Business Archives - Neeraj Bhagat & Co.

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 …

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 …

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 …

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 …

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

…

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 …