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Overview of LLP Version 3
June 20, 2022 / Company Formation / Registration

Overview of LLP Version 3

As of now the LLP Services have been discontinued on V2 portal and have been migrated to Version 3 (V3) portal.

V3 is an enhanced version of the V2 portal and is presently live only for LLP’s. The V3 portal presently enables the following for LLP’s.

-Login & user Registration

DSC Association

-LLP Form Filing

LLP forms have been migrated to V3 while Company forms are still in the Version 2 of the portal. This phased migration is done to …

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Specified Violation under section 12AB of Income Tax Act, 1961
June 9, 2022 / Business

Specified Violation under section 12AB of Income Tax Act, 1961

The Finance Act, 2022 substituted subsection (4) and (5) of section 12AB with a new subsection (4) which provides a list of ‘Specified Violation‘ if undertaken by the assessee registered or provisionally registered under section 12AB, the Principal Commissioner or Commissioner may cancel the registration so taken by the assessee. Similar amendment has also been made in section 80G and 10(23C).

As per the amended subsection (4) of section 12AB, “Specified Violation” mean,

→ Any income of …

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Section 188 – Related Party Transaction (RPT)
June 1, 2022 / Business

Section 188 – Related Party Transaction (RPT)

When we talk about related party or RPT (Related Party Transactions) or  any law relating to it, there are multiple authoritative guidance which talk about related party, Related party transaction and their disclosures.

We all know SEBI is harsh towards related party compliances because related party compliances are the compliances where transactions are being controlled by few parties who are in the dominating position or who are in the influencing position, therefore SEBI is inclined towards making  these compliances  more …

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Legitimate Foreign Currency while travelling Abroad
April 26, 2022 / Others

Legitimate Foreign Currency while travelling Abroad

Slowly and steadily after a long gap, several countries have opened their door for foreign tourist. Last two years have been worse hit for travelling both domestic & international whether for fun or for business and education etc. But now since this restriction is almost over so for those who intend to pack their bags & head to for destination – a covid respite here is some information in relation to permissible limit of foreign currency that they can carry …

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Process Of Payroll Accounting
April 19, 2022 / Business

Payroll Accounting

There has been a lot of confusion between the meaning of salary and payroll. Many people uses the terms “Salary” and “Payroll” interchangeably. However, there is a considerable difference between the two. Salary refers to the amount to which the employee is entitled, in lieu of providing its services. On the other hand, payroll is a record maintained by the company which tells the name of its employees and detailed breakup of the payments due to them. Thus, payroll is …

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Updated Return under Income Tax Act
April 12, 2022 / Taxation

Updated Return under Income Tax Act

Filing of Updated Income Tax Return
Finally, provision of filing an updated income tax return has been introduced in Income Tax with effect from 01.04.2022. An assessee, whether he has filed or not, an income tax return (whether it be the original return, the belated return or the revised return), may now furnish an updated return of income, within two years from the end of relevant assessment year. For eg: For the AY 2022-23 (i.e. FY 2021-22), the updated return …

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What are Payroll Taxes?
April 1, 2022 / Business

What are Payroll Taxes?

Payroll tax is defined as the tax that is withheld, charged, or levied on the employer’s payroll. This includes wages, gross salaries, perks, and any other form of remuneration paid to employees.

This tax is levied regardless of the employee’s domicile, family status, or any other personal circumstances. Payroll taxes are taxes that an employer is required to pay or withhold on behalf of his or her employees.

India is one of the world’s fastest growing economies. Certainly, there are …

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Taxation of Cryptocurrency in India
March 31, 2022 / Business

Taxation of Cryptocurrency in India

Cryptocurrency and Income Tax
Clarification on the taxation of cryptocurrency in India was highly awaited for the crypto holders. With the introduction of Budget 2022 the government has announced taxation norms on the same. Key pointers regarding income tax implications on cryptocurrencies in India are as follows

1. Cryptocurrency – Meaning as per Income Tax provisions

  • a form of virtual digital asset
  • not being an Indian currency or foreign currency as per the provisions of Foreign Exchange Management Act, 1999
…
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Should you buy a property through a limited company?
March 28, 2022 / Others

Should you buy a property through a limited company?

Property purchases using companies have become increasingly popular in recent years.

If you are a business owner, contractor, or independent professional who operates through a company, you may have contemplated purchasing property through your company. Property purchases using companies have become increasingly popular in recent years. For most higher-rate taxpayers, acquiring rental properties through a company makes sense. It offers complete tax savings on mortgage interest, as well as lower tax rates and more flexibility.

Key considerations before purchasing property …

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Income Tax Return: Be Ready to Pay Higher TDS if you Do Not Do this by March 31
March 21, 2022 / Taxation

Income Tax Return: Be Ready to Pay Higher TDS if you Do Not Do this by March 31

If you have not linked your Permanent Account Number or PAN with Aadhaar card, be ready to pay higher Tax Deducted at Source (TDS) from next month. The last date for linking your Aadhaar number and PAN has been extended to March 31. Failing to link these two documents within the mentioned deadline, will have an impact on your debit and credit card payments, online transactions, cash withdrawal from ATMs among others.

According to the Section 139AA of the Income …

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Recent Posts

  • Overview of LLP Version 3 June 20, 2022
  • Specified Violation under section 12AB of Income Tax Act, 1961 June 9, 2022
  • Section 188 – Related Party Transaction (RPT) June 1, 2022
  • Legitimate Foreign Currency while travelling Abroad April 26, 2022
  • Payroll Accounting April 19, 2022
  • Updated Return under Income Tax Act April 12, 2022

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