Business Archives - Neeraj Bhagat & Co.

August 13, 2021 / Business

Significant Economic Presence (SEP)

Technology plays a vital role in today’s world making our daily lives simpler. From medical diagnoses to business operations, from communication to education, everything seems impossible without technology. This pandemic has evidenced the same. Life would have come to stand still without it. But nothing stopped. Technology has infiltrated every aspect of our lives, changing the way we work, the way we learn and the way we shop.

There has been an ongoing paradigm shift in business from physical to …

August 7, 2021 / Business

Change In Registered Office of The Company

As per Section 12 of the Companies Act, 2013, any Change in the Registered Office of the Company, shall be reported to Ministry of Corporate Affairs, further many companies due to various reasons tend to change their Registered Office of the company.

A. PROCESS OF SHIFTING OF REGISTERED OFFICE WITHIN LOCAL LIMITS OF THE CITY.

1. Hold a BOARD MEETING and pass a Board Resolution for shifting of RO.

2. File E-form INC-22 with attach necessary documents.

Documents Required …

July 26, 2021 / Business

Start Up and Sweat Equity Shares

A Start Up in common parlance means a project undertaken by entrepreneur seeking to develop a scalable business model. The Government of India in order to streamline and promote all such brain child ideas launched an initiative called Start Up India on 16^th January 2016. It intended to build a strong network nurturing all the innovative ideas leading to massive wealth and employment creation. A Start Up can also be a newly established business but some of the parameters …

June 2, 2021 / Business

Decrypting Cryptocurrency in India

Cryptocurrency is one of the most highlighted ingenuity of the decade. Various countries deal with cryptocurrencies differently, e.g. in the USA, Bitcoin is treated as an asset. At the same time, Singapore recognizes Bitcoin as a valid currency, and Japan treats it as a commodity.

Cryptocurrency can be referred as a currency stored in coded files i.e, digital money. Cryptocurrency uses something called cryptography to secure its transactions. Cryptography, to put it in simple words is a method of converting comprehensible …

May 22, 2021 / Business

India’s Growth projected at 10.1% in 2022

It is a widely held view that every crisis also presents an opportunity. Given the prevalence of inequality in Indian economy, the implementation of a fiscal stimulus across sectors will not only lift the economy out of the woods, but also address some of the existing distortions in income and wealth distribution.

The United Nations, in its mid-year update of the World Economic Situation and Prospects (WESP) which was first released in January 2021, projected that the Indian economy would …

May 19, 2021 / Business

TDS on Cash Withdrawal

The Finance Act, 2019 introduced a new section, Section 194N which brings the concept of TDS on cash withdrawal. In order to strengthen the Digital Economy and to curb on physical cash movement, the Government of India took the initiative to tax the person(s) who withdraw heavy cash from the bank account and below is the brief about deduction of TDS on cash withdrawal.

Who is liable to deduct TDS

Banks and banking institution
Co-operative societies engaged in the business

…

April 29, 2021 / Business

Cross-Border eCommerce in India

India’s e-commerce sector stands 9th in global cross border growth. While China takes the first position, Japan follows India at the tenth place after India as per the global rankings for the growth in e-commerce sector.

Introduction
India known for its rich diversity and culture, is more of a combination of various splendid cultures that make India one of a kind. The cultural diversity makes India unique, beautiful and ethnically diverse nations in the world.

India is the second largest country in …

April 21, 2021 / Business

Key amendments in maintenance of Accounts & Financial Reporting under Companies Act, 2013

The Ministry of Corporate Affairs (MCA) has issued the Company (Accounts) Amendment Rules, 2021, Companies (Audit and Auditors) Amendment Rules, 2021 and made amendments to Schedule III under the Companies Act, 2013 (“the Act”). These amendments require significant additional disclosures in the statutory financial statements of companies, enhance reporting responsibilities of the auditors and require companies to use and maintain accounting software with audit trail functionality.

Companies (Accounts) Second Amendment Rules, 2021

Rule 3 – Manner of books of account …

April 7, 2021 / Business

How to file Income Tax return when window to file the tax return is closed by Income Tax portal

How to file Income Tax return when window to file the tax return is closed by Income Tax portal.

How to file Income Tax return when window to file tax return is closed

31^st March, 2021 has gone and the assessee who have failed to file their respective ITR for AY 2020-21 tend to lose their claim of income tax refund what they are eligible for. Section 139 of Income Tax Act allow the assessee to file its ITR …

March 27, 2021 / Business

Liberalised Remittance Scheme (LRS)

Liberalised Remittance Scheme (LRS) is a measure to facilitate Resident Individuals (including minors) to remit funds outside India up to USD 250,000 or its equivalent in any freely convertible foreign currency per financial year (April-March) for any permissible capital or current account transaction or a combination of both.

The scheme was introduced by Reserve Bank of India vide A.P. (Dir Series) circular no 64 dated 4^th February, 2004 with the remittance limit of USD 25,000 and was subsequently amended …