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Yes, a company can incorporated without a permanent registered office address at time of incorporation. The Company can finalise a registered address within 30 days from the date of incorporation and... Read More
SPICE means (Simplified Performa for Incorporating Company electronically). It’s an electronic form specified generated by ministry of corporate affair under the Companies Act,2013 to make... Read More
In India, the Company generally took approx. 7 to 10 days to incorporate a company. The process of Registration is online but it mainly depends on the name reservation, Documents verification by... Read More
Yes, A foreign National can become a director in an Indian company. To become a director, Individuals should have a DIN (Director Identification Number), Digital signature certificate and approval... Read More
Authorized Capital – The maximum amount of capital that a company is legally allowed to issue to shareholders as stated in its memorandum of association is called authorized capital of the... Read More
Yes, a company can issue shares without receiving money but only in specific permitted situation mentioned under the companies’ act 2013, Shares shall be issued for consideration other than cash,... Read More
Private placement is a method by which a company raises fund by issuing securities like equity shares, preference shares to a selected group of investors instead of offering them to the public. An... Read More
As per Companies act 2013, A Company cannot issue preference share exceeding 20 years. Further, a company engaged in infrastructure projects can issue preference share for a period exceeding 20... Read More
The company shall allot securities within 60 days from date of receipt of application money. If the Company is not able to allot the application must within the prescribed period, they shall refund... Read More
Directors are the trusted managers of the company affairs and should act in accordance with articles of association of company, and in Good faith of the Company while exercising their duties with due... Read More
Yes, a person can become director in multiple companies subject to the limit mentioned under The Companies Act, 2013. Individual can hold directorship in Maximum 20 companies out of which maximum 10... Read More
DIN is (Director Identification Number) it’s a unique identity number allotted to person who wants to become a director in a company. A Director can obtain DIN in two ways 1. When a Company is... Read More
A director can resign from the company by giving resignation letter mentioning the effective date of resignation to the company. The Company must file Form DIR – 12 with Registrar of Companies... Read More
Yes, A company can operate without independent director As per Companies Act,2013, Following Companies are required to appoint an Independent Director: - 1. Every listed public company shall have... Read More
As per Companies Act 2013, first AGM of the company should be conducted within 9 months from end of First financial year and subsequent AGM shall be held within 6 months from the end of the Financial... Read More
Under the Companies Act, 2013, AGM are generally required to be held physically. Ministry of corporate affairs has issued General Circular which has allowed Annual General Meeting to be held through... Read More
DIR – 3 is a know your customer (KYC) filling for a Person holding a Director Identification Number (DIN). The purpose is to ensure that Ministry of Corporate Affairs have accurate and updated... Read More
The DIR – 3 Web KYC is a mandatory Annual Compliance under the Companies Act, 2015 to verify the information of Individual holding Director Identification Number (DIN). Ministry of Corporate... Read More
A foreign company means a company who incorporated outside India and has a place of business in India whether by itself or through an agent (physical or even electronic) and conducting business... Read More
Form DIR-3 KYC Web shall be filed once every three consecutive financial years. Accordingly, the first filing shall be due from April 2029 to June 2029 and thereafter every third financial year.
When a director already filed DIR-3 KYC E form/DIR-3 KYC Web for the FY 2025-26, no filing shall be required for FY 2026-27 and 2027-28, provided there is no change in KYC particulars.
The three-year KYC compliance shall be reckoned from the financial year in which the DIN is allotted. Any updates in the details will not impact the cycle for KYC compliance.
To register a startup company in India under the Companies Act, 2013, the process is carried out online through the Ministry of Corporate Affairs portal and generally involves several steps. First,... Read More
The transmission of share under Companies Act 2013 refers to the automatic transfer of ownership of shares by operation of law, typically in cases such as death, insolvency, or lunacy of a... Read More
CSR as recognized under Companies Act, 2013 provide several benefits to business beyond mere legal compliance. It helps in enhancing the company brand image and reputation, as socially responsible... Read More
Section 185 of the Companies Act, 2013 regulates loans, guarantees, and securities given by a company. A company is generally restricted from giving guarantees to directors or entities in which... Read More
As per the provision of the Companies Act, 2013, Every Company including small private shall have an auditor appointed within 30 days from the date of Incorporation,
A company may, by passing the ordinary resolution, remove a director, not being a director appointed by the Tribunal under section 242, before the expiry of the period of his office after giving him... Read More
Director and officer insurance is a policy that a company may purchase on behalf of its director or officers to cover liability arising from the decision and action taken in the course of managing... Read More
In GST since the returns are built from details of individual transactions, there is no requirement for having a revised return. Any need to revise a return may arise due to the need to change a set... Read More
No. Annual Return has to be filed by every registered person paying tax as a normal taxpayer. Final Return has to be filed only by those registered persons who have applied for cancellation of... Read More
No. In actuality, the description won't need to be uploaded. Only the HSN code for the provision of products and the accounting code for the delivery of services must be fed. The minimal number... Read More
ITC on products or services provided by an individual for the building of real estate other than machinery and plant is not permitted. Plant and machinery only refers to items that are supported by a... Read More
No, a person cannot claim ITC for items that were stolen, lost, destroyed, or written off. Additionally, ITC with regard to products given as presents or free samples is not permitted.
When the items are given to a third party at the request of the taxpayer, it is assumed that the registered person has received the goods. So, the person on whose order the products are supplied to a... Read More
Subject to further terms and circumstances, a registered person is allowed to claim an input tax credit for purchases of products or services that he uses or intends to use in the course or... Read More
The term "net value of taxable supplies" refers to the total amount of taxable supplies of goods or services, or both, made by all registered parties through the e-commerce operator during... Read More
Challan Identification Number is referred to as CIN. It is a 17-digit number made up of a 3-digit bank code and a 14-digit CPIN. When a payment is actually received by one of these authorised banks... Read More
CPIN is an acronym for the Common Portal Identification Number (CPIN) provided at the point the challan was generated. The challan's identification number is a 14-digit unique number. As... Read More
Yes, a taxpayer may begin filling out the challan form in part and then temporarily "save" it to finish it later. Prior to finalisation, a saved challan can be "modified." The tax... Read More
All cash deposits and TDS/TCS made on the taxpayer's behalf are recorded in the cash ledger. Real-time updates will be made to the information. You can use this ledger to make any payment on... Read More
The GST common portal is required to notify the applicant through email and SMS if his registration request was approved or denied. At this point, the applicant would be informed of the... Read More
The State or Central Authorities shall approve or issue SCN (in case of any deficiencies or any further clarification required by proper officer) within 7 working days if they opt for Aadhar... Read More
The alternative for tax payers to sign applications with certified digital signatures has been be provided. The application or other submissions would be able to be electronically signed using either... Read More
No. Each person who is required to obtain a registration must register separately for each State in which he conducts business and is responsible for paying GST.
The effective date of registration shall be the date on which the person became subject to registration in cases where the application for registration has been made within thirty days of that... Read More
No, because a composition scheme supplier cannot issue a tax invoice, a customer who purchases goods from a registered person under the composition scheme is not eligible for composition input tax... Read More
Exports will be taken into account as zero-rated supplies. No tax will be charged on exports of goods or services; however, an input tax credit will be available and will be refunded to exporters.... Read More
Alcohol and certain petroleum products, such as petroleum crude, high speed diesel, motor spirit, aviation turbine fuel, and natural gas, are out of scope from GST. GST on Petroleum Product shall... Read More
The central taxes subsumed under CGST include: Central Excise duty Additional Excise duties Excise Duty levied under the Medicinal and Toiletries Preparation... Read More
It is a destination based tax on consumption of goods and services. It is proposed that it be levied at all stages, from manufacturing to final consumption, with setoff of credit of taxes paid at... Read More
Investments made in APY are tax deductible under Section 80CCD (1B) and can be considered similarly to NPS investments. As a result, APY can claim the deduction under Section 80CCD (1B). An... Read More
A deduction under section 80C, section 80CCC, and section 80CCD(1) may be combined; however, as per 80CCE, the total deduction under all three sections cannot exceed INR 1,50,000.
The provident fund does fall under section 80C. Recognized provident fund and unrecognized provident fund are the two types of PF. An employee may claim a deduction for the money that he, not the... Read More
The recurring deposit is not covered by section 80C but the five-year fixed deposit is. Other investments covered by section 80C include principal repayment of house loan, tuition fee, ELSS, LIC, etc.
No, you are not required to check the original return before filing the new one. If the updated return is submitted and verified, there is no need to check the initial return. Only the updated return... Read More
In order to register for an account on the Income Tax Department's e-filing portal, a mobile number and email address are required fields. A new user must provide the One-Time Password (OTP) sent... Read More
A non-resident must file an income tax return in accordance with the rules that apply to the comparable resident assessee if they have income that is taxable in India. But let's say a company is... Read More
Yes, Every person who has been assigned a PAN and is qualified to receive an Aadhaar number must inform the Income-tax Department of his Aadhaar number. The Income-tax Act permits the... Read More
The full value of the consideration received upon transferring the long-term capital asset will be subtracted from the cost of the long term capital asset after considering indexation to determine... Read More
In event of a change to the constitution of a partnership carrying to the death or retirement of a partner, carry-infection 78 contains provisions relating to carry forward and set off of a loss (... Read More
In most cases, the person who suffers a loss merely has the right to carry it forward to be corrected in the next year (s). However, the reconstituted corporation is eligible to carry forward... Read More
The first thing that is subtracted from the income subject to tax under the heading "Profits and gains of business or profession" is depreciation. The unabsorbed component must be added to... Read More
Unadjusted capital losses can be carried forward to the following year if losses under the "Capital Gain during the year in the same heading cannot be adjusted in the same year. The... Read More
Unadjusted loss may be carried forward to the following year if loss cannot be properly adjusted in the year in which such loss is incurred. In successive years, only income subject to taxation... Read More
If a loss from a small business can't be adjusted in the year it occurs, the unadjusted loss might be carried forward to be corrected in the next year. Such losses may be mitigated in the next... Read More
Many times, even after intra- and inter-head adjustments, the loss might still not be taken into account. Such an unadjusted loss may be carried forward to the following year and offset by the income... Read More
Before implementing intra-head modifications that result in loss, the following limitations should be kept in mind: • Any income changes resulting from speculative operations cannot be offset... Read More
If a taxpayer has a loss from any source falling under a specific head of income in any given year, he or she is permitted to offset that loss against revenue from any other source falling under the... Read More
If a source code's income is tax-exempt, losses from that source can't be offset against any other income that is subject to taxation. For eg .If a taxpayer experiences a loss from... Read More
Form No. 12BB must be sent by an employee to his employer in order to estimate his income or calculate the tax deduction at source. In order to estimate his income or determine the tax deduction... Read More
At least one of the following is exempt (not taxable or subtracted) from the total HRA received. (A) Rent paid less 10% of (BP+DA) B(i)) 40% of the (BP+DA) for Non Metro cities B(ii) 50% of... Read More
If a person or his heir gets ex-gratia from the Central Government, a State Government, a Local Authority, or a Public Sector Undertaking as a result of personal injury or death while... Read More
If received while in service, it is taxed. The Government employee is exempt from paying taxes on any leave encashment they earned at retirement. In the hands of non-government employees, leave... Read More
Government employees are not required to pay taxes on their gratuities and pension fund receipts. Gratuity is exempt in the hands of non-government employees up to the limitations set forth in this... Read More
In general, there are three categories of allowances under the Income-tax Act: taxable allowances, fully exempt allowances, and partially exempted allowances. a) Perquisites are extraneous... Read More
The term "salary" is defined under Section 17 of the Income-tax Act. Without getting into the formal term, however, generally speaking, anything that an employee receives from his employer... Read More
TDS certificate is issued by the deductor to the deductee. Form 16: It is issued by the employer to the employee, it indicates details of tax... Read More
When TDS is deducted- 1% per month or part thereof, for the period from the date on which TDS is deductible/collectible to the date on which TDS/TCS is actually... Read More
Quarter Due Dates 1st April to 30th June 31st July of Financial year 1st Jul to 30th Sep 31st... Read More
TAN stands for the Tax Deduction Account Number. TAN is required to be obtained by all persons who are responsible for deducting or collecting of tax. It is a 10 digit alpha numeric number allotted... Read More
TAN stands for the Tax Deduction Account Number. TAN is required to be obtained by all persons who are responsible for deducting or collecting of tax. It is a 10 digit alpha numeric number allotted... Read More
A return can be revised u/s 139(5) before processing by the department or before the expiry of the relevant assessment year whichever is earlier. While uploading original return if... Read More
Various modes are prescribed for validating income tax returns through electronic verification code (EVC): Through Aadhaar Number OTP Generation of EVC Through Net... Read More
Selection of ITR form depends on the nature of Income: ITR-1 For Individuals (Resident) having Income from Salaries, one house property, other sources... Read More
The tax liability that a company owes and does not pay at the current point, but is responsible for paying it at some point in the near future is termed deferred tax liability. It is a balance sheet... Read More
When a firm pays tax early or has paid excess of tax and needs to get some money back from the tax authorities is termed as a deferred tax asset. The term is recorded in the balance sheet and is also... Read More
The profit that is earned by selling an asset means capital gain. When the asset is being sold the income or the gain that arises is the difference between the selling price and the actual price in... Read More
The residential status of an individual is categorized as Resident and Non-Resident. An individual is said to be a resident of India in any previous year if he satisfies any one of the basic... Read More
Tax evasion means a method of evading tax liability by dishonest means like suppression, conscious violation of rules, inflation of expenses etc. Tax evasion involves use of unfair means while tax... Read More
Gross total income is the aggregate of income under all the five heads of income after adjusting the set-off & carry forward of losses. Deductions under chapter VIA is provided from GTI, to... Read More
Under the Income-tax Act, every person has the responsibility to correctly compute and pay his due taxes. Where the Department finds that there has been understatement of income and resultant tax... Read More
Under section 208, obligation to pay advance tax arises in every case where the estimated tax liability is Rs.10000 or more. ??Advance tax is to be paid in instalments as given... Read More
Taxes are collected by the Government through three means: Voluntary payment by taxpayers through advance tax and Self Assessment tax Taxes deducted at source (TDS) from the income... Read More
Income-tax is to be paid by every person. The term 'person' as defined under the Income-tax Act under section 2(3) covers in its ambit natural as well as artificial persons. The... Read More
Income-tax is levied on the annual income of a person. The year under the Income-tax Law is the period starting from 1st April and ending on 31st March of next calendar year. The Income-tax... Read More
Income Tax is calculated on the basis of the total income of an individual related to salaries, profits of businesses, capital gains, house property, and other sources. The income tax is calculated... Read More
The post registration reporting requirements for companies are set out as under: Filing of form INC - 20A (Commencement of Business Certificate) - Within 180 days of issuance of Certificate of... Read More
Following are the most common types of companies: a. A Private Limited Company under the Companies Act, 2013 which can be incorporated with no requirement of minimum capital and 2directors b. A... Read More
Indian subsidiaries (Foreign Companies) are governed by the regulations framed under following laws: a. Companies Act, 2013 or Companies Act, 1956 (if applicable); b. The Foreign Exchange... Read More
Following are the governing laws for the Companies registered in India: a. The Companies Act, 2013 and Rules made there under for unlisted companies such as private companies, foreign companies,... Read More
The Companies Act, 2013 provides for the following categories of the directors: a. Executive director (including managing director or whole time director) b. Non-executive director and c.... Read More
The attestation requirements depend on the country in which registered office/residence of the overseas subscriber/director is situated. The documents are required to be attested as follows: 1.... Read More
NRIs or foreign nationals can register a company and make investments in India subject to the Foreign Direct Investment Policy and Guidelines issued by the RBI. The only condition as per... Read More
Company name approval and allotment process in India is administered by the Ministry of Corporate Affairs (MCA). Name availability can be checked through MCA website i.e www. MCA.gov.in< MCA... Read More
There has not been prescribed any minimum Capital requirement for incorporating a private limited company. One may even start a company with a paid up capital as low as Rs. 500/-. Although upto Rs.... Read More
Private Limited Company have always been very popular form of business entity amongst foreign investors for making the direct foreign investment (subject to FDI Policy and Guidelines) in any country,... Read More
While incorporating a Private Limited Company it is mandatory to provide the proof of Registered Office of the Company. The registered office address need not necessarily be commercial address to... Read More
There should be minimum of 2 Members who shall be subscribers to Memorandum of Association of the Company and there should be at least 2 Directors in the company, out of which one should be Indian... Read More
As per Companies Act, 2013, A Private Company may appoint maximum of 15 Directors on the Board of the Company subject to the approval of member in the General Meeting. A Company can appoint more than... Read More
It is mandatory to attach the approval of the regulatory Authority at the time of filling of incorporation or change of name of the company where the object of the Company is of Insurance agent/... Read More
Thare are 5 major steps in registering a Private Limited Company: 1. Name Application in Spice+ Part A. 2. Procurement of Digital Signature Certificates of all the Directors and... Read More
An organization is expected to keep up with specific compliances after its incorporation, like, a statutory Auditor should be appointed within 30 days of incorporation along with the mandatorily... Read More
Composite Supply is defined as supply comprising of two or more taxable goods and/or services, or any combination thereof, which are naturally bundled and supplied in conjunction with each other in... Read More
Mixed Supply is defined as supply of two or more goods/services or any combination thereof, made in conjunction with each other by a taxable person for a single price, where such supply does not... Read More
Time of Supply can be defined as the point at which the liability to charge GST arises. It indicates a time at which a particular supply of goods and/or services is deemed to be made. The acts and... Read More
As per section 31 of CGST/SGST Act, the taxpayer shall, before or after the provision of service, but within a period of 30 days from the date of supply of service, issue a tax invoice containing all... Read More
Continuous supply of goods means supply wherein a supplier provides goods to the recipient on a continuous or recurring basis, under a contract. If successive statement of accounts or successive... Read More
Input Tax means the Integrated Tax (IGST), Central Tax (CGST), State Tax (SGST), and Union Territory Tax (UTGST) charged on supply of goods and/or services made to a registered person. Taxes... Read More
Yes, the recipient of goods and/or services can avail input tax credit on such supply even if consideration is not paid. However, the recipient is required to make the payment along with tax amount... Read More
If the recipient of goods or service or both fails to make payment of consideration within 180 days of invoice date, he shall be required to add the Input Tax Credit (availed against such invoice) to... Read More
Goods and Services Tax (GST) is a destination-based tax levied on consumption of Goods and Services. As per the applicable GST laws and rules, GST is meant to be levied at every stage of the... Read More
GST is levied by the taxing authority located at the place where the goods are ultimately consumed and not the place where the goods originate, thereby earning the name “Destination-based... Read More
According to Article 366 of our Constitution, alcohol for human consumption is kept outside the purview of the GST law. Also, five petroleum products (namely, petroleum crude; motor spirit (petrol);... Read More
As per the provisions of the GST laws, Integrated GST or IGST is levied and collected by the Centre on occasions of inter-state supply of goods and/or services. Inter-state supply of goods and/or... Read More
As per the provisions of the GST laws, Central GST (or IGST) and State GST (or SGST) are levied and collected by the Centre on occasions of intra-state supply of goods and/or services. Intra-state... Read More
E-way bill is a document required to be carried by any person responsible for movement of goods having value of more than fifty thousand rupees. The provisions relating to e-way bills are carried in... Read More
In situations where an e-way bill has been generated, but the goods are not being transported as per details provided in the e-way bill, such e-way bill can be cancelled through the common portal.... Read More
Yes, changes can be made to the e-way bill during its validity. There’s no restriction on the number of times such changes can be made. It must be noted that changes are allowed only in Part B of... Read More
Yes, the validity of an e-way bill can be extended on the eway bill portal. Such changes can be made either 8 hours before the expiry of the e-way bill or after 8 hours of expiry of the e-way bill.... Read More
To reduce compliance burdens and facilitate ease of business for small taxpayers, Composition Levy has been introduced by the GST law. Under this scheme, a taxpayer is required to file quarterly... Read More
As per section 2 (20) of CGST Act 2017, Casual Taxable Person (CTP) is defined as a person who occasionally undertakes transactions involving supply of goods/services in the course or furtherance of... Read More
As per the provisions of Section 22 of CGST Act 2017, a taxpayer operating in multiple states is required to obtain registration in each state if his aggregate turnover on the same PAN in current FY... Read More
In accordance with section 25(1) of the CGST Act, a taxpayer, having a SEZ unit or being a SEZ developer, shall be required to apply for a separate GSTIN for its SEZ unit distinct from the unit... Read More
As per section 2(61) of the CGST Act 2017, Input Service Distributor is defined as an office meant to receive tax invoices on receipt of input services and further distribute ITC to supplier units... Read More
As per provisions & rules of GST law, supply can be defined as a taxable event of supply of goods & services, or both made for a consideration in the course or furtherance of business. The... Read More
As per section 5(1) of the IGST Act 2017, IGST and GST Compensation Cess shall be levied on import of goods in accordance with the provisions of Customs Act 1962 and Customs Tariff Act 1975 along... Read More
As per section 2(17) of CGST Act 2017, business is defined as an activity which includes any trade, commerce, manufacture, profession, vocation, adventure, wager, or any other similar activity,... Read More
As per GST law, any permanent transfer or disposal of goods or business assets shall fall under the scope of supply if Input Tax Credit (ITC) has been availed on such goods or assets. This transfer... Read More
As per section 7 of CGST Act 2017, import of services without consideration will not be considered as supply. However, imports of service without consideration shall become taxable, if such services... Read More
Clause “h” of section 17(5) of CGST Act 2017, provides an extensive list of ineligible ITCs for taxpayers. Accordingly, ITC on goods lost, stolen, destroyed, written off, or given off as... Read More
Yes, as per the applicable provisions, refunds of ITC shall be claimed within a period of 2 years from the relevant date. Relevant dates for supply of goods and/or services has been defined... Read More
As per sections of GST law, exempt supplies mean supplies that attract nil rate of tax. It also covers supplies which have been made exempt from tax under the GST law, and it also includes... Read More
As per sections of GST law, exports of goods and/or services and supply of goods and/or services to a SEZ unit fall under the definition of Zero-Rated Supplies. If a person is involved in the... Read More
Importer-Exporter Code is an identification number allotted to businesses involved in the export and import related transactions. IEC has been made mandatory for persons involved in such transactions.
multiple answers
Yes, a company can incorporated without a permanent registered office address at time of incorporation. The Company can finalise a registered address within 30 days from the date of incorporation and... Read More
SPICE means (Simplified Performa for Incorporating Company electronically). It’s an electronic form specified generated by ministry of corporate affair under the Companies Act,2013 to make... Read More
In India, the Company generally took approx. 7 to 10 days to incorporate a company. The process of Registration is online but it mainly depends on the name reservation, Documents verification by... Read More
Yes, A foreign National can become a director in an Indian company. To become a director, Individuals should have a DIN (Director Identification Number), Digital signature certificate and approval... Read More
Authorized Capital – The maximum amount of capital that a company is legally allowed to issue to shareholders as stated in its memorandum of association is called authorized capital of the... Read More
Yes, a company can issue shares without receiving money but only in specific permitted situation mentioned under the companies’ act 2013, Shares shall be issued for consideration other than cash,... Read More
Private placement is a method by which a company raises fund by issuing securities like equity shares, preference shares to a selected group of investors instead of offering them to the public. An... Read More
As per Companies act 2013, A Company cannot issue preference share exceeding 20 years. Further, a company engaged in infrastructure projects can issue preference share for a period exceeding 20... Read More
The company shall allot securities within 60 days from date of receipt of application money. If the Company is not able to allot the application must within the prescribed period, they shall refund... Read More
Directors are the trusted managers of the company affairs and should act in accordance with articles of association of company, and in Good faith of the Company while exercising their duties with due... Read More
Yes, a person can become director in multiple companies subject to the limit mentioned under The Companies Act, 2013. Individual can hold directorship in Maximum 20 companies out of which maximum 10... Read More
DIN is (Director Identification Number) it’s a unique identity number allotted to person who wants to become a director in a company. A Director can obtain DIN in two ways 1. When a Company is... Read More
A director can resign from the company by giving resignation letter mentioning the effective date of resignation to the company. The Company must file Form DIR – 12 with Registrar of Companies... Read More
Yes, A company can operate without independent director As per Companies Act,2013, Following Companies are required to appoint an Independent Director: - 1. Every listed public company shall have... Read More
As per Companies Act 2013, first AGM of the company should be conducted within 9 months from end of First financial year and subsequent AGM shall be held within 6 months from the end of the Financial... Read More
Under the Companies Act, 2013, AGM are generally required to be held physically. Ministry of corporate affairs has issued General Circular which has allowed Annual General Meeting to be held through... Read More
DIR – 3 is a know your customer (KYC) filling for a Person holding a Director Identification Number (DIN). The purpose is to ensure that Ministry of Corporate Affairs have accurate and updated... Read More
The DIR – 3 Web KYC is a mandatory Annual Compliance under the Companies Act, 2015 to verify the information of Individual holding Director Identification Number (DIN). Ministry of Corporate... Read More
A foreign company means a company who incorporated outside India and has a place of business in India whether by itself or through an agent (physical or even electronic) and conducting business... Read More
Form DIR-3 KYC Web shall be filed once every three consecutive financial years. Accordingly, the first filing shall be due from April 2029 to June 2029 and thereafter every third financial year.
When a director already filed DIR-3 KYC E form/DIR-3 KYC Web for the FY 2025-26, no filing shall be required for FY 2026-27 and 2027-28, provided there is no change in KYC particulars.
The three-year KYC compliance shall be reckoned from the financial year in which the DIN is allotted. Any updates in the details will not impact the cycle for KYC compliance.
To register a startup company in India under the Companies Act, 2013, the process is carried out online through the Ministry of Corporate Affairs portal and generally involves several steps. First,... Read More
The transmission of share under Companies Act 2013 refers to the automatic transfer of ownership of shares by operation of law, typically in cases such as death, insolvency, or lunacy of a... Read More
CSR as recognized under Companies Act, 2013 provide several benefits to business beyond mere legal compliance. It helps in enhancing the company brand image and reputation, as socially responsible... Read More
Section 185 of the Companies Act, 2013 regulates loans, guarantees, and securities given by a company. A company is generally restricted from giving guarantees to directors or entities in which... Read More
As per the provision of the Companies Act, 2013, Every Company including small private shall have an auditor appointed within 30 days from the date of Incorporation,
A company may, by passing the ordinary resolution, remove a director, not being a director appointed by the Tribunal under section 242, before the expiry of the period of his office after giving him... Read More
Director and officer insurance is a policy that a company may purchase on behalf of its director or officers to cover liability arising from the decision and action taken in the course of managing... Read More
In GST since the returns are built from details of individual transactions, there is no requirement for having a revised return. Any need to revise a return may arise due to the need to change a set... Read More
No. Annual Return has to be filed by every registered person paying tax as a normal taxpayer. Final Return has to be filed only by those registered persons who have applied for cancellation of... Read More
No. In actuality, the description won't need to be uploaded. Only the HSN code for the provision of products and the accounting code for the delivery of services must be fed. The minimal number... Read More
ITC on products or services provided by an individual for the building of real estate other than machinery and plant is not permitted. Plant and machinery only refers to items that are supported by a... Read More
No, a person cannot claim ITC for items that were stolen, lost, destroyed, or written off. Additionally, ITC with regard to products given as presents or free samples is not permitted.
When the items are given to a third party at the request of the taxpayer, it is assumed that the registered person has received the goods. So, the person on whose order the products are supplied to a... Read More
Subject to further terms and circumstances, a registered person is allowed to claim an input tax credit for purchases of products or services that he uses or intends to use in the course or... Read More
The term "net value of taxable supplies" refers to the total amount of taxable supplies of goods or services, or both, made by all registered parties through the e-commerce operator during... Read More
Challan Identification Number is referred to as CIN. It is a 17-digit number made up of a 3-digit bank code and a 14-digit CPIN. When a payment is actually received by one of these authorised banks... Read More
CPIN is an acronym for the Common Portal Identification Number (CPIN) provided at the point the challan was generated. The challan's identification number is a 14-digit unique number. As... Read More
Yes, a taxpayer may begin filling out the challan form in part and then temporarily "save" it to finish it later. Prior to finalisation, a saved challan can be "modified." The tax... Read More
All cash deposits and TDS/TCS made on the taxpayer's behalf are recorded in the cash ledger. Real-time updates will be made to the information. You can use this ledger to make any payment on... Read More
The GST common portal is required to notify the applicant through email and SMS if his registration request was approved or denied. At this point, the applicant would be informed of the... Read More
The State or Central Authorities shall approve or issue SCN (in case of any deficiencies or any further clarification required by proper officer) within 7 working days if they opt for Aadhar... Read More
The alternative for tax payers to sign applications with certified digital signatures has been be provided. The application or other submissions would be able to be electronically signed using either... Read More
No. Each person who is required to obtain a registration must register separately for each State in which he conducts business and is responsible for paying GST.
The effective date of registration shall be the date on which the person became subject to registration in cases where the application for registration has been made within thirty days of that... Read More
No, because a composition scheme supplier cannot issue a tax invoice, a customer who purchases goods from a registered person under the composition scheme is not eligible for composition input tax... Read More
Exports will be taken into account as zero-rated supplies. No tax will be charged on exports of goods or services; however, an input tax credit will be available and will be refunded to exporters.... Read More
Alcohol and certain petroleum products, such as petroleum crude, high speed diesel, motor spirit, aviation turbine fuel, and natural gas, are out of scope from GST. GST on Petroleum Product shall... Read More
The central taxes subsumed under CGST include: Central Excise duty Additional Excise duties Excise Duty levied under the Medicinal and Toiletries Preparation... Read More
It is a destination based tax on consumption of goods and services. It is proposed that it be levied at all stages, from manufacturing to final consumption, with setoff of credit of taxes paid at... Read More
Investments made in APY are tax deductible under Section 80CCD (1B) and can be considered similarly to NPS investments. As a result, APY can claim the deduction under Section 80CCD (1B). An... Read More
A deduction under section 80C, section 80CCC, and section 80CCD(1) may be combined; however, as per 80CCE, the total deduction under all three sections cannot exceed INR 1,50,000.
The provident fund does fall under section 80C. Recognized provident fund and unrecognized provident fund are the two types of PF. An employee may claim a deduction for the money that he, not the... Read More
The recurring deposit is not covered by section 80C but the five-year fixed deposit is. Other investments covered by section 80C include principal repayment of house loan, tuition fee, ELSS, LIC, etc.
No, you are not required to check the original return before filing the new one. If the updated return is submitted and verified, there is no need to check the initial return. Only the updated return... Read More
In order to register for an account on the Income Tax Department's e-filing portal, a mobile number and email address are required fields. A new user must provide the One-Time Password (OTP) sent... Read More
A non-resident must file an income tax return in accordance with the rules that apply to the comparable resident assessee if they have income that is taxable in India. But let's say a company is... Read More
Yes, Every person who has been assigned a PAN and is qualified to receive an Aadhaar number must inform the Income-tax Department of his Aadhaar number. The Income-tax Act permits the... Read More
The full value of the consideration received upon transferring the long-term capital asset will be subtracted from the cost of the long term capital asset after considering indexation to determine... Read More
In event of a change to the constitution of a partnership carrying to the death or retirement of a partner, carry-infection 78 contains provisions relating to carry forward and set off of a loss (... Read More
In most cases, the person who suffers a loss merely has the right to carry it forward to be corrected in the next year (s). However, the reconstituted corporation is eligible to carry forward... Read More
The first thing that is subtracted from the income subject to tax under the heading "Profits and gains of business or profession" is depreciation. The unabsorbed component must be added to... Read More
Unadjusted capital losses can be carried forward to the following year if losses under the "Capital Gain during the year in the same heading cannot be adjusted in the same year. The... Read More
Unadjusted loss may be carried forward to the following year if loss cannot be properly adjusted in the year in which such loss is incurred. In successive years, only income subject to taxation... Read More
If a loss from a small business can't be adjusted in the year it occurs, the unadjusted loss might be carried forward to be corrected in the next year. Such losses may be mitigated in the next... Read More
Many times, even after intra- and inter-head adjustments, the loss might still not be taken into account. Such an unadjusted loss may be carried forward to the following year and offset by the income... Read More
Before implementing intra-head modifications that result in loss, the following limitations should be kept in mind: • Any income changes resulting from speculative operations cannot be offset... Read More
If a taxpayer has a loss from any source falling under a specific head of income in any given year, he or she is permitted to offset that loss against revenue from any other source falling under the... Read More
If a source code's income is tax-exempt, losses from that source can't be offset against any other income that is subject to taxation. For eg .If a taxpayer experiences a loss from... Read More
Form No. 12BB must be sent by an employee to his employer in order to estimate his income or calculate the tax deduction at source. In order to estimate his income or determine the tax deduction... Read More
At least one of the following is exempt (not taxable or subtracted) from the total HRA received. (A) Rent paid less 10% of (BP+DA) B(i)) 40% of the (BP+DA) for Non Metro cities B(ii) 50% of... Read More
If a person or his heir gets ex-gratia from the Central Government, a State Government, a Local Authority, or a Public Sector Undertaking as a result of personal injury or death while... Read More
If received while in service, it is taxed. The Government employee is exempt from paying taxes on any leave encashment they earned at retirement. In the hands of non-government employees, leave... Read More
Government employees are not required to pay taxes on their gratuities and pension fund receipts. Gratuity is exempt in the hands of non-government employees up to the limitations set forth in this... Read More
In general, there are three categories of allowances under the Income-tax Act: taxable allowances, fully exempt allowances, and partially exempted allowances. a) Perquisites are extraneous... Read More
The term "salary" is defined under Section 17 of the Income-tax Act. Without getting into the formal term, however, generally speaking, anything that an employee receives from his employer... Read More
TDS certificate is issued by the deductor to the deductee. Form 16: It is issued by the employer to the employee, it indicates details of tax... Read More
When TDS is deducted- 1% per month or part thereof, for the period from the date on which TDS is deductible/collectible to the date on which TDS/TCS is actually... Read More
Quarter Due Dates 1st April to 30th June 31st July of Financial year 1st Jul to 30th Sep 31st... Read More
TAN stands for the Tax Deduction Account Number. TAN is required to be obtained by all persons who are responsible for deducting or collecting of tax. It is a 10 digit alpha numeric number allotted... Read More
TAN stands for the Tax Deduction Account Number. TAN is required to be obtained by all persons who are responsible for deducting or collecting of tax. It is a 10 digit alpha numeric number allotted... Read More
A return can be revised u/s 139(5) before processing by the department or before the expiry of the relevant assessment year whichever is earlier. While uploading original return if... Read More
Various modes are prescribed for validating income tax returns through electronic verification code (EVC): Through Aadhaar Number OTP Generation of EVC Through Net... Read More
Selection of ITR form depends on the nature of Income: ITR-1 For Individuals (Resident) having Income from Salaries, one house property, other sources... Read More
The tax liability that a company owes and does not pay at the current point, but is responsible for paying it at some point in the near future is termed deferred tax liability. It is a balance sheet... Read More
When a firm pays tax early or has paid excess of tax and needs to get some money back from the tax authorities is termed as a deferred tax asset. The term is recorded in the balance sheet and is also... Read More
The profit that is earned by selling an asset means capital gain. When the asset is being sold the income or the gain that arises is the difference between the selling price and the actual price in... Read More
The residential status of an individual is categorized as Resident and Non-Resident. An individual is said to be a resident of India in any previous year if he satisfies any one of the basic... Read More
Tax evasion means a method of evading tax liability by dishonest means like suppression, conscious violation of rules, inflation of expenses etc. Tax evasion involves use of unfair means while tax... Read More
Gross total income is the aggregate of income under all the five heads of income after adjusting the set-off & carry forward of losses. Deductions under chapter VIA is provided from GTI, to... Read More
Under the Income-tax Act, every person has the responsibility to correctly compute and pay his due taxes. Where the Department finds that there has been understatement of income and resultant tax... Read More
Under section 208, obligation to pay advance tax arises in every case where the estimated tax liability is Rs.10000 or more. ??Advance tax is to be paid in instalments as given... Read More
Taxes are collected by the Government through three means: Voluntary payment by taxpayers through advance tax and Self Assessment tax Taxes deducted at source (TDS) from the income... Read More
Income-tax is to be paid by every person. The term 'person' as defined under the Income-tax Act under section 2(3) covers in its ambit natural as well as artificial persons. The... Read More
Income-tax is levied on the annual income of a person. The year under the Income-tax Law is the period starting from 1st April and ending on 31st March of next calendar year. The Income-tax... Read More
Income Tax is calculated on the basis of the total income of an individual related to salaries, profits of businesses, capital gains, house property, and other sources. The income tax is calculated... Read More
The post registration reporting requirements for companies are set out as under: Filing of form INC - 20A (Commencement of Business Certificate) - Within 180 days of issuance of Certificate of... Read More
Following are the most common types of companies: a. A Private Limited Company under the Companies Act, 2013 which can be incorporated with no requirement of minimum capital and 2directors b. A... Read More
Indian subsidiaries (Foreign Companies) are governed by the regulations framed under following laws: a. Companies Act, 2013 or Companies Act, 1956 (if applicable); b. The Foreign Exchange... Read More
Following are the governing laws for the Companies registered in India: a. The Companies Act, 2013 and Rules made there under for unlisted companies such as private companies, foreign companies,... Read More
The Companies Act, 2013 provides for the following categories of the directors: a. Executive director (including managing director or whole time director) b. Non-executive director and c.... Read More
The attestation requirements depend on the country in which registered office/residence of the overseas subscriber/director is situated. The documents are required to be attested as follows: 1.... Read More
NRIs or foreign nationals can register a company and make investments in India subject to the Foreign Direct Investment Policy and Guidelines issued by the RBI. The only condition as per... Read More
Company name approval and allotment process in India is administered by the Ministry of Corporate Affairs (MCA). Name availability can be checked through MCA website i.e www. MCA.gov.in< MCA... Read More
There has not been prescribed any minimum Capital requirement for incorporating a private limited company. One may even start a company with a paid up capital as low as Rs. 500/-. Although upto Rs.... Read More
Private Limited Company have always been very popular form of business entity amongst foreign investors for making the direct foreign investment (subject to FDI Policy and Guidelines) in any country,... Read More
While incorporating a Private Limited Company it is mandatory to provide the proof of Registered Office of the Company. The registered office address need not necessarily be commercial address to... Read More
There should be minimum of 2 Members who shall be subscribers to Memorandum of Association of the Company and there should be at least 2 Directors in the company, out of which one should be Indian... Read More
As per Companies Act, 2013, A Private Company may appoint maximum of 15 Directors on the Board of the Company subject to the approval of member in the General Meeting. A Company can appoint more than... Read More
It is mandatory to attach the approval of the regulatory Authority at the time of filling of incorporation or change of name of the company where the object of the Company is of Insurance agent/... Read More
Thare are 5 major steps in registering a Private Limited Company: 1. Name Application in Spice+ Part A. 2. Procurement of Digital Signature Certificates of all the Directors and... Read More
An organization is expected to keep up with specific compliances after its incorporation, like, a statutory Auditor should be appointed within 30 days of incorporation along with the mandatorily... Read More
Composite Supply is defined as supply comprising of two or more taxable goods and/or services, or any combination thereof, which are naturally bundled and supplied in conjunction with each other in... Read More
Mixed Supply is defined as supply of two or more goods/services or any combination thereof, made in conjunction with each other by a taxable person for a single price, where such supply does not... Read More
Time of Supply can be defined as the point at which the liability to charge GST arises. It indicates a time at which a particular supply of goods and/or services is deemed to be made. The acts and... Read More
As per section 31 of CGST/SGST Act, the taxpayer shall, before or after the provision of service, but within a period of 30 days from the date of supply of service, issue a tax invoice containing all... Read More
Continuous supply of goods means supply wherein a supplier provides goods to the recipient on a continuous or recurring basis, under a contract. If successive statement of accounts or successive... Read More
Input Tax means the Integrated Tax (IGST), Central Tax (CGST), State Tax (SGST), and Union Territory Tax (UTGST) charged on supply of goods and/or services made to a registered person. Taxes... Read More
Yes, the recipient of goods and/or services can avail input tax credit on such supply even if consideration is not paid. However, the recipient is required to make the payment along with tax amount... Read More
If the recipient of goods or service or both fails to make payment of consideration within 180 days of invoice date, he shall be required to add the Input Tax Credit (availed against such invoice) to... Read More
Goods and Services Tax (GST) is a destination-based tax levied on consumption of Goods and Services. As per the applicable GST laws and rules, GST is meant to be levied at every stage of the... Read More
GST is levied by the taxing authority located at the place where the goods are ultimately consumed and not the place where the goods originate, thereby earning the name “Destination-based... Read More
According to Article 366 of our Constitution, alcohol for human consumption is kept outside the purview of the GST law. Also, five petroleum products (namely, petroleum crude; motor spirit (petrol);... Read More
As per the provisions of the GST laws, Integrated GST or IGST is levied and collected by the Centre on occasions of inter-state supply of goods and/or services. Inter-state supply of goods and/or... Read More
As per the provisions of the GST laws, Central GST (or IGST) and State GST (or SGST) are levied and collected by the Centre on occasions of intra-state supply of goods and/or services. Intra-state... Read More
E-way bill is a document required to be carried by any person responsible for movement of goods having value of more than fifty thousand rupees. The provisions relating to e-way bills are carried in... Read More
In situations where an e-way bill has been generated, but the goods are not being transported as per details provided in the e-way bill, such e-way bill can be cancelled through the common portal.... Read More
Yes, changes can be made to the e-way bill during its validity. There’s no restriction on the number of times such changes can be made. It must be noted that changes are allowed only in Part B of... Read More
Yes, the validity of an e-way bill can be extended on the eway bill portal. Such changes can be made either 8 hours before the expiry of the e-way bill or after 8 hours of expiry of the e-way bill.... Read More
To reduce compliance burdens and facilitate ease of business for small taxpayers, Composition Levy has been introduced by the GST law. Under this scheme, a taxpayer is required to file quarterly... Read More
As per section 2 (20) of CGST Act 2017, Casual Taxable Person (CTP) is defined as a person who occasionally undertakes transactions involving supply of goods/services in the course or furtherance of... Read More
As per the provisions of Section 22 of CGST Act 2017, a taxpayer operating in multiple states is required to obtain registration in each state if his aggregate turnover on the same PAN in current FY... Read More
In accordance with section 25(1) of the CGST Act, a taxpayer, having a SEZ unit or being a SEZ developer, shall be required to apply for a separate GSTIN for its SEZ unit distinct from the unit... Read More
As per section 2(61) of the CGST Act 2017, Input Service Distributor is defined as an office meant to receive tax invoices on receipt of input services and further distribute ITC to supplier units... Read More
As per provisions & rules of GST law, supply can be defined as a taxable event of supply of goods & services, or both made for a consideration in the course or furtherance of business. The... Read More
As per section 5(1) of the IGST Act 2017, IGST and GST Compensation Cess shall be levied on import of goods in accordance with the provisions of Customs Act 1962 and Customs Tariff Act 1975 along... Read More
As per section 2(17) of CGST Act 2017, business is defined as an activity which includes any trade, commerce, manufacture, profession, vocation, adventure, wager, or any other similar activity,... Read More
As per GST law, any permanent transfer or disposal of goods or business assets shall fall under the scope of supply if Input Tax Credit (ITC) has been availed on such goods or assets. This transfer... Read More
As per section 7 of CGST Act 2017, import of services without consideration will not be considered as supply. However, imports of service without consideration shall become taxable, if such services... Read More
Clause “h” of section 17(5) of CGST Act 2017, provides an extensive list of ineligible ITCs for taxpayers. Accordingly, ITC on goods lost, stolen, destroyed, written off, or given off as... Read More
Yes, as per the applicable provisions, refunds of ITC shall be claimed within a period of 2 years from the relevant date. Relevant dates for supply of goods and/or services has been defined... Read More
As per sections of GST law, exempt supplies mean supplies that attract nil rate of tax. It also covers supplies which have been made exempt from tax under the GST law, and it also includes... Read More
As per sections of GST law, exports of goods and/or services and supply of goods and/or services to a SEZ unit fall under the definition of Zero-Rated Supplies. If a person is involved in the... Read More
Importer-Exporter Code is an identification number allotted to businesses involved in the export and import related transactions. IEC has been made mandatory for persons involved in such transactions.
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