Blog Archives | Page 3 of 23 | V J M & Associates LLP (Chartered Accountant)

Blog

How to Determine The Taxability of NRI in India
FEMA
CA. Kavit Vijay

How to Determine Taxability of Foreign Resident in India?

According to the provisions of Income Tax Act, 1961; all the foreigners or individuals who belong to a different country but staying and working in India or individuals who belong to India but working in any other part of the world, have to pay income tax, as the Income Tax Act, 1961 provides for taxability depending upon the residential status of a person. Here in this article, we are going to discuss all the details related to tax by foreigners and NRIs. This tax is levied regardless of the individual’s status of citizenship, or intention of staying in India. However,

Read More »
Mandatory RoC Compliance for Private Limited Companies
Blog
CA. Kavit Vijay

Companies Fresh Start Scheme, 2020 (CFSS-2020)

The Companies Act, 2013 requires all the companies to file Annual Return and financial statement on annually basis with MCA. Apart, various other set of documents, returns, statements etc. are also required to be filed. Companies Act, 2013 prescribes time limit for filing of each such document. Fee and additional fee for such filing is given in Section 403 of Companies Act, 2013 read with Companies (Registration Office and fee) Rules, 2014. MCA received various representations from various stake holders requesting granting of one-time opportunity to file all pending documents without additional fee via Companies fresh start scheme, 2020 (CFSS

Read More »
Mandatory RoC Compliance for Private Limited Companies
Blog
CA. Kavit Vijay

Mandatory RoC Compliance for Private Limited Companies

In India, when it comes to startup, most of the business entities opt for Private Limited Company formation. The Ministry of Corporate Affairs (MCA) governs the Private Limited Companies in India as per the Companies Act 2013. As MCA suggests, you need to fulfill certain secretarial compliance or RoC compliances within a specific due date to eschew penalties. Wondering what the ROC compliances you need to go through while forming your startup are? Well, you don’t need to worry anymore! Here we are going to share the following details with you, What does RoC compliance mean? Essential RoC compliance for

Read More »
Why Start-up Fails & How Can You Avoid It?
Blog
CA. Sachin Jindal

Why Start-ups Fail & How Can You Avoid It?

Getting paranoid by watching your brand new venture jolting just in the nascent stage? Are the profits slackening and sales getting dwindled already? A study shows 30% of the start-ups fail at the very first year of operation, 50% start-ups collapse within the first five years, and almost 67% get out of the race within just ten years. Basically, 90% of the start-ups fail to thrive and make their business the next Big Thing.  So why do start-ups fail? And what are the odds to fit your business into that 10% category? What can you do to ensure your brand

Read More »
Clubbing of GST refund claims across two financial years is allowed
Blog
CA. Sachin Jindal

Clubbing of GST refund claims across two financial years is allowed

The refund of ITC is a key constituent of Goods and Service Tax (“GST”), and it is a pre-requisite for the department to ensure the smooth operation of the same to avoid any unnecessary increase in the cost of goods/services. However, various issues keep on evolving with the use of the system. The government has issued several GST Circulars to curb these issues. Department has received various representations seeking clarification on some issues related to refund under GST.  We are really pleased to share this with you as our efforts have finally brought the sigh of relief for the taxpayers

Read More »
Provisional GST Refund
Blog
CA. Kapil Mittal

Provisional GST Refund | GST RFD-04

In case of GST Refund, whenever a situation arises where refund amount can’t be ascertained precisely, then, the proper officer shall sanction refund amount on provisional basis.  1. Provisional GST Refund Where the proper officer has reasons to believe that due to irregularities in refund application, whole or part of the refund claim may face rejection. Then in such a case, the proper officer shall disburse refund on the provisional basis to the extent of 90% of the refundable amount*. However, the final refund shall be granted in accordance with provisions of Rule 92 of CGST Rules. Order of provisional

Read More »
letter of undertaking
Blog
CA. Sachin Jindal

All about Letter of undertaking(LUT) under GST

1. What is Letter of undertaking (LUT) Letter of Undertaking or LUT is an undertaking filed by an exporter of goods or service which permits him to export goods or services without payment of IGST subject to the condition that he will complete the process of export of goods or services within the prescribed time limit..  According to the Notification No. 37/2017 – Central Tax, it’s mandatory to file LUT for exporting goods or services or both without paying the IGST.  In case, an exporter fails to submit LUT the person needs to pay IGST or has to provide an

Read More »
Foreign Liabilities and Assets Annual Return
Blog
CA. Kapil Mittal

FLA Return- Foreign Liabilities and Assets Annual Return

Any company that has received FDI or made some overseas investment during the previous years including current year by July 15, need to submit an annual return on Foreign Liabilities and Assets i.e. FLA return. In recent times, more companies are involving themselves in foreign investments. As a matter of fact, it brings in more importance to the FEMA (Foreign Exchange Management Act) regulations. The compliance of this act is also becoming an integral part of these companies. Foreign Liabilities and Assets (FLA) annual return is one of these compliances which organizations need to submit mandatorily. Companies involved in Foreign

Read More »
TDS by E-Commerce
Blog
CA. Kapil Mittal

Union Budget 2020| TDS by E-commerce Operator

In Union Budget 2020 speech, Hon’ble Finance Minister Nirmala Sitharaman has proposed a new Tax deducted at source (“TDS”) provisions for e-commerce transactions. The newly proposed TDS provisions have been introduced with the goal of ‘widening and deepening’ the tax base across the country. With the introduction of this provision the e-commerce companies like Flipkart, Amazon will have to deduct an extra 1% of tax as TDS while paying the seller registered under them. While under the Goods and Services Act, the e-commerce companies were already deducting 1% TDS from the seller registered with them. 1. What is TDS? TDS

Read More »
Changes in Tax Audit Provisions
Blog
CA. Kavit Vijay

Union Budget 2020 | Increase in Threshold Limit of Tax Audit From INR 1 Crores to INR 5 Crores

Hon’ble Union Finance Minister Nirmala Sitaraman has proposed various changes in her Budget Speech 2020. Amendments in section 44AD is another significant part of the budget 2020 that requires a discussion. As the Budget 2020 releases, there is an increase in threshold limit of Tax Audit. Here in this article, we are going to talk about all the significant changes the finance minister has proposed in provisions of the tax audit. 1. Increase in threshold limit of tax audit from INR 1 crores to INR 5 crores Through Finance Act, 2020 Government has increased the threshold limit of tax audit

Read More »



Want to talk to us

Leave your Name, email, Phone number along with what you are looking for in message box or you can call us at 011-41715118

V J M & Associates LLP

Contact Us

X