Board of director’s report is the main part of company’s annual report as its required having details of the company. According to companies act 2013 read with Companies (Management and Administration) Rule, 2014, every company is required to attach an extract of annual return in form MGT-9 to company’s board report. This means the extract of annual return in form MGT-9 is … [Read more...] about Extract of Annual Return to be filed with ROC
Archives for July 2017
Consequences of not filing Annual Return with ROC – Form MGT 7
In our previous article, we have discussed when and how to file company’s annual return and signing of annual returns. In this article, we will be discussing the consequences of not filing Annual Return. As per section 92 of Companies act 2013, every company shall prepare an annual return in form MGT-7 containing details as on 31st March of the financial year. It must be … [Read more...] about Consequences of not filing Annual Return with ROC – Form MGT 7
What is Input tax credit under GST – Explained with examples
The main reason of bringing GST law into India is to reduce the cascading tax effect. As per the present law, at each stage of the entire supply chain, registered taxable persons are eligible to take input tax credit. Input tax means the taxes that have been paid while buying raw material or services. Similarly, the tax collected on the sale of the product or services is … [Read more...] about What is Input tax credit under GST – Explained with examples
Who is Liable to get Registered under GST
With effect from 1st July 2017, Goods and Service Tax (GST) has been introduced in India to combine nine existing indirect taxes into one. In this article, we will be discussing when and who is required to get GST registration in India. We recommend you to read our article aggregate turnover calculation under GST before getting into this article. Registration can be … [Read more...] about Who is Liable to get Registered under GST
How to get GST Registration in India – A Step-By-Step guide
Not all suppliers in India are required to get GST registration. If you fulfill certain conditions then only registration under GST law is mandatory. After taking GST registration, you are required to file your return every month irrespective of your turnover. For this reason, before getting registration under GST law, we suggest you know exactly when to register under GST law … [Read more...] about How to get GST Registration in India – A Step-By-Step guide
Intra-state supply Vs inter-state supply under GST Law
The meaning of intra-state supply and inter-state supply is important in GST law to know the tax implication. As per the present GST law, states only have the power to regulate intra-state supply, not inter-state supply of goods and/or services. Before getting into the tax implication under GST law, you should first understand the difference between intra-state supply and … [Read more...] about Intra-state supply Vs inter-state supply under GST Law
Restrictions on One Person Company – OPC
A company is classified as One Person or private or public limited on the basis of their number of members. According to section 2(62) of the Companies Act, 2013, One Person Company (OPC) means a company which has only one person as a member. This means in the case of OPC, the number of members required to register is only 1. One Person Company or OPC is a one shareholder … [Read more...] about Restrictions on One Person Company – OPC
How to calculate aggregate turnover for GST registration
In this article, we will discuss the meaning of aggregate turnover as per GST law. Before getting into the definition and things that are included in it or excluded out of it, let us discuss why aggregate turnover is so important under GST law. As per the GST law, if a person is liable to get registered, then such taxable person should obtain registration in every State from … [Read more...] about How to calculate aggregate turnover for GST registration
Form 12BB – Investment Declaration Form for Income Tax
Employees are required to provide a declaration at the beginning of the financial year or at the time of joining the organization showing proposed investments and expenses eligible for tax deductions. At this point, you are not required to submit actual proofs of investment and expenditure. Based on this declaration, employer is required to deduct tax (i.e. known as TDS) … [Read more...] about Form 12BB – Investment Declaration Form for Income Tax
What is GSTIN-Goods and Services Tax Identification Number
Business units taking registration under GST law, will be provided a unique identification number known as Goods and Services Tax Identification Number or GSTIN. Its also referred as GST number. This number consists of 15 unique alpha numeric digits issued by the government in response to the application filed by the person. Out of the 15 unique alpha numeric number of GSTIN, … [Read more...] about What is GSTIN-Goods and Services Tax Identification Number