Neeraj Bhagat & Co. – Page 7 – Chartered Accountants

April 8, 2020 / Business

Start-up laud Finance Bill amendments

Start-ups and experts welcomed the Centre’s move to encourage only genuine start-ups by introducing an amendment to the Finance Bill, passed by Lok Sabha on Thursday. This includes a penalty of 200 per cent for not complying with the conditions laid down for availing angel tax exemption.
The biggest relief for start-ups was the clarifications regarding angel tax as it had caused much headache to both investors as well as start-ups. Further extension of tax exemptions given under Section 54(g) …

April 8, 2020 / Companies Act

Post Incorporation Compliances For Private Limited Companies

Article explains Post Incorporation Compliances For Private Limited Companies which includes Compliances under Companies Act, 2013, Compliances under GST Law, Compliances under FEMA, RBI/FDI Reporting and Compliances with DGFT (Director General of Foreign Trade).

Part I: Compliances under Companies Act, 2013

♠ Hold first Board Meeting of the Company within 30 days from the date of Incorporation to discuss the agenda as written below in explanation I

♠ Opening of Bank Account within 60 days from the date of Incorporation…

April 8, 2020 / Business

More Good News in Works for Startups

There could be more measures in the offing for startups following the budget announcements. The government is working on another set of measures that could be rolled out soon to make it easier for them to do business in the country.
A new set of tax return forms, aimed at saving angel investors and startups from any questioning by tax officers, will be rolled out by September.

“We would be modifying the return forms, which will allow the system to …

April 8, 2020 / Business

India Green Budget 2019-20

Union Budget 2019-20 has been presented on July 5th, 2019, washing away all the uncertainties and assumptions. This first maiden budget of Finance Minister Nirmala Sitharaman comes out to be an ambitious one, aiming to fulfill the dreams of Modi 2.0 Government to take India’s economy to USD 5 billion by 2024.
The budget 2019 offers incentives for startups and MSMEs, strengthens NBFCs, eases the tax compliance norms, prioritises empowerment
of rural India and women and focuses on …

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 …