Starting in July 2020, the Treasury introduced a new MSME Registration system and categories for Small and Medium Enterprises, Known as Udyam Registration; it allows new and existing companies to register on the MSME portal. This article emphasizes how to get an Udyam registration certificate. Table of Content Brief Overview Importance of Udyam Registration Certificate…
The presumptive scheme under income tax is a popular scheme used by businesses and professionals. This system essentially reduces the burden of income tax compliance on micro and small businesses and professionals. The envisaged scheme for specific professionals was introduced in 2016. Presumptive Scheme allows taxpayers to presumptive their income as a certain % of…
In this 21st century dynamism, the social responsibility of business is a developing sector in which it is gaining international fame and India is no different. However, it is not a new concept in India but has developed over time and is now being amended with the passing of the Companies Act 2013 so that…
In India, there are a number of rules that need to be followed when traveling or driving on the road as it makes for good traffic. Similarly, there are accounting rules that an accountant must follow when recording a business transaction or recording accounts. They may be called accounting concepts. Therefore, it can be said:…
Nidhi is a company recognized under Section 406 of the Companies Act 2013 as amended by the Nidhi Rules 2014. Their main functions are to lend and lend money between their members and they come under the non-banking Indian financial sector. It is a society founded for the express purpose of cultivating among its members…
The income tax return (ITR) deadline is completed by the leading person for the 2021-22 financial year and the inspection year 2022-23 dated 31 July 2022. Thus, those individual taxpayers who have an annual income amount of up to ₹ 50 lakh in the hall, one-room house and other sources of income can file an…
Minutes are the official record of the proceedings of a meeting of the Board of Directors or the Annual General Meeting or any other meeting and the proceedings at that meeting. All companies incorporated in India are required to keep minutes of all board and committee meetings in a minute book. In this article, we…
The Composition Scheme was introduced by small taxpayers with the aim of providing relief from the complex and difficult process imposed by ordinary taxpayers. Section 10 of the CGST Act defines the eligibility criteria for registration as a taxpayer. A clear reading of section 10 and appropriate rules that have been revised several times will…
Whatever the basis of the requirement, the issuance of a notice of cause of the exhibition is a condition before any requirement is raised by the department. Therefore, in order to put an end to unnecessary and avoidable issues, the “Tax Administration Reform Commission” under the chairmanship of Dr. Parthasarathi Shome recommended the concept of…
Covid19 has caused a great deal of confusion in insurance companies. In particular, insurance brokers are at risk of price fluctuations and epidemics have been considered a low-risk event. However, the economic impact of a disaster can serve as a catalyst for positive change in the industry. This article highlights the impact of covid19 on…