In this editorial, the author shall discuss the circular issued by the Ministry of Corporate Affairs on 31st May 2022 in respect of LLP. By this circular MCA has relaxed additional fees on LLP forms due to technical issues faced by corporates on MCA Website. As per the Circular, MCA has extended the Due Date of various forms of LLP up to 30th JUNE 2022. A. APPLICABILITY OF CIRCULAR Que:1 Which forms of LLP are included in this circular? Ans: MCA has not restricted this circular up to a Limit. This circular is applicable to all forms of LLP. Que:2 How to check, whether your form falls under thi ..read more

India has one of the fast-growing economies in the world and this can partly be credited to the FDI (Foreign Direct Investment) inputs to the country and to globalization. A large number of foreign companies have started to set up their businesses here since the country provides them with seasoned subject matter experts who have mastered the technical know-how, special investment schemes, and tax exemptions. On the other hand, India is also open to welcoming foreign nationals to hold high positions in several companies. The Companies Act, 2013 had introduced several new features, including hav ..read more

SHORT SUMMARY: In this editorial author shall discuss the provisions of Compounding of AGM. Many professionals asked this question, How to go for compounding in case of holding of AGM after Due date. PROVISION OF LAW: As per Section 96 of Companies Act, 2013, Every company should hold one Annual General Meeting of Members of the Company. TIME PERIOD OF HOLDING OF AGM AGM should hold within 15 months from the date of the last AGM or 6 months from the end of the financial year, whichever is earlier. EXTENSION OF AGM: The company if required can apply to ROC for extension of AGM. However, ROC has ..read more

The income-tax department has rolled out the new Annual Information Statement (AIS) in the Compliance section of the Income-tax portal, with the aim of bringing transparency and offering detailed information to the taxpayer. This statement is an extensive view of information for a taxpayer, even broader than Form 26AS. Typically, AIS is a financial summary ..read more

 If you pay more tax than she is liable for in a financial year through excess tax deducted at source (TDS) or miscalculation in income tax, the income tax department refunds the excess amount. The refund is processed after the taxpayer files and verifies her income tax return (ITR). The refund is credited into the ..read more

Many taxpayers are of the opinion that the process of filing income tax return (ITR) ends once they verify their tax returns. However, actually, the situation is different. The income tax department starts processing your ITR once you verify your ITR. But the process will end once you receive the I-T department’s intimation under section ..read more

The Board of Direct Taxes (Income Tax Department) vide Notification No. 129/2021/ F.No. 370142/52/2021-TPL (Part IV) dated 01.11.2021, in exercise of its power under section 245D (11) & 245D (12) of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) has issued a Scheme may be called the e-Settlement Scheme, 2021 to settle pending ..read more

This article contains various Compliance requirements for the Month of November 2021 under various Statutory Laws. Compliance Requirement Under 1. Income Tax Act, 1961 2. Goods & Services Tax Act, 2017 (GST) and Important Updates / Circulars 3. Companies Act, 2013 & LLP Compliance (MCA/ROC Compliance) and Notifications 4. Foreign Exchange Management Act, 1999 (FEMA ..read more

Ministry of Corporate Affairs (MCA) vide General Circular No. 16/2021 dated 26.10.2021 has issued notification / circular and provided Relaxations in paying additional fees in case of delay in filing Form 8 (the Statement of Account and Solvency) by Limited Liability Partnerships upto 30th December, 2021. Notification text: This Ministry has received a representation seeking ..read more

GST was introduced to minimize the efforts of the taxpayers and also reduce the cascading effect of taxation. Although these goals are met, there are certain times when GST structure can be a complicated one. GST compliance requirements are one of the significant issues faced by the GST taxpayers when it comes to large businesses ..read more