Direct Tax Updates: The Income tax (I-T) department has relaxed its assessment and scrutiny norms for start-ups. In a circular it directed its officers not to raise additional tax demands for start-ups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT). This will be done in cases where scrutiny is limited to …
Tax Updates: India’s version of Google tax, or the equalisation levy, may now be applicable in Jammu & Kashmir. With Parliament passing a Bill to revoke Article 370, digital commerce operators advertising on global social media, which earlier did not pay Google tax on their operations in Jammu & Kashmir, may now have to cough …
Goods and Services Tax is a new indirect tax system with new principal for example ‘place of supply’ & GST tax structures. Goods and Services Tax is apply in state in which services/goods are consumed i.e., GST is a consumption-based indirect tax. which can generate confusion in few situations. Post Refund Audit- Just Filing for …
RBI Updates: RBI is likely to cut the benchmark policy rate by another .25% point this week, with growth concerns mounting across various consumption pockets and causing a protracted slide in key Mumbai stock indices. RBI would also focus on a liquidity framework that is a key driver for taking rate-cut benefits to borrowers. SEBI …
Corporate and professional Updates on 5th August 2019 Direct Tax Updates: Finance Minister announced that there will be a change in the rule and the rate of TDS on the maturity amount, where the premium amount is more than 10% of the sum assured (more than 20 % of sum assured (SA) for policies issued …
MCA launching Company Forms on MCA21 V3 portal In our continuous endeavour to serve you better, the MCA is launching first set of Company Forms on MCA21 V3 portal. These forms will be launched on 31st Aug 2022 at 12:00 AM. Following forms will be rolled-out in this phase: DIR3-KYC Web, DIR3-KYC Eform, DPT-3, DPT-4, …
Indirect Tax Updates: The Maharashtra government would soon issue an order whereby GST refunds would be blocked if an industrial unit fails to submit proof that 80 per cent of its employees are ‘sons of the soil’ as required by rules, it said Thursday. Industries Minister Subhash Desai said a new Government Resolution (GR) would be …
FAQ on E-Invoicing under GST Q.: What is E-Invoicing under GST? E-Invoicing under GST is that the process of validating the B2B, export Invoices online, on a unified portal & giving a novel IRN & QR code to the said authenticated Invoice. Q.: When will the E-Invoicing system be implemented? The implementation of the E-Invoicing …
As per section 90 read with Companies (Significant Beneficial Owner) Rules, 2018. Every individual, who acting alone or together, or through one or more persons, including a person’s resident outside India, holds beneficial interests, of not less than 10% in shares of a company shall make a declaration (Form BEN-1) to the company, specifying the …
Direct tax Updates: Income tax department has begun scrutiny of the data of traders registered with GST network as also with municipal corporations in Madhya Pradesh and Chhattisgarh. The department has also written to municipal corporations to introduce a column for PAN in the application form for getting a shop and establishment licences. Pre-filled Income …