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Relief to Business under Corona Stress
Blog
VJM & Associates LLP

COVID 19 Lockdown| Statutory & Regulatory Relief to businesses

Entire world is fighting against epidemic COVID 19 outbreak and Hon’ble Prime Minister of India Sh. Narendra Damodardas Modi has taken much need precautionary step of complete lockdown from midnight 12’o clock of 24th March, 2020 onwards for next 21 days and again extended to 3rd May, 2020 for another 19 days. In between various regular and financial year ended statutory and regulatory compliances are approaching and considering the situation, Hon’ble Finance Minister Smt. Nirmala Sitharaman held a press conference through video conferencing and announced various important reliefs measures taken by Government of India in the area of Income Tax, GST,

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GST Registration
Goods and Service Tax
CA. Sachin Jindal

Everything You Need to Know About GST Registration: Documents Required | Eligibility

Being a goods or service provider, it’s mandatory for you to register for GST in cases annual turnover exceeded the threshold limit specified for GST registration. Businesses failing to register under the GST regime will have to incur heavy fines and penalties.  Here we are going to talk about everything about the GST. Scroll through and learn everything. 1. What is GST Registration? The Goods and Service Tax (GST) applies to all Service providers, traders, and manufacturers etc. The list includes freelancers as well. Basically, GST subsumes a variety of central taxes (like Service Tax, CST, Excise Duty) and State

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39th GST Council Meeting
GST Council Meetings
CA. Kapil Mittal

GST Updated | 39th GST Council Meeting | held on 14th March, 2020

Amendment under Goods and Service Tax (“GST”) law has been a constant process and considering issues and representation of industry, new changes are proposed in every GST Council meeting. 39th GST Council meeting held on 14th March, 2020, under chairmanship of hon’ble Finance Minister wherein following key changes were suggested: 1. Interest on net cash Liability In case of delayed payment of GST, whether interest is payable on net Cash liability or gross tax liability (i.e., including ITC) has been matter of dispute since long time and various legal precedents and departmental communications has clarified that taxpayer is liable to

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SPICe+ Form
Blog
CA. Kavit Vijay

MCA Spice+ form: Register new company | No need to apply separate application for each registration

The Simplified Proforma for Incorporating Company electronically Plus(SPICe+) is a new online form that the MCA(Ministry of Corporate Affairs) has introduced for the incorporation of companies. The new SPICe+ is available from 15th February, replacing the already existing SPICe form as a part of the Ease of Doing Business (EoDB).  The new form SPICe Plus devotes 10 services via 3 central government departments & ministries (Ministry Of Corporate Affairs, Ministry Of Finance, Ministry Of Labour & Department for revenue) and one state government (Maharashtra).  Now you can apply following registration done with the SPICe+ form, no need to file separate

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LLP Settlement Scheme
Blog
CA. Kavit Vijay

LLP Settlement Scheme, 2020 | Waiver of Additional Fee for defaulting LLPs

Limited Liability Partnerships (“LLP”) has become a preferred choice over a period of time; Due to benefit of limited liability given alongwith flexibility of organising internal structure as a partnership firm based on mutual arrived agreement.  However, alike companies, LLPs are also required by Limited Liability partnership Act, 2008 (“LLP Act”) to file various information and documents with the Registrar of Companies on a timely basis and non-compliance of same may attract heavy penalty and prosecution against defaulting persons. 1. Existing Non-compliances by LLPs Government found large default in compliance by LLPs such as default in filing of: Form-3- Filing

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Liberalised Remittance Scheme
Blog
CA. Kapil Mittal

Liberalised Remittance Scheme: Everything You Must Know!

The Reserve Bank of India has introduced the Liberalised Remittance Scheme aka LRS way back in 2004. The main reason behind the introduction of LRS was to regulate the flow of Indian rupees out of India. As we have already come to the 21st-century number of residents and non-residents Indians travelling and working across the world has increased.  Hence the scheme has become much more significant than ever these days. Here in this article, we have discussed everything you must know about the Liberalised Remittance Scheme. So, scroll through to get all the information. 1. What Actually a Liberalised Remittance

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Arm's Length Principle
Blog
CA. Kavit Vijay

Transfer Pricing: Introduction of Arm’s Length Principle

Organisation for Economic Co-operation and Development came up with an international guideline-based on arm’s length principle to curb this issue. Arm’s length price is the price for the same or similar transaction which took place between independent parties in uncontrolled situations. Section 92C of Income Tax Act, 1961 specifies 5 methods of computation of Arm’s Length Price. You may read about such articles here. As per the Arm’s Length Principle, for controlled transaction entities that are in correlation through management, capital, or control should agree to the same terms and conditions which they would have agreed in case of dealing

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TRANSFER PRICING: INTERNATIONAL TRANSACTION
Transfer Pricing
CA. Kavit Vijay

Transfer Pricing: International Transaction

When multinationals proceed through cross border transactions, tax authorities on both sides would like to make sure that they get their fair share of tax. Transfer Pricing regulations are only to achieve this goal. But does transfer pricing means pricing of goods? Well, here you need to have a clear understanding of Transfer Pricing. Hence, go through the article as we have mentioned everything you should know about Transfer Pricing and International taxation. 1. What is Transfer Pricing? At the first place, let’s talk about what is transfer pricing, Transfer pricing means price charges for goods or services provided. However,

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Transfer Pricing
Blog
CA. Kavit Vijay

Transfer Pricing: Meaning | Risk and Benefits of Transfer Pricing

With globalization in effect, there is a significant rise in the number of multinational companies. It’s a fact that around 60% of world trade proceeds within multinational enterprises. Hence, transfer pricing has become an interest not only for tax administrators but also for economists, NGOs, business persons, and politicians who are waking up to the call.  Here in this article, we are going to learn about all the risk factors and benefits of Transfer Pricing. It’s much of people’s interest knowing who is paying tax and who is not when business transactions between different arms of multinationals take place.  It’s

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Books of Accounts
Information
CA. Kapil Mittal

Books of Accounts under different Acts| Company Law| Income Tax Act| GST law

Maintenance of books of accounts in any business is one of the most crucial things as it records each and every transaction of company and reflects financial position of the company such as whether company is making profit or incurring losses, assets held by company, liabilities of the company etc. Therefore, for every statutory compliance purpose such as Companies Act, 2013, Goods & Service Tax Act and Income Tax Act, books of accounts is a pre-requisite. In this article, we will have a look at the requirement of different laws related to the maintenance of books of accounts. 1. Books

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