TRAN-1 & TRAN-2 1. Goods and Service Tax Network (GSTN) is directed to open common portal for filing concerned forms for availing Transitional Credit through TRAN-1 and TRAN-2 for two months i.e. w.e.f. 01.09.2022 to 31.10.2022. 2. As per latest Supreme Court decision, any aggrieved person can file or revise TRAN-1/ TRAN-2 in this period…
Read MoreImportant Changes w.e.f. 01.04.2022 Audit Trail The applicability of using accounting software having Audit Trail has been further deferred by MCA and now shall be applicable from financial year commencing on or after the 01.04.2023 i.e. FY 2023-24. Revised Schedule-III MCA revise Schedule III of the Companies Act, 2013, applicable from F.Y. beginning on or…
Read MoreIncome Tax on Capital Gains: Any Income derived from a Capital asset movable or immovable is taxable under the head Capital Gains under Income Tax Act 1961. The Capital Gains have been divided in two parts under Income Tax Act 1961. One is short term capital gain and other is long term capital gain. 1. Short Term Capital…
Read MoreStatutory and Compliance Relief Measures due to COVID-19 Statutory and compliance reliefs issued by the Government of India under the following laws: ♦ CLICK HERE TO DOWNLOAD Indirect Tax (GST) …
Read MoreWhat is this Company Fresh Start Scheme – 2020 (CFSS-2020) The Ministry of Corporate Affairs has provided an opportunity to corporates to make a “Fresh Start” in their life by issuing a General Circular No. 12/2020 dated 30th March 2020. MCA introduced a scheme called ‘COMPANIES FRESH START SCHEME 2020 (CFSS-2020)’. The salient features of this scheme…
Read MoreSection 115BAB- Lower Income Tax Rate 15% for New Manufacturing Companies: Who is eligible for claiming lower tax rate? A new domestic company will be eligible to claim a lower tax rate of 15% (Plus Surcharge and Cess) from AY 2020-21 onwards only if ALL of the following conditions are cummulatively satisfied:- 1. The assessee…
Read MoreCompanies (Auditor’s Report) Order, 2020- Analysis The MCA has issued the Companies (Auditor’s Report) Order, 2020 (CARO 2020), on 25th February 2020. This order is applicable for FY 2019-20 onwards. CARO 2020 applicable to every company including a foreign company except: (a) Banking company (b) Insurance company (c) Section 8 Companies (charitable companies) (d) A one person…
Read MoreTDS on E Commerce Transactions under Section 194O with effect from 01st April 2020 Newly inserted section 194-O which specifies the applicability of TDS on E commerce transactions, which will be applicable from 01st Apr 2020. In this article the following points will be covered: Scope Applicability Rate at which TDS will be deducted Miscellaneous Before we…
Read MoreKey features of SPICe+ for Incorporation of New Companies in India MCA has amended Companies (Incorporation) Rules, 2014 and new rule will be effective from 15/02/2020 called Companies (incorporation) Amendment Rules, 2020. As part of Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs would be shortly notifying & deploying…
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