OTHERS
Cabinet approves New Bill to ban Unregulated Deposit Schemes and Chit Funds (Amendment) Bill, 2018
RJA 24 Feb, 2018
In a major policy initiative to protect the savings of the investors, the Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its approval to introduce the following bills in the Parliament:- (a) Banning of Unregulated Deposit Schemes Bill, 2018 in parliament & (b) Chit Funds (...
GST Compliance
Special GST Audit (Section 66) Under under GST ACT 2017
RJA 22 Feb, 2018
GST AUDIT UNDER GST ACT 2017 Under GST Audit would be done in Two Ways: Section 65 (compulsory audit by tax authorities) Section 66 (special audit by chartered accountant or cost accountant) What is an GST Audit? As per Section 2(13) of CGST Act, 2017’audit’ means the examination of records and other ...
OTHERS
AMENDMENT TO LAW ON CHEQUE BOUNCE
RJA 20 Feb, 2018
Cheques are used in almost all transactions such as re-payment of loan, payment of salary, bills, fees, etc. A vast majority of cheques are processed and cleared by banks on daily basis. Cheques are issued for the reason of securing proof of payment. Nevertheless, cheques remain a reliable method ...
OTHERS
MSME CONSULTANCY & REGISTRATION
RJA 19 Feb, 2018
Micro, Small & Medium Enterprises - The Engine of inclusive growth & development The registration under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 is for facilitating the promotion and development and enhancing the competitiveness of Micro, Small, and Medium enterprises.MSME stands for micro, small and medium ...
Business Licence Registration
WHY TRADEMARK REGISTRATION REQUIED???
RJA 19 Feb, 2018
TRADEMARK REGISTRATION A Trademark is one of the most important business assets you’ll ever own. It distinguishes your company and its products in the marketplace. The marketplace is crowded and it’s hard to distinguish your business from your competitors.Trademarks/brands are an efficient commercial ...
INCOME TAX
DEDUCTIONS UNDER SECTION 80CCD OF INCOME TAX ACT
RJA 17 Feb, 2018
DEDUCTIONS UNDER SECTION 80CCD OF INCOME TAX ACT Income Tax Act, 1961 provides various tax deductions under Chapter VI-A for contribution to pension plans. Such deductions are available u/s 80C, 80CCC, and 80CCD. This guide talks about section 80CCD. This section provides tax deductions for contribution to the pension schemes ...
GST Consultancy
Analysis of Changes in Service Tax & GST via Finance Bill, 2018
RJA 05 Feb, 2018
Analysis of Changes in Service Tax and GST through Finance Bill, 2018 and GST Council 25th Meeting Finance Bill 2018 has been presented by the honourable Finance Minister on 1st February 2018 which has put forward some changes in the indirect taxation regime. Also, in recent days, several modifications have been made ...
OTHERS
HIGHLIGHTS OF UNION BUDGET 2018-2019
RJA 02 Feb, 2018
HIGHLIGHTS OF UNION BUDGET 2018-2019 Slab rates kept the same. Education Cess and SHEC rates increased to 4% from the existing 3%. Charitable / Religious Trusts claiming exemption under section 11 & 12 or under section 10(23C) for a business conducted by them will be needed to follow the provisions of sections 40(a)(ia), 40A, ...
INCOME TAX
A QUICK GLANCE ON IMPACTED THE ECONOMY & TAXATION ON BUDGET 2018
RJA 01 Feb, 2018
Arun Jaitley recalls the measures — like GST, FDI, demonetisation, etc. — taken by the NDA government in the past four years that have impacted the economy of the country. The government estimates 7.2-7.5% GDP growth in the second half of the current FY18. Fiscal deficit for 2017-18 at 3.5% ...
GST Compliance
Key Takeaways for E-Way Bill under GST
RJA 31 Jan, 2018
Latest update: Registration, Requirement & Process of E-way Bill E -way Bill An E-way bill is an electronic waybill for the movement of goods that can be generated on the GSTN portal. The E-way bill contains the details of transported goods besides the name of the consignor and consignee ...
COMPANY LAW
KEY HIGHLIGHTS OF THE COMPANIES (AMENDMENT) BILL, 2017
RJA 30 Jan, 2018
KEY HIGHLIGHTS OF THE COMPANIES (AMENDMENT) BILL, 2017 Name reservation in case of new company Incorporation shall be valid for 20 days from the date of approval instead of 60 days from the date of application. In case of Change of Name of existing Company, Name Reserved by the ROC shall be valid ...
FEMA
Reporting of Form FC-TRS to RBI,
RJA 30 Jan, 2018
RBI Circular No. 40 dated 1st February, 2016; RBI has made it mandatory to report any transactions and filing of forms online in respect of issue and transfer of shares from an Indian Entity to outside India. FORM-FC-TRS Foreign investors can invest in Indian companies by purchasing / acquiring existing shares from ...
COMPANY LAW
MCA HAS LAUNCHED NEW E-FORM RUN(RESERVE UNIQUE NAME)
RJA 29 Jan, 2018
MCA HAS LAUNCHED A NEW E-FORM RUN(RESERVE UNIQUE NAME) The government has launched a web service RUN (Reserve Unique Name) for reserving the name of a proposed company under the Government Process Re-engineering on this Republic Day to improve the ease of doing business in the country. We can ...
INCOME TAX
Massive Increment in Prosecution on Tax Evaders
RJA 29 Jan, 2018
The Income Tax Department has accorded the highest priority to tackle the menace of black money. With this objective in mind, the Department has initiated criminal prosecution proceedings in a large number of cases of tax offenders and evaders. Prosecutions have been initiated for various offences including ...
INCOME TAX
Few ways Via – Income Dept. is monitoring your high-value transactions
RJA 28 Jan, 2018
Few ways through – Dept is monitoring your high-value transactions check tax evasion, the Income Tax Department has stepped up its vigilance against undeclared income. Now, you have to report PAN on all your high-value transactions. Property registrars and financial institutions with which you deal with like your bank, insurer, ...
OTHERS
THE BENAMI TRANSACTIONS (PROHIBITION) AMENDMENT ACT, 2016
RJA 25 Jan, 2018
INTRODUCTION Benami property means any property which is the subject matter of a Benami transaction and also includes the proceeds from such property Benami transaction As par section 2(9) "benami transaction" means,— (A) A transaction or an arrangement— (a) Where a property ...
Goods and Services Tax
DETAILS OF VALUE ADDED TAX (VAT) OF UAE
RJA 22 Jan, 2018
VALUE-ADDED TAX IN UAE REGISTRATION All the businesses who have a place of residence in the state of UAE and whose value of supplies in the member states in the previous 12 months has exceeded AED 375,000 should mandatorily register under UAE VAT. Also, if the businesses anticipate that the total value ...
Goods and Services Tax
Resident Welfare Association/ Housing Society under GST
RJA 19 Jan, 2018
Registration requirement If the aggregate turnover of such RWA is up to Rs.20 Lakh in a financial year, then such supplies would be exempted from GST even if charges per member are more than Rs. 7500 Exemption Limit RWA shall be required to pay GST on monthly subscription/contribution charged from ...
FEMA
Reporting of Form FC-GPR to RBI
RJA 16 Jan, 2018
The Form FC-GPR comes into use whenever there is new issue of shares. The onus to submit the form or comply with the laws is on the resident entity. Any Company or Organization receiving foreign investment must report the transaction to the RBI within a stipulated timeline. Similar to the ...
Goods and Services Tax
QUICK REVIEW ON UAE VALUE ADDED TAX
RJA 13 Jan, 2018
UAE VAT Registration Threshold If the Annual Turnover of the company is more than AED 375,000/, it is mandatory for the company to register under UAE VAT If the Annual Turnover is between AED 187,500 & AED 375,000/, it is optional for the company to be registered under UAE VAT law. Further, ...
Goods and Services Tax
Everything You Need to Know About Continuous Supply of Goods Under GST
RJA 11 Jan, 2018
When certain goods are being supplied on a recurrent basis, it comes under a continuous supply of goods scheme which can be under a contract of three months or more. Certain types of supplies can be mentioned by the Government to be continuous. The GST invoices therefore for such services ...
INCOME TAX
VALUATION OF UNQUOTED SHARES AN ANALYSIS
RJA 11 Jan, 2018
VALUATION OF UNQUOTED SHARES –AN ANALYSIS OF SECTION 56 ALONG WITH RULE 11UA Finance Act, 2017 inserted two new provisions under the Act- clause (x) under Section 56(2) and section 50CA. The said sections were inserted to deal with a situation where the property, including unquoted shares, is being transacted ...
GST Registration
How GST registration works for service providers
RJA 10 Jan, 2018
Registration of GST has been made easier for service providers by implementing modified rules in the 23rd GST Council Meeting. Turn Over limit remains the same for service providers as well Service providers to register for GST must have a turnover of Rs.20 lakhs or more per annum in all ...
INCOME TAX
ELECTORAL BOND SCHEME 2018 UNDER INCOME TAX
RJA 09 Jan, 2018
ELECTORAL BOND SCHEME 2018 UNDER INCOME TAX Electoral Bond is a financial instrument for making donations to political parties. These are issued by Scheduled Commercial banks upon authorization from the Central Government to intending donors, but only against cheque and digital payments (it cannot be purchased by paying cash). These bonds ...