The Ministry of Corporate Affairs Vide its General Circular No. 12/2020 Dated 30/03/2020, has launched the Companies Fresh Start Scheme 2020 that offers the condonation of delay with regard to filing of various forms, returns and documents with Ministry of… Read More
PM CARES Fund
As the World is going through COVID-19 Pandemics, India has realized the need of a fund for that will be primarily dealing with any kind of emergency or distress situation. Hence the Prime Minister Narendra Modi announced set up of… Read More
Relief measures announced by the Finance Minister with relate to Regulatory and Statutory Compliances in view of the COVID-19 outbreak in the Country
Finance Minister Smt. Nirmala Sitharaman today announced several relief measures in view of the COVID-19 outbreak via video conferencing in the areas of Income Tax, GST, Customs and Central Excise, Corporate Affairs, Insolvency and Bankruptcy (IBC), Banking Sector and Commerce.… Read More
Key Highlights of Union Budget 2020
Insertion of new sections 194K and 194O Section 194K has been inserted to provide that any person responsible for paying to a resident any income in respect of units of mutual funds as per section 10(23D) or units from the… Read More
Aadhaar-PAN Linking
The Income Tax Department has made it mandatory to link Aadhaar with PAN failing which will cause the inactivation of the PAN. The due dates for the same has been extended several times and the latest due date to link… Read More
Taxation of Retirement Benefits
Introduction: On the event of retirement, an employee receives certain retirement benefits which are dealt within the ambit of section 17(3) and considered as “profits in lieu of salary”, however section 10 allows certain exemptions on some of the retirement… Read More
BUDGET 2019 HIGHLIGHTS-DIRECT AND INDIRECT TAXATION
Budget 2019 Direct Taxation New section 80EEA has been inserted to provide deduction with respect to interest paid on the self occupied property upto Rs. 1,50,000/- subject to the fulfilment of following conditions: i. Loan has to be sanctioned by… Read More
INC-20A (DECLARATION OF COMMENCEMENT OF BUSINESS)
Ministry of Corporate Affairs has Introduced E-From INC-20A (Declaration of Commencement of Business), in compliance with the provisions of section 10A(1)(a) of the Companies Act, 2013 and Rule 23A of the Companies (Incorporation) Rules 2014. As per the new provisions… Read More
INC-22A(ACTIVE)
MCA vide its notification dated 21st February, 2019 and Companies (Incorporation) Amendment Rules, 2019 introduced Form INC-22A (Active i.e Active Company Tagging Identifies and Verification) which is hereby referred as the KYC of the Companies. Who is required to file… Read More
TAX COLLECTED AT SOURCE
The Income Tax Department has mandated the tax to be collected at source on certain transactions at the at a certain specified rate.The provisions of the tax collected at source are governed by section 206C of the Income Tax Act.… Read More