Step by step procedure for e-filing of tax audit report – Section 44AB

As we all know, from assessment year 2013-2014 onwards, tax audit report as required under section 44AB is required to be filled electronically. Here in this article we will be discussing how to electronically file these tax audit reports. Section 44AB tax audit report filling steps Before we start the process or procedure of e-filing … Read More » "Step by step procedure for e-filing of tax audit report – Section 44AB"

Forms used for e-filing of section 44AB tax audit report – 3CA, 3CB and 3CD

In our last article, we have discussed when section 44AB tax audit is required to be done by tax payers. Today in this article we will be discussing different forms that are required to be submitted for section 44AB tax audit report. Forms used for section 44AB tax audit report As per rule 6G, two … Read More » "Forms used for e-filing of section 44AB tax audit report – 3CA, 3CB and 3CD"

How to appoint a new or additional director to an existing company

After a company’s incorporation, appointment of additional director is not only a crucial administrative requirement but also an important procedural requirement which has to be fulfilled as per the provisions of companies act 2013. Please remember only an individual can be appointed as a director in a company. This means a company, association, firm or … Read More » "How to appoint a new or additional director to an existing company"

How many company codes one can create in SAP and how to define it in SAP

Simple questions like ‘how many company codes one can create in SAP ‘may be asked in an interview to test your understanding in SAP. Company Code or CC is used in SAP by almost all sub modules to post financial transactions into SAP. Before answering this question, let us understand why company codes are created … Read More » "How many company codes one can create in SAP and how to define it in SAP"

How to define Company in SAP and what relationship it has with company codes

A company in SAP is formed as an organizational unit for which financial statements are required to be drawn as per the legal requirements of the country. Its defined at client level. This means its assigned below the client level to which all other units are assigned in SAP. Company can be defined in SAP … Read More » "How to define Company in SAP and what relationship it has with company codes"

Corporate identity number or CIN is mandatorily required to mention in company’s letterhead

Corporate identity number or CIN is a unique 21 digit registration number which each and every company gets after getting registered with ministry of corporate affairs. With effect from 1st April 2014, 183 new sections of companies act 2013 has been notified. Out of that list, section 12 is one of such section which deals with … Read More » "Corporate identity number or CIN is mandatorily required to mention in company’s letterhead"

Normal and Additional fees for late filing of form MGT14

By now, we all know that filing of form MGT14 is mandated by section 117 of the companies’ act 2013. As per this section companies are required to file MGT14 in certain special cases as required by law. Today in this article we will be looking into the applicability of normal filing fees that a … Read More » "Normal and Additional fees for late filing of form MGT14"

Can a belated or late filled income tax return be revised

Belated return means a late return which is filled as per section 139(4) of income tax act. Before discussing the provisions related to revised return in case of late filling or filling of belated return, let us first look into the provisions of section 139(4) of income tax act. As per section 139(4) of income … Read More » "Can a belated or late filled income tax return be revised"