Budget 2017, Impact on Businesses

Budget 2017, Impact on Businesses   Cash Payments limit u/s 40A(3) reduced to 10,000/- Cash Payments exceeding 10,000/- to a single person in a day will lead to disallowance of that expense u/s 40A(3). Earlier this limit was 20,000/-. 2. Capital Expense payments u/s 43 in cash exceeding 10,000 to a single person in a day. The scope of the expense was earlier only revenue expenses and from this budget…

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GST AND IT’S IMPLEMENTATION – A RETROSPECTION

GST AND IT’S IMPLEMENTATION – A RETROSPECTION   GST – a brief explanation Before explaining on GST it is better to lay out a brief intro on the indirect tax scenario prevailing in the country as of now. There are 2 levels of indirect levies on goods as of now ie by each State and by Central Government and on services only by Central Government. Also there are multiple taxes…

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GST LAW & REGISTRATION ASPECTS

GST LAW & REGISTRATION ASPECTS Who is required to be registered under GST Act Sec 23 lays down that persons specified in Schedule V of the act should get themselves registered in every such state in which they are liable to be registered within 30 days from the applicable date. Casual Traders and Non Resident persons should be registered within 5 days before commencement of business. For existing assesses under…

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IT Return due date extended to 17th October for Tax Audit cases

IT Return due date extended to 17th October for Tax Audit cases   Based on F No. 225/195/2016-1 dated 09-09-2016 and Order under section 119 of the Income Tax act 1961 the due date for Filing Income Tax Return for Assessees liable for audit and required to file return u/s 139(1) on or before 30 th September 2016 has been extended to 17th October 2016.   This is on account…

GST Bill receives President Assent

GST BILL gets president Assent The government plan to roll out GST by April 17 gets an inch closer by signing of Constitution 122nd Amendment Bill 2014 by President. It will be enacted as the Constituion 101 st Amendment Act 2016. A GST Council will be setup within 60 days, which will recommend GST Rate , Exempted Goods and Servicess, Subsumation of Surcharge etc. Later CGST , IGST Legislations have…

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Startup India – Eligibility

  action_plan_startup ◄ Back Next ► Picture 1 of 1 In addition, for a startup to be recognized as one, It must be an entity registered/incorporated as a: Private Limited Company under the Companies Act, 2013; or b. Registered Partnership firm under the Indian Partnership Act, 1932; or c. Limited Liability Partnership under the Limited Liability Partnership Act, 2008. Five years must not have elapsed from the date of incorporation/registration.…

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Startup India Action Plan – Main Points

The Startup India Action Plan of Government of India was unveiled on January 16, 2016 by Prime minister Narendra Modi. The main points of the plan for startups are as below. Tax exemptions for three years and concessions on capital gains tax. Compliance regime based on self-certification and no regulatory inspection for three years. A fund of Rs. 10,000 crore to back startups. Initially the corpus will be Rs. 2,500…

How deductor can Submit Self-Declaration for Lower Deposit of TDS

Centralized Processing Cell (TDS) has started sending notices to those deductors who have paid 40 to 60% lesser TDS during the period from April 1 to October 15, 2015 as compared to the corresponding period in Financial Year 2014-15. If as a deductor you have reasonable causes for less Deduction and less Payment of tax with respect to the above mentioned reduction. CPC TDS has released a “Self Declaration” feature…

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Cloud Server Accounting – Comapnies Act Requirements

Coping with the increasing spread of Maintaining Accounts in Cloud Servers, Rule 3 of Companies (Accounts) Rules 2014 lays down the manner of maintenance of books of account in Electronic mode. (1) The books of account and other relevant books and papers maintained in electronic mode shall remain accessible in India so as to be usable for subsequent reference. (2) The books of account and other relevant books and papers…