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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

Section 194J under TDS of the Income Tax Act, 1961.

What is TDS? TDS is a form of advance tax, TDS stands for tax deducted at source. According to the Income Tax Act, 1961, if the payment exceeds some Monterey threshold levels, every company or a person making a payment will deduct tax at source. The tax department must deduct TDS at the rates specified. What is section 194J? Section 194J is one of the most important sections under TDS(Tax… Read More »Section 194J under TDS of the Income Tax Act, 1961.

RFID Tag Mandatory Along With E-Way Bill in UP From 1st Nov 2018

For the first time since the rollout of E-Way Bill in India, the Uttar Pradesh State had mandated for vehicles operating in the state to use the radio frequency identification device (RFID) tag along with an e-way bill from November 1, 2018. E-way rules decree that a vehicle carrying goods valuation over Rs 50,000 must provide the details electronically on the common portal and generate e-way bill. The portal grabs… Read More »RFID Tag Mandatory Along With E-Way Bill in UP From 1st Nov 2018

Auto Calculation of Route Distance for Generation of E-Way Bill

Electronic-way Bill – associate electronically generated document that is needed to be carried for movement of products price extraordinary Rs fifty,000. The validation of e-way bill is for a definite time-period, supported the sort of merchandise being transported and therefore the distance between supply and destination. Distance between supply and destination was perpetually major issue whereas making E-way bill among alternative issues. Now, E-waybill system is being enabled to machine… Read More »Auto Calculation of Route Distance for Generation of E-Way Bill

All about the additional place of business in GST

APOB aka Additional Place of business is the place of business where taxpayer accomplish business related activities within the State, in addition to the PPOB (Principal Place of Business). A supplier needs to register in each state from which he is supplying goods or services. In other terms, if a supplier has their business branches in different states – he/she would be required to take separate registration for each of… Read More »All about the additional place of business in GST

All Benefits to Start-ups Under Income Tax Act.

A startup is a newly business setup that is small in nature and initiated by single or a group of individuals. Startup presents a new product or service that is not in present at some other place in the same manner- this is the factor which makes the startup different from other businesses According to income tax rules, a startup can be a company or LLP engaged in a business… Read More »All Benefits to Start-ups Under Income Tax Act.

Taxation of Director Remuneration under GST

Directors’ remuneration termed as the compensation the company gives to its directors for the services rendered. This can be done via fees, salary or by use of a company’s assets. The remuneration paid to Directors is issued only on getting approval from shareholders and the Board of Directors.  A director can be:- Executive Director non-executive Director Managing Director (MD) Independent Director Small Shareholder Director  Women Director Additional Director  Alternate Director … Read More »Taxation of Director Remuneration under GST

ROC Compliance-DPT 3 & MSME 1

DPT-3 form is a one-time return form of loans that need to be filed by a company that has outstanding loans not treated as deposits. According to the latest Ministry of Corporate Affairs (MCA) Amendments, it is mandatory for all the companies excluding the Government Companies to file a onetime return for the outstanding receipts of money which are the loan of the company but are not considered deposits. How… Read More »ROC Compliance-DPT 3 & MSME 1

GST and Income Tax Implication on Non-Resident Sportsmen Coming to India

When a non-resident sportsman comes to India for participating in any game or sport then a question arises which country has right to charge tax on such income earned by sportsmen by participating in game or sport and what are the tax implications on such income earned. What is Section 115BBA? This section provides a special tax rate at the rate of 20% (plus EC and SHEC), Plus Surcharge as… Read More »GST and Income Tax Implication on Non-Resident Sportsmen Coming to India

GST on Tour & Travel Services

GST comes under the category of indirect tax which is levied on the supply of goods & services of different kinds. The travel agent or travel agency service provider are also under the GST ambit.  A travel agent offers services related to planning, booking, and managing tours to their customers. The services include-booking air/rail accommodation, cab hire, accommodation, sightseeing etc. provided by a travel company. A tour operator or agent… Read More »GST on Tour & Travel Services