required to obtain GST registration, if the entity has an aggregate annual turnover of more than Rs.20 lakhs per annum in most states and Rs.10 lakhs in Special Category States(The GST Council in its 28th ...

BE AWARE OF SEC-234F (FEES) OF ITR

RJA 22 Jul, 2018

  Under this section, fee (penalty) is levied if the Income-tax return is not filed within due date. It is likely to be increased from 1st April 2018 onward as per Section 234F of the Income Tax Act. Provisions of the Section 234F of the Income Tax Act are as follows.&...

AMENDMENTS IN TAX AUDIT UNDER SECTION-44AB

RJA 21 Jul, 2018

Income Tax Audit Form No. 3CD amended by The Central Board of Direct Taxes through Notification No. 33/2018, dated. 20 July, 2018. The new features of Form 3CD will be in effect from 20th August, 2018 to incorporate further reporting requirement related to Goods and Service Tax (GST), Transfer pricing, Statement of Financial Transactions, ...

OVERVIEW OF ASSESSMENT UNDER GST

RJA 19 Jul, 2018

GST Assessment means determination of tax liability under GST law. It includes self-assessment, re-assessment, provisional assessment, summary assessment and best judgment assessment. Normally, persons having GST registration file GST returns and pay GST every month based on self-assessment of GST liability. However, the Government at all times has the rights ...

GET AWARE FOR PENALTY OF SECTION 234F FOR LATE FILING OF ITR

RJA 13 Jul, 2018

In Budget 2017 our honorable Finance Minister, Mr. Arun Jaitley introduced a new section 234F to ensure timely filing of returns of income. As per section 234F of Income Tax Act, if a person is required to file Income Tax Return (ITR forms) as per the provisions of Income Tax Law [...

HOW TO RESPONSE INCOME TAX DEMAND NOTICE

RJA 11 Jul, 2018

IF a taxpayer income tax return differ from the assessment made by INCOME TAX OFFICER then taxpayer issued income tax demand notice. This notice is issued when the taxpayer has deposit less Tax for which he is liable to pay. IF You received demand notice then here are the steps ...

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 ...

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