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Gifts received and given by NRIs under FEMA

Gifts send by NRIs There are no restrictions on the maximum limit of remittances by NRIs to their relatives or non-relatives, as per the FEMA Act. However, there are specific bars on gifts transferred under the Income Tax Act, 1961 which are:- The taxability of gift would depend on the person from whom the gift [...]

Long Term Capital Gains Tax on Sale of Unlisted shares in Indian Companies

There are several instances where NRIs as well as Residents have invested in shares of Indian private sector companies, especially in those carrying on business of mobile applications, software developments, hospitality etc. and gone abroad later. The value of the shares of some of these companies has gone up exponentially  in recent years on account […]

Modified LLP Settlement Scheme- Clear pending filings without any late fees

What is Modified LLP Settlement Scheme 2020   Ministry of Corporate affairs has notified the modified LLP Settlement Scheme 2020 to provide a one-time opportunity for the defaulting Limited Liability Partnerships registered in India to file their pending returns and document without any late/additional fees and also to provide immunity from all legal proceedings in […]

Companies Fresh Start Scheme 2020

A golden opportunity for defaulter companies to become compliant with savings of lakhs of rupees. What is Companies Fresh Start Scheme 2020 (CFSS 2020)? In order to facilitate the companies registered in India to make a fresh start on a clean slate, Ministry of Corporate Affairs has introduced Company Fresh Start Scheme 2020 vide MCA […]

Every Company other than Govt. Company shall File ONE TIME Return in E-Form DPT – 3 before 22nd April 2019.

Purpose: Disclosure of outstanding receipt of money or Loan which are not considered as DEPOSITS, in term of clause ( c ) of sub-rule 1 of Rule 2 from 1st April 2014 to 22nd January 2019. Details required for filing the Form DPT-3 is as follows. Please confirm and certify that the company has accepted […]

Form INC-22A ACTIVE Another Mandate for Companies in India

  MCA has introduced Form INC-22A ACTIVE seeking particulars of every company that is incorporated on or before the 31st December 2017 including location photo of Registered Office. This form is to be filed on or before 25th April 2019. Information required to be furnished in Form INC-22A ACTIVE Name & Address of the company […]

MCA DETECTING SHELL COMPANIES: ANOTHER MANDATE FOR COMPANIES IN INDIA

MCA has introduced e- Form ACTIVE (Form INC 22A ) seeking particulars of every company that is incorporated on or before the 31st December 2017 including location photo of Registered Office. This form is to be filed on or before 25th April 2019.Companies who do not intimate these said particulars to the Registrar will be marked as “ACTlVE-non-compliant” and will be liable for action

CERTIFICATE OF COMMENCEMENT OF BUSINESS

From 02 November 2018, obtaining of Certificate of Commencement of Business has been made mandatory for all companies in order to commence business activities.

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October 2021 – Compliance Calendar

October Sl No Particulars Due dates       Direct Tax 1 Due date for deposit of Tax deducted/collected for the month of September 2021 7-Oct-2021   2 Due date for issue of TDS Certificate for tax deducted under Section 194-IB /194-IA in the month of August, 2021(194 IB Rental    income   >50000,194 IA transfer of   […]

September 2021 – Compliance Calendar

September Sl No Particulars Due dates Extended due dates     Direct Tax 1 Due date for deposit of Tax deducted/collected for the month of August, 2021 7-Sep-2021   2 Due date for issue of TDS Certificate for tax deducted under Section 194-IB /194-IA in the month of July 2021(194 IB Rental    income   >50000,194 IA […]

Extension of due date for complying with new rules for opening/maintaining current accounts

RBI vide Notification No. DOR.No.BP.BC/7/21.04.048/2020-21 dated 06th August 2020 has intimated all the scheduled banks to prohibit certain loan account holders from opening new current accounts as well as maintaining their existing current accounts. In order to comply with this Notification, the due date of which was July 31st 2021, many of the banks had [...]

E-WAY BILL GENERATION TO BE BLOCKED FROM AUG 15 FOR GST RETURN NON-FILERS

In the advisory dated 4th August 2021, the GSTN has intimated that the government has decided to resume the _blocking of E-way bill generation facility_ in the EWB portal from _15th August 2021_. CBIC has earlier suspended the blocking of E-way bill generation for tax payers with pending tax returns as a relief during Covid -19 pandemic. Applicable for: Tax payers who has not filed GST returns for 2 months or up to June 2021 quarter. Action required: To avail the continuous EWB generation tax payers are advised to f_ile the pending GST returns immediately._

Kerala Government withdraws Flood Cess

Vide Press Release No. 57 dated 23.07.2021 the Government of Kerala has announced that Kerala Flood Cess (KFC) would no longer be required to be collected w.e.f 01st August 2021. Applicability: Collection of KFC had been applicable from 01st August 2019 on sale of ‘Gold’ and ‘goods/services having GST rates above 5%’ to end consumers […]

August 2021 – Compliance Calendar

August Sl No Particulars Due dates Extended due dates       Direct Tax 1 Due date for deposit of Tax deducted/collected for the month of July, 2021 7-Aug-2021     2 Due date for issue of TDS Certificate for tax deducted under Section 194-IB /194-IA in the month of June, 2021(194 IB Rental  income  […]

Black Money Act

Do you own foreign assets or earn income from abroad? Are you planning to repatriate/ relocate/ settle in India? Are you aware that foreign assets and income must be reported? Here is what you should know. What is Black Money? The term “black money” in common parlance means: Money made from illegal activities such as [...]

July 2021 – Compliance Calendar

July Sl No Particulars Due dates Extended Date/ Comments Direct Tax  1 Due date for deposit of Tax deducted/collected for the month of June, 2021 7-July-2021     2 Due date for issue of TDS Certificate for tax deducted under Section 194-IB /194-IA in the month of May, 2021 15-July-2021   3 Quarterly statement of […]

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Gifts received and given by NRIs under FEMA

Gifts send by NRIs There are no restrictions on the maximum limit of remittances by NRIs to their relatives or non-relatives, as per the FEMA Act. However, there are specific bars on gifts transferred under the Income Tax Act, 1961 which are:- The taxability of gift would depend on the person from whom the gift [...]

Long Term Capital Gains Tax on Sale of Unlisted shares in Indian Companies

There are several instances where NRIs as well as Residents have invested in shares of Indian private sector companies, especially in those carrying on business of mobile applications, software developments, hospitality etc. and gone abroad later. The value of the shares of some of these companies has gone up exponentially  in recent years on account […]

Modified LLP Settlement Scheme- Clear pending filings without any late fees

What is Modified LLP Settlement Scheme 2020   Ministry of Corporate affairs has notified the modified LLP Settlement Scheme 2020 to provide a one-time opportunity for the defaulting Limited Liability Partnerships registered in India to file their pending returns and document without any late/additional fees and also to provide immunity from all legal proceedings in […]

Companies Fresh Start Scheme 2020

A golden opportunity for defaulter companies to become compliant with savings of lakhs of rupees. What is Companies Fresh Start Scheme 2020 (CFSS 2020)? In order to facilitate the companies registered in India to make a fresh start on a clean slate, Ministry of Corporate Affairs has introduced Company Fresh Start Scheme 2020 vide MCA […]

Every Company other than Govt. Company shall File ONE TIME Return in E-Form DPT – 3 before 22nd April 2019.

Purpose: Disclosure of outstanding receipt of money or Loan which are not considered as DEPOSITS, in term of clause ( c ) of sub-rule 1 of Rule 2 from 1st April 2014 to 22nd January 2019. Details required for filing the Form DPT-3 is as follows. Please confirm and certify that the company has accepted […]

Form INC-22A ACTIVE Another Mandate for Companies in India

  MCA has introduced Form INC-22A ACTIVE seeking particulars of every company that is incorporated on or before the 31st December 2017 including location photo of Registered Office. This form is to be filed on or before 25th April 2019. Information required to be furnished in Form INC-22A ACTIVE Name & Address of the company […]

MCA DETECTING SHELL COMPANIES: ANOTHER MANDATE FOR COMPANIES IN INDIA

MCA has introduced e- Form ACTIVE (Form INC 22A ) seeking particulars of every company that is incorporated on or before the 31st December 2017 including location photo of Registered Office. This form is to be filed on or before 25th April 2019.Companies who do not intimate these said particulars to the Registrar will be marked as “ACTlVE-non-compliant” and will be liable for action

CERTIFICATE OF COMMENCEMENT OF BUSINESS

From 02 November 2018, obtaining of Certificate of Commencement of Business has been made mandatory for all companies in order to commence business activities.

View all
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October 2021 – Compliance Calendar

October Sl No Particulars Due dates       Direct Tax 1 Due date for deposit of Tax deducted/collected for the month of September 2021 7-Oct-2021   2 Due date for issue of TDS Certificate for tax deducted under Section 194-IB /194-IA in the month of August, 2021(194 IB Rental    income   >50000,194 IA transfer of   […]

September 2021 – Compliance Calendar

September Sl No Particulars Due dates Extended due dates     Direct Tax 1 Due date for deposit of Tax deducted/collected for the month of August, 2021 7-Sep-2021   2 Due date for issue of TDS Certificate for tax deducted under Section 194-IB /194-IA in the month of July 2021(194 IB Rental    income   >50000,194 IA […]

Extension of due date for complying with new rules for opening/maintaining current accounts

RBI vide Notification No. DOR.No.BP.BC/7/21.04.048/2020-21 dated 06th August 2020 has intimated all the scheduled banks to prohibit certain loan account holders from opening new current accounts as well as maintaining their existing current accounts. In order to comply with this Notification, the due date of which was July 31st 2021, many of the banks had [...]

E-WAY BILL GENERATION TO BE BLOCKED FROM AUG 15 FOR GST RETURN NON-FILERS

In the advisory dated 4th August 2021, the GSTN has intimated that the government has decided to resume the _blocking of E-way bill generation facility_ in the EWB portal from _15th August 2021_. CBIC has earlier suspended the blocking of E-way bill generation for tax payers with pending tax returns as a relief during Covid -19 pandemic. Applicable for: Tax payers who has not filed GST returns for 2 months or up to June 2021 quarter. Action required: To avail the continuous EWB generation tax payers are advised to f_ile the pending GST returns immediately._

Kerala Government withdraws Flood Cess

Vide Press Release No. 57 dated 23.07.2021 the Government of Kerala has announced that Kerala Flood Cess (KFC) would no longer be required to be collected w.e.f 01st August 2021. Applicability: Collection of KFC had been applicable from 01st August 2019 on sale of ‘Gold’ and ‘goods/services having GST rates above 5%’ to end consumers […]

August 2021 – Compliance Calendar

August Sl No Particulars Due dates Extended due dates       Direct Tax 1 Due date for deposit of Tax deducted/collected for the month of July, 2021 7-Aug-2021     2 Due date for issue of TDS Certificate for tax deducted under Section 194-IB /194-IA in the month of June, 2021(194 IB Rental  income  […]

Black Money Act

Do you own foreign assets or earn income from abroad? Are you planning to repatriate/ relocate/ settle in India? Are you aware that foreign assets and income must be reported? Here is what you should know. What is Black Money? The term “black money” in common parlance means: Money made from illegal activities such as [...]

July 2021 – Compliance Calendar

July Sl No Particulars Due dates Extended Date/ Comments Direct Tax  1 Due date for deposit of Tax deducted/collected for the month of June, 2021 7-July-2021     2 Due date for issue of TDS Certificate for tax deducted under Section 194-IB /194-IA in the month of May, 2021 15-July-2021   3 Quarterly statement of […]

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