Neeraj Bhagat & Co. - Page 6 of 28 - Chartered Accountants

May 11, 2021 / Others

Lower Tax Deduction Certificate: How to Apply

Section 197 of Income Tax Act, 1961 contains the provisions for Lower Deduction Certificate. Generally, where the actual income tax liability on the income of the assessee is less than the TDS which has been deducted by the payer as per Chapter-XVII, then it may cause a major problem of working capital management for the assessee. The solution is, file an application for LDC i.e. Lower Deduction Certificate with Income Tax Authorities.

Before understanding the proceeding, I would like to …

May 12, 2021 / Others

From the Founder’s desk

Dear Clients,

On 4th May 2021, our team suffered a terrible and an irreparable loss, Mr. Neeraj Bhagat- Founder, Neeraj Bhagat & Co. passed away. He was the pillar of the organization and he shall always remain alive in our hearts. We understand this message may be difficult to process, however, courage is the most important of all the virtues.

In this difficult times, we’d like to take the opportunity to thank all NBC’s loyal supporters, all our clients …

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 8, 2021 / FEMA

FEMA and GST implications on Export of Goods

An Export in International Trade means Goods and Services produced in one country and sold to buyers in another country (Foreign buyer). India’s Exports & Imports complete the term International Trade and together it decides the country’s Trade Balance. When the country’s export exceeds the imports it leads to Trade Surplus, however it accounts to Trade Deficit when the country’s imports are more than the exports.

With an objective to spur economic growth and cross border trade, it’s imperative to …

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 …

April 2, 2021 / Goods and Services Tax (GST)

E-Invoicing under GST – Provisions

Digital Technology is prevalent across every aspect of our daily lives and has transformed the way we live, communicate and conduct business. With an objective to Digitize Tax Administration & ease out the way business is conducted, the Government of India has introduced E-Invoicing for businesses in India. E-invoicing is considered as an important pillar of the digital architecture of tax administration both from tax payer’s and government’s perspective.

“E-Invoice” or “Electronic Invoice” is a form of electronic billing. It’s …

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 …

March 26, 2021 / Business

FAQs on Company Formation in India

1. What are the types of Companies that can be registered in India?
–One Person Company (OPC)
-Private Limited Company
-Subsidiary of a Foreign Company
-Public Limited Company
-Limited Liability Partnership (LLP)
-Non-Profit Organizations (Sec. 8 Companies)
-Nidhi Company

2. Can a Foreign National incorporate a Company in India?
A Foreign National can incorporate a company in India provided there must be another person who stays in India for a total period of not less than 182 days during …

March 18, 2021 / Business

India reviews requests from NRIs facing double taxation due to Covid-19 restrictions

India has asked non-resident citizens stranded in the country due to Covid-19 travel restrictions to submit relevant information if they faced double taxation.

India’s Central Board of Direct Taxes (CBDT) said it received various requests for “relaxation in determination of residential status for year April 2020 to March 2021” from NRIs or non-resident indians, who had to prolong their stay due to the movement restrictions.

In a notice on late Wednesday, the CBDT said that NRIs who faced double taxation, …