HOW TO GENERATE CARO REPORT? Ministry of Corporate Affairs vide its Order Dated 25.02.2020 has issued the Companies (Auditor’s Report) Order, 2020 applicable from 01.04.2019 in suppression of the CARO 2016, the applicability of which has been extended on 24.03.2020, to be applicable from 01.04.2020. However, the said order has been further extended by […]
FORM INC-20A: DECLARATION FOR THE COMMENCEMENT OF BUSINESS ON V3 PORTAL Introduction As per the Companies (Amendment) Ordinance 2018, there is a requirement for all the companies registered on or after 2 November 2018 to file a certificate of commencement of business. Form 20A is a declaration filed by the directors within 180 days
TAXATION OF GIFTS TO NRIs “A Gift” is a voluntary transfer of Cash, Movable /Immovable property by one person to another person without consideration in lieu of love and affection. A gift may be given by a person to his/her relatives or to friends or to any other person without consideration. Some gifts are
BUDGET 2023: TDS RATE ON EPF WITHDRAWALS FOR NON-PAN HOLDERS What is EPF? The Employee Provident Fund (EPF) is a retirement savings scheme for employees in India. It is a mandatory contribution made by both the employee and the employer, and the funds collected under the EPF scheme are managed by the Employees’ Provident
AMENDMENT IN SECTION 44AD & 44ADA Meaning of Presumptive taxation scheme: As per the Income-tax Act, a person engaged in business or profession is required to maintain regular books of account and further, he has to get his accounts audited. To give relief to small taxpayers from this tedious work, the Income-tax Act has
FORM CMP-08: PROCESS OF FILING THROUGH GEN GST SOFTWARE What is CMP-08? FORM CMP-08 is a tax return form under the Goods and Services Tax (GST) regime in India. It is a monthly self-declaration form that a taxpayer has to file if they have opted for the Composition Scheme under GST. Under the
ENHANCEMENT OF 1+YEAR ON EV BATTERIES UNDER SUBSIDY An electric vehicle (EV) is a type of vehicle that runs on electricity, instead of gasoline or diesel fuel. It uses an electric motor and a rechargeable battery to power the vehicle, which can be charged from an external source or generated onboard through regenerative braking.
BUDGET 2023: OLD TAX REGIME OR NEW TAX REGIME In the Budget 2023, Finance Minister Nirmala Sitharaman proposed to make the new income tax regime the default tax regime for taxation purposes. However, taxpayers will continue to have the option to avail the benefit of the old tax regime. This means, if an employee does
Old Tax Regime or New Tax Regime? Which one is Beneficial Read More »
FORM 10BA: DEDUCTIONS CLAIMED UNDER SECTION 80GG What is Form 10BA? Form 10BA is a statement to be recorded by a taxpayer who needs to maintain a tax deduction under Section 80GG for rent, settled on rental property. To claim the deduction under section 80RRB the following prerequisites have to be fulfilled: The taxpayer should not
BUDGET 2023: CHANGES IN GST This article will explain the changes in GST in Union Budget 2023. AMENDMENTS: Finance Minister Nirmala Sitharaman proposed nine legislative revisions to the GST law in the Union Budget 2023. Decriminalization GST Offences From the current range of 50% to 150% of the tax amount, the compounding
HIGHLIGHTS OF BUDGET 2023 Union Finance Minister Nirmala Sitharaman on Wednesday presented the Union Budget 2023, the fifth budget of Modi 2.0. In the last full-fledged Budget before the general elections next year, Nirmala Sitharaman said that the Indian economy is on the right path and heading towards a bright future. In a big
What is a National Savings Certificate (VIII) and Why it Can Help You Save on Taxes? National Savings Certificate (NSC) is a popular savings instrument offered by the Government of India. It provides an opportunity to save taxes as well as earn an attractive rate of interest. NSC VIII can be used for both short-term
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