What is Significant Economic Presence (SEP)
Primarily, a PE requires a fixed place of business within the geographical boundaries of the country of sales. Modern technology has made it possible for many companies to do business in several countries without PE. Phrases like “Borderless world” and “Modern technology defies Geography” have become reality for E-Commerce. But governments do want to collect […]
Permanent Establishment Definition Changes
Two amendments have been proposed to Section 9. The first proposed amendment is substitution of clause (a) in the Explanation 2 to Section 9(1)(i) which defines the meaning of ‘business connection’. Such amendment is proposed in view of recommendation of Action Plan 7 of BEPS report. This Action Plan proposes measure to curb the practice […]
ICDS Amendments in Budget 2018
The ICDS-related proposals in the Finance Bill of 2018 are an aftermath of the Delhi High Court ruling in the case of Chamber of Income-tax Consultant vs. UOI dated 8 November 2017. In this case, the Delhi High Court had raised doubts about the constitutional validity of ICDS It appears that Finance Bill 2018 intends […]
New Initiatives for making company incorporation process easier: Govt. of India
Key takeaways from the initiatives taken by the MCA towards ease of doing business in India on the occasion of 69thRepublic Day. No incorporation fee: Companies with authorized share capital up to Rs. 10 lakh can be incorporated in India with Zero registration Fee. Introduction of ‘RUN’: New web service for reservation of name has been launched […]
Budget 2018 Highlights
Tax Highlights Reduction in corporate tax rate to 25% for companies having a turnover of Rs 250 crores and less Deduction under Section 54EC is restricted to the transfer of land/Buildings/ both and the Holding period of the long-term investment asset such as NHAI/ REC Bonds is now increased to five years from the earlier […]
USA Tax Reforms – Impact on Indian Companies
I. Foreign Persons Operating or Investing in a U.S. Business or U.S. Real Property Through a U.S. Subsidiary 1. Reduction of the U.S. federal corporate income tax rate from 35 percent to 21 percent Starting in 2018, U.S. corporations are subject to U.S. federal corporate income tax of 21 percent on their taxable income […]
MCA Scheme for Disqualified Directors
During October, 2017 the MCA had disqualified more than 3 lakh directors of companies who failed to submit their annual filings for 3 or more years. On December 29, 2017 the MCA has come up with much awaited scheme, named Condonation of Delay Scheme, 2018 for disqualified directors. This scheme would definitely prove to be […]
GST Meeting Updates From Oct 6, 2017
The GST Council, in its 22nd meeting held at New Delhi on 6th October 2017, has recommended the following facilitative changes to ease the burden of compliance on small and medium businesses: Composition Scheme The composition scheme shall be made available to taxpayers having annual aggregate turnover of up to Rs. 1 crore as compared […]
Procedures of GST on Exports
There are 3 option under GST for Exports Bond with Bank Guarantee Bond with LUT Pay IGST and claim refund 1.0 Introduction Export and import under GST are treated as interstate supply and hence governed mostly by the IGST act. As per the IGST act, there are only two ways possible to export goods or […]
GST Calendar
S.No Date Process 1 1st July GST Regime Starts 2 15th July onwards Uploading of Sales / Outward Invoices 3 20th August Pay tax and Upload GSTR-3B for July (Self declaration form) 4 1st to 5th September File GSTR-1 for the month of July 5 6th to 10th September Download and Reconcile GSTR-2 for the […]
Don’t Forget to Deduct TDS on House Rent
From June 1, 2017, all individuals who pay rent of more than Rs 50,000 per month will have to deduct tax at source at the rate of 5% as per an amendment to the Income Tax Act. You are responsible to deduct this tax in the last month of the financial year, or the last […]
How do I Claim GST Input Tax Credit on My Existing Closing Stock?
Input Tax Credit According to the model GST Law, a taxable person can accumulate credits of taxes paid and carry them forward in a return. With the introduction of the GST, the last set of credits will have to be transferred. To do this, you must satisfy the conditions mentioned below to take credit for […]
Budget Says File Your Returns on Time Now!
FEES FOR LATE FILING OF RETURNS Earlier, we were allowed up to two years from the end of a particular year to file returns for that year’s income. If you did not file returns even after the expiry of two years, the tax officer could, at his discretion, levy a penalty of ₹5,000. RULES FOR […]
RERA ACT 2016
REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016 The SMART ACT- SALIENT FEATURES Uniform Applicability: The provisions of RERA extend to whole of India (except Jammu and Kashmir) and are applicable to commercial as well as residential real estate projects. Registration – The Real Estate Act makes it mandatory for all commercial and residential real estate […]
