Neeraj Bhagat & Co. - Page 14 of 25 - Chartered Accountants

April 8, 2020 / Goods and Services Tax (GST)

Unlocking GSTR 9C

What is GST Audit?
Audit is examination of records, returns and other documents maintained or furnished by the registered person under GST Law or any other law. The examination is to verify the correctness of:

Turnover declared;
Taxes paid;
Refund claimed; and
Input tax credit availed;

And to assess his compliance with the provisions of this act or the rules made there under.

Who is required to get his accounts audited?
Every registered person whose aggregate turnover during a financial …

April 8, 2020 / Companies Act

Conversion of Company into LLP

Limited Liability Partnerships (LLP) are emerging ever since the introduction of the Companies Act, 2013 as it is a form of business entity, which allows individual partners to be free from the concept of joint liability of partners in a partnership firm. LLPs are preferred form of business as it is an alternative corporate business vehicle that provides the benefits of limited liability of a company and allows its members the flexibility of organizing their internal management on the basis …

April 8, 2020 / Goods and Services Tax (GST)

What is GSTR-9?

GSTR 9 is an annual return to be filed yearly by taxpayers registered under GST. It must be filed by the GST registered taxpayers (including those registered under composition levy scheme). It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST and HSN codes. Basically, it is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year.

For Composition Registered taxpayers …

April 8, 2020 / Companies Act

Significant Beneficial Ownership Rules (SBO Rules) dated 8th February, 2019

Every significant beneficial owner shall file a declaration in Form No. BEN-I to the company in which he holds the significant beneficial ownership within thirty days in case of any change in his significant beneficial ownership.

‘significant beneficial owner‘ in relation to a reporting company means an individual referred to in sub-section (1) of section 90, who acting alone or together, or through one or more persons or trust, possesses one or more of the following rights …

April 8, 2020 / Business

Startup Companies rejoice as SEBI approves framework for issue of differential voting right

The tech-savvy start-ups will be beating drums as the market regulator, SEBI, in its board meeting held on June 27, 2019 has decided to come up with new norms for issuance of Differential Voting Rights (DVR) shares. The proposal related to issuance of DVR would be considered as a game changer for start—ups which are dealing with technology.
This is a welcome move by SEBI for startups. The framework for issuance of DVRs would allow promoters of startups to have …

April 8, 2020 / Direct Taxation

G20 Finance Ministers agree to introduce ‘Digital Tax Rules’ for tech giants by 2020

During an event held on June 8-9, 2019 at Fukuoka, Japan, the Finance Ministers of the G20 member nations called for the creation of common Digital Tax Rules for multinational technology companies.
Big Tech Giants such as Facebook, Google, Amazon, etc., face criticism for cutting their tax bills by booking profits in low-tax countries regardless of the location of the end customer. G20 members have agreed to implement common rules to plug in the loopholes that multinationals use to book …

April 8, 2020 / Companies Act

Appointment of Auditors for Companies other than Government Companies

For a newly incorporated Company:
The Board within 30 days from the date of incorporation of the Company, shall appoint the first auditor of the Company who shall hold office of the statutory auditor from the conclusion of that Board Meeting till the conclusion of First AGM of the Company and is liable to sign the Financial statement for the First Financial Year of the Company.

For the appointment of auditor for Subsequent to First Auditor/ already incorporated Companies:
As …

April 8, 2020 / Companies Act

All about Contribution in Limited Liability Partnership (LLP)

Form/Manner of Capital contribution

As per the provisions of Section 32 of Limited Liability Partnership Act, 2008, contribution of a partner may consists of tangible, movable or immovable or intangible property or other benefit to the limited liability partnership, including money, promissory notes, other agreements to contribute cash or property, and contracts for services performed or to be performed. The monetary value of contribution of each partner shall be disclosed in the accounts of LLP in the prescribed manner.

Obligation

…

April 8, 2020 / Direct Taxation

541 start-ups got angel tax exemption

The government has provided angel tax exemption to 541 start-ups so far, industry secretary Ramesh Abhishek tweeted. He said only 36 applications for the exemption were turned down and that too for incomplete documentation.
The angel tax is levied on start-ups that have received equity infusion in excess of their fair valuation, with the premium being paid by investors as their income. It was introduced in the 2012-13 Budget by the then finance minister Pranab Mukherjee to curb money laundering.…

April 8, 2020 / Direct Taxation

DPIIT proposes IT law tweaks to help startups

With a view to facilitate fund raising by startups, the Department for Promotion of Industry and Internal Trade (DPIIT) has proposed relaxation in the income tax laws.
These suggestions are part of ´Start up India Vision 2024´.
It has recommended amendments in Section 54GB (capital gain on transfer of residential property not to be charged in certain cases) and Section 79 (carry forward and set off of losses in case of certain companies) of the Income Tax Act.
It has …