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CA SHARWAN

NIC Codes Under UDYAM Registration

National Industrial Classification code is also known as NIC Code is an inevitable statistical standard designed to analyse and compare contribution of each business entity in the asset development of the Indian Government. An accumulative data of multiple firms is used to measure economically active populace and its conveyance, arrange different types of labour, work insights of the distinctive fields, and other financial information, such as national salary.  The NIC… Read More »NIC Codes Under UDYAM Registration

Annual Return Under FSSAI

FSSAI is commonly known as Food Safety and Standards Authority of India which is an organization that monitors & governs the food business in India. It is an autonomous body who worked under the Ministry of Health & Family Welfare, Government of India. The FSSAI established and work under the Food Safety and Standards Act, 2006 (FSS Act) which is a consolidating statute related to food safety and regulation in… Read More »Annual Return Under FSSAI

All About DPT-3

DPT–3 form is the statement return which is needed to be filed by every company except government company which has accepted deposits as per the definition mentioned in section 73 and rules made thereunder. DPT–3 form is filed as per the rule 16 of Companies (Acceptance of deposit) rules. It is a one-time return form of loans that required to be filed by a company who has outstanding loans not… Read More »All About DPT-3

All About DIR KYC-3

Director Identification Number also known as DIN, refers to a unique identification number allotted to an individual who is willing to be a director or is an existing director of a company. DIN is earned by filing a form known as e-Form DIR-3, which was initially a single-time process to be carried out by the one who wishes to become a director in one or more than one company. Important… Read More »All About DIR KYC-3

AGM Through VC or Other OAVM For FY 2019-20

According to Companies Act, 2013- section 96, companies need to hold their Annual General Meeting (AGM) within a period of six months from the date of closing of the financial year (FY). The company who are going to hold their first AGM will be held within a period of nine months from the date of closing of the financial year (FY) of that company. The MCA (Ministry of Corporate Affairs)… Read More »AGM Through VC or Other OAVM For FY 2019-20

Consequences of Non-Filing of the Income Tax Return

Income tax is a tax imposed by the Indian Government on income of a person. Filing of income tax is responsibility of every citizen. Filing an ITR is a way to let the government know about your income. If you do not inform the government, you have to face penalties & problems. If you are in the taxable position, then you need to file income tax returns. Individuals with income… Read More »Consequences of Non-Filing of the Income Tax Return

Recovery of Interest u/s 50 on Net Cash Liability under GST

An amendment was made in the provision of section 50 of the Finance (No. 2) Act, 2019 to provide for charging Interest on the net cash tax liability, which was based on the recommendations of the 35th meeting of the GST Council which came into effect from September 1, 2020. This amendment has been made in the CGST act- section 50 for recovery of Interest only on net cash liability… Read More »Recovery of Interest u/s 50 on Net Cash Liability under GST

COVID-19 VOLUNTARY WFH Declaration for Companies & LLPs-MCA

The Ministry of Corporate Affairs (MCA) has clarified that its recently announced decision of asking corporates and limited liability partners (LLPs) to submit a form which is web-based to confirm their readiness to deal with the Covid-19 threat is “purely voluntary”. There will be no fee applicable for the CAR aka Company Affirmation of Readiness towards Covid-19 form, and it is completely voluntary. According to MCA, the CAR form is… Read More »COVID-19 VOLUNTARY WFH Declaration for Companies & LLPs-MCA

Refund of Accumulated Input Tax Credit of Compensation Cess

The calculation of compensation Cess under GST is very similar to calculating GST. Compensation cess is applicable above the amount of GST charged on a specific good or service. The stipulated rate is applied to the transaction value given under CGST Act 2017- section 15. According to this act, the centre needs to compensate the states for loss of their revenue due to the execution of GST because GST is… Read More »Refund of Accumulated Input Tax Credit of Compensation Cess

GST Rate on Supply of Food and Beverage Service by the Educational Institution

There is a doubt raise by two self-contradictory notifications which are Notification No. 11/2017-Central Tax (Rate) and Notification No. 12/2017- Central Tax (Rate) dated 28.06.2017 Sl. No 66. This doubt is regarding the GST on Supply of Food & Beverage service by the Educational Institution to its students and the same is clarified in the current circular. A doubt comes that whether supply of food and beverages services by educational… Read More »GST Rate on Supply of Food and Beverage Service by the Educational Institution