Borrowing Powers – section 180(1)(c) of Companies Act, 2013
Section 180 of the Companies Act 2013 corresponds to section 293 of the companies Act, 1956 and the said section has been brought into effect from 12th September 2013. The earlier section 293 and the new section 180 pertained to powers of the Board of Directors which can be exercised only at a general meeting […]
GST Impact on Hospitality Industry Business in India
The implementation of GST has had a tremendous impact on the Hospitality Sector. This significant industry is expected to rise to over Rs 32.05 lakh crore by 2028. The major reasons behind this growth are that the GST has helped the hospitality sector, by cutting costs for customers, harmonizing taxes, and reducing business transaction costs. […]
How to Check Tax Filing Status for the New Section 206 Compliance
The Finance Act, 2021, has inserted two new Sections 206AB and 206CCA, with effect from 01-07-2021. These sections provide for deduction or collection of tax at a higher rate in the case an assessee has not filed a tax return. CBDT has issued a new functionality on the income tax portal to ease the compliance […]
TDS / TCS New Rules Applicable to Non Filers of Income Tax Returns
The Finance Act 2021 has introduced a new provision relating to withholding tax (Section 206AB) which provides for a higher withholding tax rate in case the vendor to whom the payment is to be made has not filed his tax return for the previous two financial years.
External Commercial Borrowings- A pathway for businesses in India
Have you ever wondered why running a company in India could be challenging? Financing is the first thing that comes to your mind when you think about the challenges that a company particularly a start-up company may face in India. Getting funds for your business is one of the main issues that all businesses face. […]
5 Things to Know About GST Audit by Tax Authorities
1. What is GST Audit? As per Section 65 of CGST Act 2017, The Commissioner or any officer authorized by him may undertake an audit of any registered person for such period, at such frequency and in such manner as may be prescribed. Audit means the examination of records, returns and other documents maintained or […]
Know How to Get GST Refunds
A timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernization of existing business. Refund provisions in GST are more transparent as compared to provisions contained in the earlier indirect tax regime. Also, the claim and sanctioning procedure are primarily online […]
Differences between Form 10B, 10BB, 10BD, 10BE for Trusts and Charitable Organizations
Form 10B Every organization or trust registered under Section 12 must file Form 10B. Here are some of the situations where filing form 10B is mandatory: Gross total income of the trust or institution, before applying deduction under section 11 of Income tax act, 1961 exceeds Rs.5 crore during the previous financial year. A […]
How to reduce tax deduction (TDS) on Sale of Property by Non Resident Indians
Every person making specified payment for Goods/services received shall be held responsible for deducting the tax at specified rates either at the time of credit in the books or payment to the recipient, whichever is earlier and only pay the balance amount to the recipient. This ensures tax is collected in advance, checks tax evasion […]
Understanding the Benefits of Outsourcing Accounting Services in Chennai
Introduction: In today’s rapidly evolving business landscape, companies face numerous challenges, and one critical aspect that demands careful attention is accounting. Proper financial management is crucial for the growth and success of any organization, regardless of its size or industry. Chennai, the bustling capital city of Tamil Nadu, has emerged as a prominent hub for […]
Understanding the Role of Auditors in Chennai’s Financial Landscape
Introduction: Auditors play a critical role in ensuring the accuracy, reliability, and transparency of financial information. Their work is essential for maintaining the integrity of the financial landscape in any city, and Chennai is no exception. As a bustling metropolitan city and a major economic hub in India, Chennai’s financial sector relies on auditors to […]
Maximizing Your Financial Potential: The Importance of Tax Consultant Services
Introduction: Navigating the intricate world of taxes can be a daunting task for individuals and businesses alike. With ever-changing tax laws, regulations, and complex filing requirements, it is no wonder that many people seek the assistance of tax consultants. These professionals possess a deep understanding of the tax landscape and can provide invaluable guidance to […]
How Property Owners Can Avoid Cracks in Joint Development
Property is illiquid, more so if it is high-value. Rather than sell your plot or redevelop an old home, you may want to consider joint development. One clear advantage is getting a home that fits your current needs, without spending money for construction. Also, it can enable one to partly cash-out on the asset. But […]
Annual Return on Foreign Liabilities and Assets
Annual Return on Foreign Liabilities and Assets (FLA) under FEMA Act Which companies are required to submit the FLA Return? The annual return on Foreign Liabilities and Assets (FLA) is required to be submitted directly by all the Indian companies which have received FDI (foreign direct investment) and/or made FDI abroad (i.e. overseas […]
Best CA Firm for your Articleship in Chennai
How to Choose Right CA Firm in Chennai for your Articleship: Choosing the right CA firm for your articleship is an important decision that can have a significant impact on your career as a chartered accountant. Here are some tips to help you select the best CA firm for articleship: Key tips to select right […]
