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 …
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 …
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 …
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 …
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 …
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 …
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 …
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
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 …
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 …