Neeraj Bhagat & Co. – Page 4 – Chartered Accountants

April 30, 2020 / Goods and Services Tax (GST)

GST on Tour Operator Services

‘Tour Operator’ shall mean any person engaged in the business of planning, scheduling, organizing, arranging tours (which may include arrangements for accommodation, sightseeing or other similar services) by any mode of transport, and includes any person engaged in the business of operating tours. The definition is provided by the Explanation in Heading 9985 of GST Tariff Act, 2017.

For example, Make my Trip, Expedia etc. These companies provide a complete package of tour which includes Boarding & Lodging, Transportation, Local …

April 29, 2020 / Business

COVID-19 and its Impact on Indian Economy & Business

Besides the impact on human lives and global supply chain, the pandemic is a severe demand shock which has offset the green shoots of recovery of the Indian economy that were visible towards the end of 2019 and early 2020.The International Monetary Fund (IMF) has projected the Indian economy to grow at 1.9% in 2020-21. Nearly 162 countries are steadily going into lockdown, and businesses across the globe are operating in fear of an impending collapse of global financial markets. …

January 1, 2021 / Taxation

GST & income tax implication on non-resident sportsmen coming to India

When a non-resident sportsman comes to India for participating in any game or sport then a question arises which country has right to charge tax on such income earned by sportsmen by participating in game or sport and what are the tax implications on such income earned.

Non-Resident Sportsmen means he is not the Citizen of India.

Nowadays, it becomes very important to know about the tax Implications in case of non-resident Sportsmen due to increase in number of sports …

April 28, 2020 / FEMA

RBI guidelines for opening various bank accounts outside India

Many Indian companies have opened subsidiaries abroad when all that they required was a collection bank account. This is often felt necessary for the purpose of collecting payments from customers either through bank transfers or through online transactions.

Reserve Bank of India, strangely, is positively inclined towards Indians opening companies abroad but does not seem inclined to encourage Indians to open collection accounts in foreign banks.

RBI regulates opening of bank accounts outside India,in terms of section 9 of the …

January 1, 2021 / Business

Some useful excel functions for Chartered Accountants

Working as a Chartered Accountant or an Article in any company or firm, it is always expected from us that we are perfect in numbers as far as financial numbers are concerned. The one tool which is very common and useful in every industry and in every country, is MS-Excel.

So, in this article we have tried to enumerate some of the Excel functions which are very useful.

> SUMIF FUNCTION
The SUMIF function is used when a huge number …

April 23, 2020 / FEMA

Setting up subsidiary outside India

With the advent of Globalization, more and more Indian companies are interested in doing business outside India. They want to set-up a branch office or a subsidiary abroad. There are multiple benefits of doing so such as cost reduction because they save on import duty, ease of doing business, building an international brand etc.

Overseas investment in wholly owned subsidiaries or joint ventures has been recognized as important avenues for promoting global business by Indian entrepreneurs.

Broadly there are two …

April 21, 2020 / FEMA

Set up Branch office /Representative office outside India

Indian dynamism, entrepreneurship and enthusiasm is seeking new horizons across the globe. Of course, anyone stepping into a foreign land must take care of the laws, rules and regulations of the host country. Each country is different and keeping abreast of the laws of different countries can indeed be a challenge.

Reserve Bank of India controls and regulates investment in foreign entities by persons who are residents of India. A person may be a citizen of India and resident outside …

January 1, 2021 / Direct Taxation

Taxation scheme for salaried employees

As you all must be aware of the New Taxation Regime introduced by the Finance Act, 2020 by insertion of section 115BAC in the Income Tax Ac, 1961. Now, there is a lot of confusion going around regarding this and number of questions mentioned below remained unanswered as of now-

(a) How to deduct withholding tax from the salaries of employees?
(b) What procedure need to be followed by the employers to go about it?
(c) What will happen if …

January 1, 2021 / Direct Taxation

Taxation on sale of securities

Everyone knows that Income from salary, rental income and business income is taxable under their respective heads. But what about income from sale or purchase of securities? Many stakeholders which includes homemakers, retired people, youth, working professionals spend their time gainfully buying and selling securities but are unsure of how this income is taxed. The first question that comes in mind is whether to treat gains or losses from the sale of securities as ‘Income from Business’, or as ‘Capital …

January 1, 2021 / Companies Act

Steps for company formation in India

Effective from 23rd Feb, 2020, a new integrated Web Based form ‘SPICE+’ pursuant to the Companies (incorporation) Amendment Rules, 2020 has been introduced by Ministry of Corporate Affairs (MCA) which will facilitate: –

Allotment of Director’s Identification Number (DIN) of the directors
> Approval of Name of the company
> Approval of PAN/TAN of company
> Incorporation of the company
> Registration under EPFO
> Registration under ESIC
> Registration under Profession Tax (Maharashtra)
> Opening of Bank Account
>

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