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CBDT Orders Remission of Outstanding Direct Tax Demands of Earlier Year | Union Interim Budget 2024
Finance Budget
CA. Kavit Vijay

CBDT Orders Remission of Outstanding Direct Tax Demands of Earlier Year | Union Interim Budget 2024

While processing Income Tax returns of FY 2022-23, most of the taxpayers faced issue of delayed refund, refund put on hold on account of outstanding demand, refund adjusted against outstanding demand etc. During FY 2022-23, due to digitalisation of Income tax records of earlier year, the department uploaded various demands of earlier years (much prior to the years when Income tax return was started filing online).

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GST registration can’t be cancelled with retrospective effect mechanically| GST Officer must provide reason for such action
Judgements
CA. Sachin Jindal

GST registration can’t be cancelled with retrospective effect mechanically| GST Officer must provide reason for such action

These days, Taxpayers are genuinely facing issues in Input Tax credit due to back date cancellation of GST registrations of the suppliers. For FY 2017-18 and 2018-19, show cause notices were issued to various Assessee to disallow ITC on ground of cancellation of GST registration with retrospective effect. In most of such cases, GSTIN was cancelled due to non-filing of GST return for continuous period of six months. To resolve this issue, Hon’ble High Court of Delhi has passed a judgment to grant relief to taxpayers in the matter of ARYAN TIMBER STORE KUMAR SALES TAX OFFICER CLASS II/ AVATO WARD 62 DEPARTMENT OF TRADE AND TAXES IP ESTATE NEW DELHI (WP 628/2024 dated 18th January, 2024)

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Business Setup in India
Company Registration
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VJM & Associates: Helping Boost Business Setup in India

VJM & Associates LLP, a chartered accounting firm, helps boost business setup in India due to its strong economy and large client base. VJM & Associates LLP is a vital partner for firms entering India due to its wide range of services. The company serves many countries, sectors, and service areas. VJM & Associates LLP operates in New Delhi, Mumbai, and several other cities through linked networks. The firm serves clients in the US, UK, Australia, Switzerland, Germany, Italy, UAE, Japan, China, Singapore, Malaysia, France, and more. Automotive & Transportation, Retail & Wholesale, Insurance, Hospitality, Manufacturing, Law, Healthcare, Banking &

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company registration in India
Company Formation
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Getting Business Legitimacy: A Deep Dive into Indian Company Registration

India’s fast-paced economy is risky but promising for entrepreneurs. Whether to benefit on the growing market or assist India’s economy, company registration in India requires careful attention to detail and legal compliance. Recognizing Different Businesses Understanding what firms can be established in India is essential before learning about registration. Private limited companies’ limited liability and share transferability benefit smaller firms. Conversely, larger companies looking to raise cash publicly can consider Public Limited Companies, which are subject to strict regulatory regulations. The Registration Odyssey Registration of a firm demands careful attention to detail. Directors and shareholders need a Digital Signature Certificate

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start a business in India
Others
admin

A Strategic Guide to Starting a Business in India with VJM & Associates LLP

To start a business in India is like entering a vast world of potential and rapid growth. Business owners looking to launch in India are drawn to its diverse consumer base and strong economy. Experienced specialists are needed in this project, and VJM & Associates LLP is a reliable partner. In addition to being a famous chartered accountancy, VJM & Associates LLP offers several professional services. These services simplify and facilitate starting a business in India. VJM & Associates LLP: Your Strategic Partner Entrepreneurs entering the Indian business landscape see VJM & Associates LLP as a strategic partner, not just

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Setting Up a Company in India
Company Registration
admin

A Comprehensive Guide to Setting Up a Company in India

In light of India’s expanding role as a global economic power, starting a business here has significant potential for setting up a company in India. This blog presents a complete analysis of the key steps of forming a corporation in India. These aspects include foundational considerations, legal procedures, strategic benefits, and potential problems.  This article acts as a guide for entrepreneurs who are looking to traverse the dynamic business landscape and capitalize on the numerous opportunities given by India’s rising market. This analysis comes at a time when the nation is continuing its rapid ascension in the world economic arena.

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Foreign Direct Investment (FDI) Policy in Civil Aviation
Foreign Direct investment
CA. Kapil Mittal

Foreign Direct Investment (FDI) Policy in Civil Aviation

India’s civil aviation sector has undergone significant transformation in recent years, fueled by liberalization measures and strategic policy interventions. India’s air travel industry has changed a lot lately because of new rules and government decisions. One big part of this change is how foreign companies can invest in Indian airlines. This policy is really important for how the industry grows. 

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Interest is not payable on late filing of GSTR-3B when the tax amount is deposited in Electronic Credit Ledger by the due date
Input Tax Credit
CA. Sachin Jindal

Interest is not payable on late filing of GSTR-3B when the tax amount is deposited in Electronic Credit Ledger by the due date

The Petitioner was having an accumulated Input Tax Credit under pre-GST regime. The petitioner filed GST TRAN-01 for transmission of such accumulated ITC under GST. However, due to technical glitches, entire amount of ITC was not transmitted under GST and complete amount was not available under electronic credit ledger of the petitioner.

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Income tax on transfer of unquoted equity shares at less than Fair Market Value (FMV)
Income Tax
CA. Kavit Vijay

Income tax on transfer of unquoted equity shares at less than Fair Market Value (FMV)

Transfer of shares of listed entities is quite a simple and fair process as the price of shares are available on the stock exchange and shareholders have no option to transfer shares at value other than price available on stock exchange. However, what about the unquoted or unlisted equity shares. Whether shareholders can transfer such shares at any price or is there any mechanism specified for the same?

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