ACCOUNTING & TAXATION: Which ITR applicable to whom for FY 2019-20/AY 2020-21 Brief on Applicability of Income tax return (ITR) form for Financial Year (FY 2019-20)/Assessment Year (AY) AY 2020-21 All the taxpayers are mandatorily required to file their ITRs electronically except individuals over the age of 80 years who have the option of … Read More →
ACCOUNTING & TAXATION: Tax Free Bonds in India Tax-Free Bonds in India are issued by Government to collect money for long term projects like Construction projects, Railway projects or any other project which government may think of. Government takes the money & gives interest to investors annually. Government allows Retail Investors to invest in Tax- Free … Read More →
COMPANY LAW: Related Party Transactions of Unlisted Companies | Companies Act 2013 Background: According to Section 2(76) of the Act, ‘related party’, with reference to a company, means: A director or key managerial personnel or their relatives; a firm, in which a director, manager or his relative is a partner; a private company in which … Read More →
COMPANY LAW: Section 186- Loan & Investment by Companies SECTION 186 + Rule 11, 12 and 13 of Companies (Meeting of Boards and its Powers) Rules, 2014 LOAN AND INVESTMENT BY COMPANY Objective: – > To protect the interest of shareholders > To prevent company from unnecessary exploitation of funds of shareholders > To maintain … Read More →
ACCOUNTING & TAXATION: Taxation of Cash Transactions under Income Tax Act, 1961 Cash transactions seldom leave any trail and has always been a facilitator of black money. Whereas, electronic transactions ensure a clear money trail and make it very difficult for tax evaders. Government, in this regard, has from time to time bought in various … Read More →
COMPANY LAW: Surrender of DIN- Procedure and Relevant Formats Article explains Procedure for SURRENDER OF DIRECTOR IDENTIFICATION NUMBER (DIN) along with relevant Rules and Provisions of Companies Act, 2013. Article also explains How a person can surrender his extra DIN, if he has multiple of DIN, Procedure for Filling of Compounding Application with the Regional … Read More →
ACCOUNTING & TAXATION: All about TCS on sale of Goods- Section 206C(1H) All about TCS on sale of Goods [newly inserted sub section 1H in Section 206C] Tax Collected at Source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. The rate of TCS is … Read More →
Siddhartha Rastogi explores the impact of COVID-19 on the Indian economy. He is Managing Director at Ambit Asset Management with over 2 decades of financial services experience. Siddhartha was the founding member of IIFL Wealth. Siddhartha has also worked with HSBC, Citibank & UTI bank in wealth management & merchant banking roles. He writes about finance & life … Read More →
COMPANY LAW: Auditor Certificate For DPT – 3 Ministry of Corporate Affairs (MCA) vide its notification dated 22.01.2019 has notified amendment in the Companies (Acceptance of Deposits) Rules 2014 and a new sub–rule 16A(3) was inserted which read as follows: “Every company other than Government company shall file a onetime return of outstanding receipt of … Read More →
ACCOUNTING & TAXATION: Capital Gains Tax & GST on sale of Gold, Jewellery, Sovereign Gold Bonds & Gold ETF Capital Gains Tax and GST on sale of Gold, Jewellery, Sovereign Gold Bonds and Gold Exchange Traded fund (ETT) Thinking of selling gold during Novel Coronavirus pandemic to meet day to day expenses? check Capital Gains … Read More →