How to file GST return online
Posted Date : 04-May-2023 , 12:50:37 pm | Posted By
Ishita Ramani
Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. It has replaced several indirect taxes like Value Added Tax (VAT), Service Tax, Central Excise Duty, and Customs Duty. GST is a self-assessment tax, and every registered taxpayer has to ...
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Category : Income Tax |
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SAC code in GST
Posted Date : 03-May-2023 , 12:09:29 pm | Posted By
Ishita Ramani
Introduction
The GST system uses a nomenclature called SAC code, which was created by the Central Board of Indirect Taxes and Customs. These codes aid in identifying services and their corresponding GST rates to calculate the applicable tax amount.
What is SAC code in GST?
SAC stands for Servicin...
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Category : GST |
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Designated Partner of an LLP: An overview
Posted Date : 01-May-2023 , 12:43:27 pm | Posted By
Ishita Ramani
Introductio
The LLP Agreement mandates that any gap in the designation of partners must be filled within 30 days of its formation. In the absence of a designated partner or in the case of a single partner, every member of the LLP is considered a partner. Failure to appoint authorized partners may r...
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Category : Corporate Law |
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3 Benefits of Foreign Company Registration in India
Posted Date : 27-Apr-2023 , 11:53:22 am | Posted By
Ishita Ramani
Introduction
India is widely recognized as one of the prominent players in the global economy. Despite being a developing nation, India's economy has a significant impact on world trade. The majority of the most developed countries worldwide are eager to establish or strengthen their ties wit...
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Category : General |
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Difference between GSTR-1 and GSTR-3B
Posted Date : 25-Apr-2023 , 01:18:36 pm | Posted By
Ishita Ramani
Introduction
Dealers who have registered for GST are required to submit monthly and quarterly returns. These returns are essential to collect data from authorized dealers and forward it to the ITC. Taxpayers file several types of GST returns annually, but this blog will focus on GSTR-1 and ...
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Category : Income Tax |
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Amendment in GST Registration | Amendment Process in GST Registration
Posted Date : 23-Apr-2023 , 09:10:50 am | Posted By
S.Mahajan
Amendment Process in GST Registration
Notification No. 04/2023– Amended Sub-Rule 4A of Rule 8 – Authentication of Aadhaar and Date of Submission of Registration Application The date of submission of registration application shall be date of authentication of the Aadhaar number, ...
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Category : GST |
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Accounts and Records under GST and Consequences of Non-Maintenance of Books of Accounts under GST
Posted Date : 20-Apr-2023 , 07:36:30 am | Posted By
S.Mahajan
According to Section 35(1), every registered person shall keep and maintain, at his principal place of business, as mentioned in the certificate of registration, a true and correct account of:
production or manufacture of goods
inward and outward supply of goods or services or both
stock of goo...
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Category : GST |
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Components of annual return
Posted Date : 19-Apr-2023 , 12:06:57 pm | Posted By
Ishita Ramani
Introduction
The term "Annual Return" refers to the returns on an investment that are computed as a percentage of the initial investment over the period of a year. A gain on the initial investment occurs when the return is positive. It would also be regarded as a loss on the investment if it were...
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Category : Corporate Law |
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GSTN Advisory on Time Limit for Reporting Invoices on the IRP Portal
Posted Date : 19-Apr-2023 , 08:08:34 am | Posted By
S.Mahajan
Updated GST Advisory: Time limit for Reporting Invoices on the IRP Portal Dear Taxpayers, 1. It is to inform you that it has been decided by the Government to impose a time limit on reporting old invoices on the e-invoice IRP portals for taxpayers with AATO greater than or equal to 100 crores...
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Category : GST |
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TDS Rate chart for the FY 2023-24 (AY 2024-25)
Posted Date : 18-Apr-2023 , 12:00:28 pm | Posted By
Ishita Ramani
Updates concerning TDS in Union Budget 2023-24
The TDS Rate Chart for FY 2023-2024 / AY 2024-2025 includes several updates and changes. These changes are outlined below:
Section 194BA: TDS introduced on income from online gaming, applicable from 1st April, 2024.
Section 196A:...
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Category : Corporate Law |
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Cost Inflation Index for the FY 2022-23 AY 2023-24
Posted Date : 17-Apr-2023 , 05:01:38 pm | Posted By
Ishita Ramani
Introduction
Cost Inflation Index is a term used in the context of income tax in India. It refers to the index that helps taxpayers determine the inflation-adjusted purchase price of an asset, which in turn is used to calculate capital gains. The government of India announces the Cost Inflation Ind...
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Category : Corporate Law |
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Income Tax Rates Slab for FY 2023-24 (AY 2024-25)
Posted Date : 17-Apr-2023 , 11:40:52 am | Posted By
Ishita Ramani
The taxation system in India is characterized by a progressive approach, where the amount of tax payable rises as income increases. In order to facilitate this approach, Income Tax slabs have been introduced in the country. The applicability of these slabs is influenced by various factors, such as t...
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Category : Corporate Law |
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Due-dates for ITR Filing Online for FY 2022-23
Posted Date : 15-Apr-2023 , 11:56:26 am | Posted By
Ishita Ramani
The Income Tax Department has introduced seven different forms, namely Form ITR 1 to ITR 7, for filing Income Tax Return based on the type of income and entity. It is crucial for every taxpayer to file their Income Tax Return within the stipulated due date. In this article, we have compiled all the ...
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Category : Corporate Law |
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Canada PR - Canada Invites Record immigrants in March 2023 | Latest Express Entry Draw for Canada PR
Posted Date : 15-Apr-2023 , 09:55:15 am | Posted By
CA.Khurana Vivek
Canada PR - Canada Invites Record immigrants in March 2023 | Latest Express Entry Draw for Canada PR. Latest Express Entry Draw on 12th April 2023 This draw follows three consecutive Express Entry draws in which 7,000 candidates were invited. March was an unprecedented month in Express Entry&rsqu...
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Category : General |
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ROC Compliance Calendar 2023-24 (FY 2022-23)
Posted Date : 14-Apr-2023 , 11:36:32 am | Posted By
Ishita Ramani
Every business structure registered in India such as Private Limited Company, Public Limited Company, One Person Company, Limited Liability Partnership, etc. is obligated to file specific forms every year with the Registrar of Companies. According to the Companies Act, 2013, and the Limited Liabilit...
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Category : Corporate Law |
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Important Statutory Due dates for OPC Annual Filing for FY 2022-23
Posted Date : 13-Apr-2023 , 12:23:29 pm | Posted By
Ishita Ramani
What is OPC Annual Filing?
One Person Company (OPC) has comparatively lower compliance requirements than Private Limited or Public Limited Companies, resulting in lower OPC Annual Compliance costs.
OPCs are required to file two annual forms, namely MGT 7A and AOC 4, every year. It’s importan...
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Category : Corporate Law |
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Important Statutory Due dates for Company Annual Filing for FY 2022-23
Posted Date : 12-Apr-2023 , 11:55:11 am | Posted By
Ishita Ramani
At the beginning of every financial year, companies registered in India are reminded to take note of all the important due dates for Company Annual Filing. This applies to all types of companies, whether they are Private Limited, Public Limited, Small or Large. It is essential that companies are awa...
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Category : Income Tax |
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Important Statutory Due dates for LLP Annual Filing for FY 2022-2023
Posted Date : 11-Apr-2023 , 12:40:20 pm | Posted By
Ishita Ramani
In India, it is crucial to comply with the necessary regulations for your business structure if it is registered. Limited Liability Partnership (LLP) is a type of business structure that requires a minimum of two members and has no limit on the maximum number of members. Compared to a Private Limite...
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Category : Corporate Law |
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Bank Branch Audit under CBS Environment - Parameters affecting NPA Identification
Posted Date : 07-Apr-2023 , 06:24:36 am | Posted By
CA.Khurana Vivek
Core Banking System - CBS A composite system / software which handles Transactions, Customer Relations, Regulatory compliances, MIS / Reports request is the need of an Hour. Core Banking Systems provide the solution for the same. There are various Core Banking Software's available in the mark...
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Category : Bank Branch Audit |
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The Functions of a Wholly Owned Subsidiary Company
Posted Date : 05-Apr-2023 , 11:54:21 am | Posted By
Ishita Ramani
Introduction
A wholly owned subsidiary is a company with 100% of its shares owned by another corporation, which is the parent company. A parent company can acquire a wholly owned subsidiary or create one through a split-off. The parent company usually owns 51% to 99% of the subsidiary, and in cases...
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Category : Corporate Law |
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