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Mandatory RoC Compliance for Private Limited Companies
Company Law
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

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07/04/2020
TDS by E-Commerce
Finance Budget
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

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01/04/2020
Relief to Business under Corona Stress
Company Law
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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25/03/2020
Books of Accounts
Assessments & Scrutiny
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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27/02/2020
union budget 2020
Finance Budget
CA. Shilpi Goyal

UNION BUDGET 2020: KEY CHANGES | INCOME TAX ACT

Hon’ble Finance Minister Nirmala Sitharaman presented union budget 2020 – 21 in parliament on 1st February 2020 around 3 prominent themes – Aspirational India, Economic Development and Caring society. Apart from allocation of funds for different sectors such as education, railway, etc. she proposed various major amendments in Income Tax Act, 1961 and few amendments in Goods and Service tax law. In this article, we will go through around all major amendments in Income Tax Act, 1961. AMENDMENTS IN INCOME TAX ACT, 1961 proposes in Budget 2020 Amendments in Income Tax Act, 1961 proposed with objective of stimulate growth, simplified

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18/02/2020
Section269SU
Information
CA. Kavit Vijay

Section 269SU Online Compliance on e-Filing Portal – Due Date | Penalty for Non Compliance

The Income Tax department is sending email notifications to the taxpayers with more than Rs. 50 crore turnover about the applicability of section 269SU. Taxpayers need to furnish an online report on the e-filing website from their own account. The due date to file the report is 31st January 2020. The Finance Act 2019 has come up with a new section, namely, section 269SU. A person with businesses having a turn over of more than Rs 50 Crore mandatorily need to offer facilities for payments through electronic transactions. Section 269SU actually became effective from the 1st November, 2019. As per

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13/02/2020
Out-reach Program by CBIC under Sabka Vishwas Legacy Dispute Resolution Scheme, 2019
Information
CA. Kapil Mittal

Out-reach Program by CBIC under Sabka Vishwas Legacy Dispute Resolution Scheme, 2019

Mid of the year 2019, Central Board of Indirect Taxes & Customs (“CBIC”) introduced “Amnesty Scheme” by the name of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (“SVLDRS” or “Scheme”)” vide Chapter V of Finance Act, 2019 wherein Government has provided option to resolve litigation pending under Central Excise Act, Finance Act, 1994 and other notified acts by way of granting partial waiver from liability of tax, interest, and penalty. Accordingly, Scheme provides an option to taxpayer to resolve pending dispute by way of paying partial liability of applicable taxes. Taxpayer was eligible to opt benefit of scheme only where

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26/11/2019
Sabka Vishwas Legacy Dispute Resolution) Scheme
Information
CA. Kapil Mittal

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019| Chapter V of Finance Act, 2019

Government introduces the “Amnesty Scheme” to resolve long pending litigation by granting a waiver in tax, interest, and penalty amount to some extent. Dictionary meaning of Amnesty is “an official pardon for people who have been convicted of political offenses”. The major objective behind such Sabka Vishwas (Legacy Dispute Resolution) scheme is to resolve litigation without wasting the time of departmental authorities and attractive tax reliefs are provided so that the maximum taxpayers can pay their defaulted amounts. On the same lines, an Amnesty scheme in name of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (“SVLDRS” or “Scheme”)” has been

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10/10/2019
measures to boost exports
Information
CA. Kapil Mittal

Measures to Boost Exports | Part 2 | Announcements by Finance Ministry

Announcements made by the Hon’ble Finance Minister during the Press Conference held on 14 September 2019 In order to address the concerns raised by global as well as domestic investors and provide assurance to the Industry at large on the Government’s commitment to steering the economy to growth, the Hon’ble Finance Minister Smt. Nirmala Sitharaman (‘FM’) has been holding Press conferences announcing various interim measures and relief in the nature of clarifications on existing concerns, prospective policy changes, proposed amendments in law and commitments for additional fiscal support by the Government. The Hon’ble FM has made detailed ‘corporate style presentations’

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23/09/2019
Measures to Boost Economy
Information
CA. Kavit Vijay

Measures to Boost Economy – Part 1 | Announcements by Finance Ministry

Announcements made by the Hon’ble Finance Minister during the Press Conference held on 23 August 2019 The Indian Parliament had passed the Finance Act (No. 2), 2019 during July 2019. Being the first Budget presented by the Government after a sweeping majority in the recent elections to the Lower House of the Parliament, the focus was on stabilising the economy and undertaking structural macro-economic reforms to inter alia derive benefits from the demonetisation exercise conducted in November 2016 and the introduction of Goods and Services Tax in July 2017.  The budget was also focussed on tax optimisation, increasing the tax

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14/09/2019
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