Incorporation cost reduced for Startups

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  The Ministry of Corporate Affairs has brought further Amendments in its Incorporation rules. MCA vide notification dated 29th December 2016 has modified its incorporation rules.   Major highlights of its notification–  1. Spice Forms are mandatory for incorporation (with upto seven subscribers) from 1st January, 2017.  2. The Filing Fees has been reduced from … Continue reading Incorporation cost reduced for Startups

From April 1-September 16, GST can be rolled out anytime

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Amid signs of slippage of the April 1 GST rollout target, Finance Minister Arun Jaitley today said pending resolution of “turf” issues, GST is a transactional levy that unlike income tax can be implemented anytime during the year. The Goods and Services Tax (GST), he said, can be implemented anytime between April 1 and September … Continue reading From April 1-September 16, GST can be rolled out anytime

GST Portal Goes Live: Things To Be Aware of Before Getting Enrolled

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With the new GST portal going live, the enrollment drive for existing taxpayers registered under Central Excise Duty, Service Tax and State Value Added Taxes thus begins. As the Government is keen to implement GST from 1st April, 2017, the migration process for existing taxpayers needs to be completed as soon as possible. Hence it … Continue reading GST Portal Goes Live: Things To Be Aware of Before Getting Enrolled

Now receive payments through banks or digital means to pay lower Income Tax

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Now receive payments through banks or digital means to pay lower Income Tax. Under the existing provisions of section 44AD of the Income-tax Act, 1961 (the Act), in case of certain assesses (i.e. an individual, HUF or a partnership firm other than LLP) carrying on any business (other than transportation, agency, brokerage and commission) and … Continue reading Now receive payments through banks or digital means to pay lower Income Tax

Capital Gain exemptions in India – 54, 54B and more

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Presently a lot of capital investments are being made by individuals with a future prospective. The profits which the investors realize from the sale of Capital asset are termed as Capital gain. In this article, we have discussed Capital Gain exemptions in India – 54, 54B and more The profit arrived from the sale of … Continue reading Capital Gain exemptions in India – 54, 54B and more

Compliance of Non-filers Monitoring System (NMS) – What to do

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“Dear Taxpayer,  As per our records, it is observed that you have not filed your Income Tax Return for Assessment Year 2015-16. Please submit your online response as under:” Have you received this email too? Are you confused what to do? Then read on to know more. Recently department has started floating these Non-compliance email … Continue reading Compliance of Non-filers Monitoring System (NMS) – What to do

GST may not be implemented from April 1,2017

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India’s plans to roll out a countrywide Goods and Services Tax (GST) from April 1, 2017 appear increasingly unlikely with the Centre and states failing on Sunday to conclude discussions on several key aspects including the main enabling legislations. The Finance Minister Arun Jaitley-headed GST Council discussed the drafts of two principal supplementary legislations — … Continue reading GST may not be implemented from April 1,2017

Think again if you invest your Company funds in Shares and Mutual Funds

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Many times entrepreneurs invest the retained earnings or idle company funds in Shares of different Companies and even in listed Companies/Mutual funds, through stock exchange. Most of the times this is done in anticipation of better returns on idle funds and at times this is done as the entrepreneur ignores the difference between the Company … Continue reading Think again if you invest your Company funds in Shares and Mutual Funds

Special Parliament session for for GST related bills may be called by Parliament

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Govt offices and backlogs go hand in hand. The most adverse impact of the backlog probably is the stalling of the GST legislation.Additionally, demonetization has taken up most of the winter session’s time productively and non-productively.  In order to solve this lockdown, the government is now mulling to call a special short session of Parliament to … Continue reading Special Parliament session for for GST related bills may be called by Parliament

Government announced that any unaccounted cash or deposit in a bank account before April 1, 2017 can be disclosed

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Govt opens window for declaring black Money under PMGKY from Dec. 17, 2016 to 31st March,2017. Government announced that any unaccounted cash or deposit in a bank account before April 1, 2017 can be disclosed under  PMGKY Scheme that comes with 50 per cent tax and penalty.  Government has announced the technicalities of Disclosure scheme under … Continue reading Government announced that any unaccounted cash or deposit in a bank account before April 1, 2017 can be disclosed

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