Every tax payer under GST law is required to self-assess the tax payable by him or for the business and furnish periodical return with the government stating all the details. After filing the return, department will carry on compliance verification. During compliance verification, if the department requires then they may call for additional record based on which tax paid has … [Read more...] about Accounts and Records to be maintained by Registered person under GST Law
Audit under Goods and Services Tax Law – GST
The purpose of audit under GST law is to assess the compliance with the provisions of GST and to verify the correctness of turnover declared, tax paid, input tax credit availed and refund claimed. Audit is a process of examining records, returns and other relevant documents maintained by the registered person to know how far compliance under GST Law has been carried out by … [Read more...] about Audit under Goods and Services Tax Law – GST
Certification of Annual return by a Practicing Company Secretary
Annual return is a comprehensive document containing information of a company relating to its share capital, indebtedness, directors, shareholders, changes in directorships and other important disclosures. According to the Companies Act 2013, annual return can be divided into three parts; Form MGT-7- Annual Return [Sec.92] Form MGT-9- Extract of Annual Return which … [Read more...] about Certification of Annual return by a Practicing Company Secretary
Extract of Annual Return to be filed with ROC
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
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
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
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
Tax deduction on interest on residential house loan – Section 80EE
Home buyer can get additional tax deduction up to Rs 50000 on interest on loan taken for residential house property if all the conditions of section 80EE are satisfied. As per the present tax laws, a home buyer can claim both interest and principal components of home loan repayment for tax benefit. Principal repayment of the home loan can be claimed under section 80C of … [Read more...] about Tax deduction on interest on residential house loan – Section 80EE
Income tax Surcharge – Applicability and Marginal Relief
Surcharge is an additional charge levied on tax if income or turnover crosses a limit as specified in tax law. They are used to ensure that the rich contribute more to the tax kitty than the poor. Currently for financial year 2016-17, surcharge is levied at the rate of 15% of tax, if income exceeds 1 Crore rupees in case of an individual, HUF, AOP, BOI or artificial … [Read more...] about Income tax Surcharge – Applicability and Marginal Relief