It is a universally established truth that for establishing and to run a business with full effectiveness and efficiency “5M” are required to commensurate, which are as follows: Money Mission Manpower Management Market Business can be newly setup or existing business. While evaluating both the cases;first that is to setup a business and second that is to r......

Income Tax department has now initiated the Faceless facility for income tax appeals. Now all the cases will be initiate, process and completed in faceless mechanism. Form 35 is re-enabled for filing an appeal related to Faceless Appeal Scheme. Appeals related to tax evasion, major tax related fraud, international tax, black money and special search will be commence by and through departments. Wi......

Applicability CARO 2020 is applicable from 01st April, 2019 i.e. audit report of every financial years commencing from 01st April, 2019 and onwards. There is no change in the applicability of CARO 2020. CARO 2020 is applicable on all companies except certain companies same as CARO 2016. The CARO, 2016 would not be applicable to the auditor’s report on consolidated financial statements. ......

New income tax rates, slabs: Finance Minister proposed new income tax slabs and lower rates which are optional and are available to those who are willing to forego some exemption and some deductions. New income tax slabs0 – 2.5 lakh – exempted2.5 lakh – 5 lakh – 5%5 lakh – 7.5 lakh – 10% (Earlier it was 20%)7.5 lakh – 10 lakh – 15% (Earlier it was......

As per CGST Act, “agent” means a person, including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatever name called, who carries on the business of supply or receipt of goods or services or both on behalf of another. Agents are of 3 categories for the purpose of applicability of GST rules:- Commission Agent:- Tran......

Ministry of Finance –CBDT issued a notification on dated 06 Nov 2019 Notification No. 95/2019/F.No. 370142/15/2019-TPL, under this notification the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962 which shall be applicable from 01 Sept 2019 Under this notification in following mentioned form the instead of words “Permanent Acco......

GST Audit will apply every year for those GST registered a business (GSTIN) having turnover more than Rs 2 crores, by the sale of goods or services in the financial year. Need for GST Audit- GST audit involves examination of correctness of turnover declared, taxes paid, refund claimed, input tax credit availed and assess, returns and record and other documents maintained by a registered......

Preliminary Expenses are expenses incurred for before commencement or setting up of new business or new unit or for extension of existing undertaking. Preliminary expenses includes: Legal expenses for drafting or printing MOA/AOA. Preparation of project report or any report required for business. Fees incurred for incorporation of company. For issue, for public subscription , of shares in o......

The Benami Transactions (Prohibition) Act, 1988 on 19.05.1988 in India was brought into force by government to stop the Benami Transaction where original owner of some property with the intention of curbing the illegal transactions wore a mask of some different person to hide his ownership and to enjoy the property acquired by him from illegal means. This Act has been thereafter substantially amen......