Income tax return
Get aware for penalty of section 234F for late filing of ITR
RJA 13 Jul, 2018
In Budget 2017 our honourable Finance Minister, Mr Arun Jaitley introduced a new section 234F to ensure timely filing of returns of income. As per section 234F of the Income Tax Act, if a person is required to file Income Tax Return (ITR forms) as per the provisions of Income ...
INCOME TAX
HOW TO RESPONSE INCOME TAX DEMAND NOTICE
RJA 11 Jul, 2018
IF a taxpayer income tax return differs from the assessment made by the 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 ...
INCOME TAX
LIMIT APPLICABLE FOR INCOME TAX AUDIT (U/S 44AB) IN INDIA
RJA 09 Jul, 2018
Objective if Tax Audit:- The objective of the 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 will ensure that the books of account and other records ...
Limited Liability Partnership
LLP requirements at the time of Incorporation
RJA 06 Jul, 2018
LIMITED LIABILITY PARTNERSHIPS (LLP) CONSULTING SERVICES The concept of limited liability partnership was introduced in order to adopt a corporate form that combines the organizational flexibility of a partnership firm with the benefit of limited liability for its partners. Some or all of the partners in a limited liability partnership ...
COMPANY LAW
HOW TO INCORPORATE THE COMPANY
RJA 05 Jul, 2018
COMPANY REGISTRATION – START-UP REGISTRATION The first step in start-up registration is choosing the correct and suitable form of business. Such a choice will directly impact their business name, the extent of liability towards business, liabilities towards tax filing & statutory dues. The main factors for the operational and ...
Income tax return
Change in law of belated return in income tax from A.Y. belated return u/s 139(4)
RJA 03 Jul, 2018
Old provision up to the Assessment year:- Any person who has not filed his return within the time allowed us 139(1) he can file his return at any time before the expiry of one year from the end of the relevant assessment year or completion of the assessment whichever is ...
INCOME TAX
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 was 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:- ...
INCOME TAX
Common mistakes in ITR have been done by you ?
RJA 17 Jun, 2018
Mistakes that are commonly done by taxpayers in filing ITR We appreciate that filing IT returns may be time consuming, especially if you are young and have just filed a few. However, the advantages outweigh the time and effort required to file it. It is also the responsibility of ...
Income tax return
Common Mistakes in Income Tax Return Filling
RJA 17 Jun, 2018
Common Mistakes in Income Tax Return Filling 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 taxpayers. So it is beneficial to avoid such mistakes that are given below:- Filing ITR using ...
COMPANY LAW
A FORIGN COMPANY OPEN A BRANCH OFFICE IN INDIA
RJA 15 Jun, 2018
Pre Compliances REQUIRED CONDITIONS OF A FOREIGN COMPANY OPEN A BRANCH OFFICE IN INDIA, The name of the Indian Branch office shall be the same as the parent company. The Branch office does not have any ownership, it is just an extension of the existing company in a foreign country. ...
OTHERS
Business Set up in India- Startup India scheme Benefits
RJA 12 Jun, 2018
Business Set up in India- Startup India scheme For expanding business across the international frontiers is considered as an important aspect for the business to establish milestone. Rapid economy growth with resources and inexpensive labors makes India the topmost choice for the business owners to establish a business in. Apart ...
INCOME TAX
National Committee on Deduction benefit under section 35AC
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, with respect to the payments made to associations or institutions approved by the National Committee for carrying-out any ...
ROC Compliance
Due Date for Filling Annual Return
RJA 18 May, 2018
Due Date for Filing Annual Return All companies registered in India must file annual returns each year, irrespective of business turnover or activity. The 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 ...
ROC Compliance
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 has more compliance than shifting the Registered Office within the State. Detailed Procedure According to Section 13 read with Rule 30 of Companies (Incorporation) Rules, 2014:- Prepare Draft Memorandum and Articles of Association of the Company. Call ...
ROC Compliance
MCA has notified amendment to various rules under Companies Act, 2013
RJA 11 May, 2018
MCA has notified amendment to various rules under the Companies Act, 2013. w.ef. 07 May, 2018 MCA has notified amendment to various rules under the 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 ...
COMPANY LAW
Start-Ups Companies & The Mistakes They Do Which Cause Them A Big Trouble to expand Their Business
RJA 09 May, 2018
START-UP’S COMPANIES & THE MISTAKES THEY DO WHICH CAUSE THEM A BIG TROUBLE TO EXPAND THEIR BUSINESS Details about start-ups and the mistakes they do which cause them big trouble to expand their business and yes sometimes more serious than that, they have negative remarks on their goodwill. ...
Limited Liability Partnership
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 come into force on 16.02.2018 in which form URC–1 has ...
Limited Liability Partnership
ANNUAL FILINGS OF LIMITED LIABILITY PARTNERSHIPS (LLPS)
RJA 05 May, 2018
ANNUAL FILINGS OF LIMITED LIABILITY PARTNERSHIPS (LLPS) Is the next important task marked in the compliance list? Every Limited Liability Partnerships (LLPs) which are registered with the Ministry of Corporate Affairs (MCA) have to file the Annual Returns and Statement of Accounts for the FY 2018. here are three main ...
OTHERS
HOW TO APPLY TO RBI FOR MOBILE WALLET/ PREPAID PAYMENT INSTRUMENTS
RJA 13 Apr, 2018
The Reserve Bank of India issued guidelines for prepaid payment instruments (PPI) such as closed, semi-closed and open wallets. According to the new guidelines, all the PPIs will now be interoperable, which means will allow transactions with each other A non-bank entity desirous of setting up payment systems for issuance ...
FEMA
RESIDENTIAL STATUS UNDER INCOME TAX and FEMA
RJA 09 Apr, 2018
Tax incidence on an assessee depends on his residential status. For instance, whether an income, accrued to an individual outside India, is taxable in India depends upon the residential status of the individual in India. Similarly, whether an income earned by a foreign national in India (or outside India) is ...
INCOME TAX
IMPORTANT ANALYSIS OF ALL MAJOR AMENDMENTS IN INCOME TAX APPLICABLE FOR A.Y. 2018-19
RJA 02 Apr, 2018
Maintenance of Books of Accounts Change in limits for Maintenance of Books of Accounts (Section 44AA): If your net income* from Business or Profession in the financial year 2017-18 is more than Rs 2,50,000 OR if your total sales from Business or Profession in the financial year is more than 25,00,000, then ...
COMPANY LAW
Merger and Amalgamation under Companies Act, 2013 by National Company Law Tribunal (NCLT).
RJA 19 Mar, 2018
Merger and Amalgamation is a restructuring tool available to Indian conglomerates aiming to expand and diversify their businesses for various reasons whether it is to gain competitive advantage, reduce costs, or availing of tax benefits. A merger means an arrangement whereby one or more existing companies merge their identity into ...
Income tax return
Needed to file income tax returns for your bitcoin profits earn
RJA 17 Mar, 2018
Needed to file income tax returns for your bitcoin profits earn Profited from Bitcoins or other Cryptocurrencies and not sure how to file your income tax returns? Did you know gains from bitcoin is treated as capital gains and hence taxed? We are India’s leading tax ...
INCOME TAX
RESIDENTIAL STATUS UNDER INCOME TAX
RJA 14 Mar, 2018
Residential Status of Individual- Section 6 Tax incidence on an assessee depends on his residential status. For instance, whether an income, accrued to an individual outside India, is taxable in India depends upon the residential status of the individual in India. Similarly, whether an income earned by a foreign national in ...