Table of Content Registration of Section 8 Companies Number of Directors Required Documents required for Registration Procedure of Registration of section 8 Company Compliances Penalty REGISTRATION OF SECTION 8 COMPANIES A non-profit organization registered under section 8 of companies Act, 2013 as a company corresponding of section 25 of companies’ Act,1956. Section 8 companies are…

Content Introduction Objective Provisions of composition scheme (section 10) Who is eligible for opting composition scheme? Rates applicable under composition scheme Whether interest income is included or excluded? Introduction Composition scheme provide ease in goods and tax related compliance to relatively small businessmen who do not have enough knowledge about goods and service tax and…

Content What is CMP 08? What is the due date of filling CMP 08? What are the penalties for late payment of CMP 08? Who should fill the form CMP 08? How to file CMP 08 form through GST portal? What is CMP 08? Form GST CMP- 08 is a new return form introduced for…

Content What is arrear salary? Meaning of relief under section 89(1) Important points to remember of Relief under Section 89(1) How to claim credit under section 89(1) Calculation for Claiming Relief on Salary Arrears  What is arrear salary? Arrear is a legal term for the part of any debt that is overdue for one or…

The spread of COVID-19 has put forward the need of own and spacious houses, this indeed has shot up the demand for plots and villas. But amid this the recent order of Gujarat AAR (advance ruling authority) has increased the problems of buyers as for now they will be obliged to pay the dual charges…

Common problems while filling GST returns There are certain glitches happen while filling GST returns by the taxpayers due to many reasons. Sometimes due to negligence, lack of knowledge or understanding tax payers often commit some of the very common mistakes while filing the return. Let’s have look over them and their solutions. First and…

Content What is the meaning of agriculture income in India? Legal position of tax on agriculture Treatment of partly agricultural & partly non-agricultural income Tax treatment of agricultural income in India Procedure applicable to computation of tax Tax on sale of agriculture land in India What is section 54B of the Income Tax Act, 1961…

Content Introduction Amendments Non applicability of Section 194O (TDS on payment made to E-commerce operator) Changes in section 194A/ 194C/ 194H/ 194I/ 194J  In case of individual or HUF In case of cooperative societies Introduction The Honourable Finance Minister, Nirmala Sitaraman introduced the varied alternations in existing tax structure of India under the Finance Act,…

 Content What is salary? Allowances Perquisites Taxable in case of all employees: Exempt in case of all employees: Taxable in hands of specified employees WHAT IS SALARY? The term salary under INCOME TAX ACT, 1961 includes both monetary payments (i.e. basic salary, dearness allowance, bonus, pension, commission, allowances, etc.) as well as non-monetary facilities (i.e….

Content What is a private limited company? Deductible expenses Salary to directors Sitting fees to director Preliminary expenses Rent expenses Capitalizing capital asset and depreciation Salary of family members Entertainment expenses Director’s vehicle expense  Company is an artificial person created by law it is clothed with many rights, obligations, powers and duties prescribed by law….

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