COMPANY LAW
4 more CA, CS & directors have been fraud charged under Co. Act
RJA 26 Apr, 2022
FOUR MORE CHARTERED ACCOUNTANTS, COMPANY SECRETARIES, AND DIRECTORS HAVE BEEN CHARGED WITH ALLEGED FRAUD UNDER THE COMPANIES ACT. MUMBAI: The Economic Offences Wing has filed four new FIRs for alleged fraud under the Companies Act against seven Chinese nationals, several chartered accountants, company secretaries, and directors of Indian companies. ...
INCOME TAX
CBDT has notified additional conditions u/s 139(1) for compulsory return filing
RJA 23 Apr, 2022
CBDT inserts Rule 12AB to provide further conditions, where filing of ITR is mandatory as per clause (iv) of 7th Proviso to section 139(1) CBDT via Notification No. 37/2022 dated 21.04.2022 via Income-tax (Ninth Amendment) Rules, 2022 notified conditions for furnishing a ITR n terms of clause (iv) of the seventh proviso section 139(1) ...
Goods and Services Tax
NIC implemented 2-factor authentication to login into e-invoice system.& e-way bill
RJA 19 Apr, 2022
NIC implemented two-factor authentication. To accessing the e-way bill and e-invoice systems, NIC is deploying 2-Factor Authentication for logging in to the e-Way Bill/e-Invoice System to improve the security of the system. OTP will be used to authenticate login in addition to username and password. The OTP can be ...
INCOME TAX
How to Check your PAN card status in minutes
RJA 07 Apr, 2022
How to Check your PAN card status in minutes by your self PAN cards are used to file Income Tax Returns (ITRs) and perform transactions. This is the reason why so many people pay such close attention to this document. PAN Card fraud has been all too common in recent ...
NBFC
Report: RBI may allow NBFCs to issue credit cards
RJA 07 Apr, 2022
Report: RBI may allow NBFCs to issue credit cards As per the latest reports it is believed that the RBI might allow the issue of credit card by NBFC. Till Now, the NBFC are only allowed to issue co branded credit cards. But New updates suggests that NBFC now will ...
COMPANY LAW
Statutory & Tax Compliance Calendar for April 2022
RJA 01 Apr, 2022
Taxation & Statutory Compliance for April 2022 S. No. Statue Purpose Compliance Period Timeline Compliance Details 1 Labour Law Compliance PF / ESI Return March-2022 15- April-2022 Timeline for payment of PF & ESI contribution for the Last month. 2 Goods and services Tax Compliance GSTR -7 TDS return under GST March-2022 10- ...
NBFC
Non-banking financial companies(NBFC) Business Model
RJA 29 Mar, 2022
NBFC BUSINESS MODEL The New NBFC regulatory rules has a goal to build a well-informed cadre population, that has abilities and is able to attain credit and a rating which better elucidates the repayment capabilities. The Economy calls for the NBFC’s to grasp the importance of alternate data ...
OTHERS
ICAI Clarification with reference to CA in Practice/ CA Firms Registering on GeM Portal
RJA 08 Mar, 2022
ICAI issue the Guidance & issue clarification with reference to Chartered Accountants in Practice/Firms of Chartered Accountants registering themselves on GeM Portal As members are aware, the Government of India has mandated that government departments and organisations purchase products and services through the GeM (Government e-marketplace) platform. ...
INCOME TAX
Top Unconventional Tax Planning ways Save Income Tax
RJA 01 Mar, 2022
Top Unconventional Tax Planning ways Save Income Tax Paying income tax at the conclusion of a financial year is a time-consuming process for most people. The majority of the strain is spent figuring out how to submit insurance, rent, and other expenses in such a way that the tax burden ...
Goods and Services Tax
GST e-Invoicing is compulsory for businesses limit decreased to INR 20 Cr.
RJA 28 Feb, 2022
The threshold limit for electronic invoicing was decreased in the applicability from INR 50 crore to INR 20 crore with effect from April 1, 2022, as announced by the Central Board of Excise and Customs in Notification No. 01/2022, dated 24 February 2022. A system known as a " electronic-Invoice" allows B2B invoices to be ...
INCOME TAX
CBDT Guidance on uploading of Manually filling 15CA & 15CB
RJA 28 Feb, 2022
CBDT Guidance on uploading of Manually filling 15CA & 15CB CBDT has provided instructions on how to upload manually filed Income Tax Forms 15CA and 15CB with Authorized Dealers between June 7, 2021, and August 15, 2021. In accordance with the Income Tax Department Press Release dated July 20, 2021, The www.incometax.gov.in e-filing ...
NBFC
Understand Growth of India's Non-Banking Financial Company
RJA 25 Feb, 2022
Understand Growth of India's Non-Banking Financial Company Non-banking financial companies, or Non-Banking Financial Companies, have made substantial progress of scale and diversification of activities. They now play a critical role in promoting inclusive growth by giving less-banked customers access to financial services. By leveraging technology in credit disbursement, non-banking ...
COMPANY LAW
Ministry of Corporate Affairs issue Companies (Accounts) Amendment Rules, 2022.
RJA 12 Feb, 2022
Ministry of Corporate Affairs has issued Companies (Accounts) Amendment Rules, 2022 (1) New ROC e-Form CSR-2 has been introduced By MCA. (2) They shall come into force on the date of their publication in the Official Gazette. The Ministry of Corporate Affairs Notification dated 11 feb 2022 All the company covered under provisions section 135(1) ...
INCOME TAX
Crypto is taxed does not mean that it will not be prohibited in India
RJA 12 Feb, 2022
Taxation on Crypto does not mean that it shall not be banned future in India Indian finance minister N. Sitharaman, said on Friday that the government has the sovereign right to tax money earned from cryptocurrency transactions, but that the govt has yet to decide whether to legalise or ban ...
INCOME TAX
New Tax Regime Vs Old Tax Regime
RJA 07 Feb, 2022
Old Tax Regime vs New Tax Regime The Finance Act 2020 made a number of amendments to our direct tax structure. The implementation of the New Tax Regime U/S 115BAC of the Income Tax Act of 1961 was the most significant change. On the one hand, the new regime offers lower ...
COMPANY LAW
Roc Compliance Calendar for LLP & Companies.
RJA 06 Feb, 2022
Roc Compliance Calendar for LLP & Companies. The Registrar of Companies is an office within the Ministry of Corporate Affairs whose primary responsibility is to ensure that companies and limited liability partnerships (LLPs) in India comply with the Companies Act and its related laws. Although incorporating a Company or Limited ...
Limited Liability Partnership
How to strike off a Limited Liability Partnership?
RJA 03 Feb, 2022
What is Limited Liability Partnership (LLP)? A limited liability partnership (LLP) is a mixture of a corporation and a partnership. It's a newer corporate structure that allows for partnership flexibility while also limiting the company's liability and lowering compliance costs. Benefits/Features of Limited Liability Partnership Simple to ...
Goods and Services Tax
How to deal with Goods and Services Tax summon?
RJA 01 Feb, 2022
What should you do if you receive a summons for the GST? Normally Our email inboxes are filled with GST reminders for GST taxpayers. Unfortunately, we constantly overlooked vital notices for other taxpayers. Is it, however, merely a notice that is extremely crucial? Do you think you're losing out ...
IBC
Overview on Major changes in Insolvency Law - IBC
RJA 01 Feb, 2022
Major changes in Insolvency and Bankruptcy Board of India Eligibility of resolution applicant for submitting resolution plans (barring defaulting promoters to bid for the company) – Section 29A. Voting threshold for decision making by the committee of creditors (from 75% to 66%)- Section 21, 22, 27, 28. Categorization of Home Buyers as Financial Creditors ...
Goods and Services Tax
All about the GST on Reimbursement of expenses
RJA 30 Jan, 2022
All about the GST on Reimbursement of expenses The issue of whether reimbursement of expenses provided by service receiver are to be included in the value of taxable service for purposes of charging service tax was also the subject of much litigation under the service tax regime, wherein the Hon'...
Goods and Services Tax
Reversal of ITC if payment is not made to supplier within 180 days
RJA 28 Jan, 2022
Analysis of validity of section 16(2)(D): Reversal of Input tax credit if payment is not made to supplier within 180 days VALIDITY OF SECTION 16(2)(D) IN THE EVENT OF NON-PAYMENT OF CONSIDERATION WITHIN 180 DAYS WHEN SUPPLY IS FROM ONE GSTIN TO ANOTHER GSTIN OF THE SAME LEGAL ENTITY/PAN ...
Goods and Services Tax
Whether Liable to GST on Discount Received for early payments?
RJA 27 Jan, 2022
GST not applicable on incentive, schemes or cash discount offered by supplier, Rules AAR - M.P. This order is taxpayer favorable order in the matter of M/S RAJESH KUMAR GUPTA OF M/S MAHVEER PRASAD MOHANLAL, GANDHI GANJ, JABALPUR, 482002(MP) AUTHORITY FOR ADVANCE RULING-MADHYA PRADESH Because the cash ...
GST Consultancy
ITC now only for amounts reflected in GSTR 2B:
RJA 25 Jan, 2022
ITC now only for amounts reflected in GSTR 2B We are aware of the change in Input Tax Credit Availment Rules of the entitlement eligibility from GSTR 2B w.e.f. January 1, 2022, Almost each business is concerned about having to implement a new system of Input Tax Credit reconciliation as ...
INCOME TAX
Quick Steps to ensure processing time income tax refund
RJA 23 Jan, 2022
What is Eligibility Conditions of Income Tax Refund The Income Tax taxpayer’s applying for the income tax refund required to make sure that Dept have updated at tax return & validated their bank accounts with the Tax Dept where they would like to obtain their tax refund ...
