Goods and Services Tax
Impact of GST on unsold stock of pre-packaged commodities
RJA 03 Aug, 2022
Complete overview GST impact on Pre-Packaged Unsold goods The Department of Consumer Affairs addressed the impact of GST on unsold stock of pre-packaged commodities under the Legal Metrology (Packaged Commodities) Rules 2022 in a letter dated 01.08.2022, in light of the recent decision to impose a % GST on pre-packaged commodities. In ...
COMPANY LAW
Tax & Statutory Compliance Calendar for the Month of August 2022
RJA 01 Aug, 2022
Tax & Statutory Compliance Calendar for the Month of August 2022 S. No. Statue Purpose Compliance Period Month Compliance particular Timeline 1 Goods and services Tax Compliance GSTR - 3B July-22 1. Goods and services Tax Filing of returns by a registered person with aggregate turnover exceeding Rs. 5 Crores during the preceding year. 2. ...
INCOME TAX
New Income tax Rules for verification of Income tax return Filling
RJA 01 Aug, 2022
New Income tax Rules for verification of Income tax return Filling If ITR for Assessment year 2022-23 filed today or in months to come upto 31.12.2022 and not verified within 30 days Date of verification will be taken as date of filing. So interest and late fees will be levied accordingly Where ...
INCOME TAX
New Rule on e-Verification of income tax return Return
RJA 01 Aug, 2022
Overview of New E-Verification of income tax return Rule If the filed return is not verified within the provided timeline, the return filing procedure is not complete. If an Income tax return’s is filed but not verified, the ITR is deemed to be invalid and is subject to ...
INCOME TAX
Online ITR submitting Due Dates for AY 2023-24
RJA 01 Aug, 2022
Online ITR Filing Amendment – FY 2022-23 (AY 2023-24) What is the Income Tax? · There are two Kind of tax levy one is a an indirect tax & second is direct tax. Income tax is a kind of direct tax that is mainly directly attributable to the ...
Business Setup in India
Functions & Features of Wholly Owned Subsidiary in India.
RJA 01 Aug, 2022
Wholly Owned Subsidiary in India. foreign companies may establish fully owned subsidiaries in areas that allow 100% foreign direct investment Under India's national FDI policy, For incorporation & registration, a set of applications have to be filed with Registrar of Companies (ROC). Once a company has been duly registered ...
IBC
Role of Insolvency Professional under the IBC Regulations
RJA 30 Jul, 2022
Role of Insolvency Professional under the IBC Regulations In administering the resolution outcomes, the role of the IP encompasses a wide range of functions, which include adhering to procedure of the law, as well as accounting and finance related functions. The latter include the identification of the assets and liabilities ...
GST Consultancy
Formula Improved for claiming ITC refund in case of inverted duty structures
RJA 21 Jul, 2022
GSTN : Formula Improved for claiming ITC refund in case of inverted duty structures Following the 47th GST Council, the GOI improved the formula of inverted duty structure by issuing Central Tax Notification No. 14/2022, which was published in the Gazette and stated that in the event of a refund due to ...
GST Compliance
Key impact on GST on Rent of Residential Property
RJA 18 Jul, 2022
Key impact on GST on Rent of Residential Property The fundamentals of renting residential property under GST will change Starting on July 18, 2022. 47th GST Council Meeting decided to include the rental of residential properties in the tax net. Immovable property rental is regarded as a provision of services and is ...
INCOME TAX
Step for Verify your Income tax return via Using your Demat Account
RJA 15 Jul, 2022
How to verify your ITR via Using your Demat Account : ITR 2021-22 Every taxpayer must verify their income tax return at income tax portal within 120 days after filing the ITR 2021-22, otherwise it would be ruled or deemed invalid. The Deadline for submitting an income tax return for the Financial ...
GST Compliance
Taxpayer compulsory submit the correct HSN codes in GSTR-1: GSTN Advisory
RJA 09 Jul, 2022
GSTN Implements Compulsory mentioning of HSN codes in GSTR-1: GST System Update The GSTN has updated its system to implement mandatory Compulsory mentioning of Harmonized System of Nomenclature codes in GSTR-1 GSTN is Compulsory for the GST taxpayers to report minimum 4 digits or 6 digits of Harmonized System of Nomenclature (HSN) ...
Chartered Accountants
Chartered to keep our Business Guide and Protector role
RJA 01 Jul, 2022
What is Chartered accountants? An internationally recognised financial expert who manages client budgets, audits, taxes, and business plans is a chartered accountant. You can work for organisations, the government, and people as a CA. Your role is to assist clients with money management and offer knowledgeable financial advise. A person ...
INCOME TAX
Last date approaching; How to file ITR For AY 2023-24
RJA 26 Jun, 2022
Last date approaching; How to file ITR For AY 2023-24 Income tax Taxpayers can e-verify his Income tax return immediately or within one hundred and twenty days of filing using the techniques outlined on the website. The ITR e-verification can be completed via pre-validated demat account, or Aadhaar OTP, pre-validated ...
INCOME TAX
CBDT: Issues Clarification on income tax Form 10CCB
RJA 25 Jun, 2022
The Income tax Dept. has issued the Clarification on income tax Form 10CCB to prevent errors in form filing and verification, clarification provides as mentioned below : After Chartered Accountants assign the appropriate Chartered Accountant complete filing of form income tax portal. Income Tax Taxpayer can reject/ accept the income tax ...
Goods and Services Tax
CBIC : GST Compensation Cess term has been extended to March 31, 2026
RJA 25 Jun, 2022
GST Compensation Cess term has been extended to March 31, 2026 GST Compensation Cess has been extended by the Central Govt for an additional four years, till June 2026. The period for levying and collecting the cess under section 8(1) of the Goods and Services Tax (Compensation to States) Act, 2017, "shall ...
TDS
CBDT issue Circular on Section 194R of the Income-tax Act
RJA 21 Jun, 2022
Section 194R of the Income-tax Act of 1961 What is 194R TDS? In the Budget 2022 New section 194R, which was introduced by the central government would apply a 10% TDS (tax deducted at source) to benefits earned by professionals or businesspeople in the course of their profession or business beginning July 1. ...
COMPANY LAW
Appointment Auditor or Resignation, Intimation & Related Formalities
RJA 18 Jun, 2022
Appointment Auditor or Resignation, Intimation & Related Formalities in Company Act 2013 All registered companies, whether they are a one-person corporation, or a limited company or a private limited company are required to keep a proper book of accounts and have them audited. As a result, following the incorporation of ...
INCOME TAX
CBDT issue guidelines for removal of difficulties U/s 194R of I. Tax Act.
RJA 17 Jun, 2022
CBDT issue guidelines for removal of difficulties U/s 194R(2) of I. Tax Act. Guidelines for removal of difficulties U/s 194R(2) of the Income-tax Act w. e. f. July 1, 2022, The Finance Act 2022, New section 194R of the Income-tax Act was inserted under the Income-tax Act. Before providing any benefit ...
GST Filling
CBIC published Instructions on Sanction, Post-Audit, & Review of Refund Claims
RJA 16 Jun, 2022
CBIC published Instructions on Sanction, Post-Audit, & Review of GST Refund Claims The CBIC published guidelines for sanction, post-audit, and refund claim review. While the field officers were pursuing varied processes involving discipline, review, and post-audit of refund requests, the Board issued these directions. The Central Board of Indirect Taxes ...
OTHERS
Private aviation industry is started adopting cryptocurrency payments
RJA 11 Jun, 2022
Why the private aviation business is started adopting cryptocurrency payments? Despite the rise in the popularity of the cryptocurrency in current years, even the most popular Bitcoin supporters would have to admit that few peoples use their digital coins to buy their necessities used on regular basis. Along with many ...
ROC filling
Highlights: MCA Amends New Strike-off Rules and forms
RJA 11 Jun, 2022
Key Highlights: MCA Amends Strike-off Rules Strike off is refers to the removal of the Company's name from the Registrar of Companies. It's more like a company closure, as the company will cease to exist after being Struck Off and will be unable to execute any activities thereafter. ...
COMPANY LAW
MHA Clearance required for Chinese nationals' appointment as directors
RJA 10 Jun, 2022
MHA's latest notification aims to restrict the backdoor entry of Chinese companies or investors into India The Govt of India has issued a notification requiring nationals of land border-sharing nations who are appointed as directors on boards of corporations to receive a security clearance in order to prevent Chinese ...
COMPANY LAW
GST Compliance Calendar for the Month of June 2022
RJA 01 Jun, 2022
Key Dates for GST compliance in the month of June 2022. A lot of responsibilities and duties come while we are running and operating a successful business. As a law-abiding citizen, we must observe the government's rules and regulations in India, there are a slew of regulations that a ...
Goods and Services Tax
Input Tax credit can not be denied on Genuine transaction with suppliers
RJA 01 Jun, 2022
Input Tax credit can not be denied on Genunine transation with suppliers In the matter of Sanchita Kundu & Anr. Vs Assistant Commissioner of State Tax If the supplier is later discovered to be a fake, ITC cannot be denied to the buyer for a genuine transaction: The High ...
