The director of a company is responsible for managing the day-to-day affairs of the company. He is the one who gives directions to managers regarding any decision or policy change undertaken by the shareholders or promoters of the company. They may be promoters of the company, especially in the case of private companies, or an…
GST has introduced a few concepts which are new or unheard of by Indian taxpayers. Few are levies of tax on stock transfer of goods, taxation of gifts distributed to employees, etc. In terms of Section 7 read with Schedule I to CGST Act 2017, there are specified activities that would be subject to GST…
For domestic and domestic manufacturing companies that start operations on or after October 1, 2019, but before March 31, 2023, the Ministry of Finance has approved Section 115BAA and Section 115 BAB taxation law. By decreasing corporation tax rates for domestic and manufacturing enterprises, the sections were developed to help entrepreneurs. Tax on income of…
If a company accepts foreign investment, the Reserve Bank of India issues forms FC-GPR. As a result, the corporation will grant shares in exchange for a foreign investor’s investment. Additionally, the corporation must submit information on this share allotment using Form FC-GPR. In this post, we take a close look at filling out form FC-GPR….
Keeping accurate records of your banking transactions can help you determine your financial health and avoid costly fees. One way to keep accurate records is to reconcile your bank account. Using this simple process each month will help you spot any discrepancies between your records and what appears on your bank statement. In this article,…
If you are willing to start a career in accounting and management? The CIMA is the ideal way to launch your career in that case. However, your enthusiasm and commitment to the accounting course can aid in your entry into the finance and management industries. Further, you might not be aware of the Indian universities…
The goods and Services Tax is the single most important tax reform since independence and it covers all goods and services. It replaces the complex levy of goods and services at the center and at the state levels. The new GST will merge the aforementioned indirect central and state taxes into a single tax. Table…
In layman’s language, custom duty is an indirect tax that is applicable to the export and import of goods transported from one country to another. Custom in Custom Duty means ancient practice so uniform and persistent in its usage that it becomes a source of law. Since antiquity, the system of levying a tax on…
The Reserve Bank of India had formed ‘Foreign Exchange (Export of Goods & Services) Regulations’ 2015 by the integrity of the powers given by Section 7(3) (1) (a) and Section 47(2) of the FEMA Act, 1999 and in the ambit of its Notification dated 23/05/2000 and modified from time to time. Furthermore, Export trade is…
Introduction The system of taxation is most important for a nation’s economy which keeps revenue consistent manages growth in the economy, and fuels its industrial activity. India’s three-tier federal structure consists of the Union Government, the State Governments, and the Local Bodies which are empowered with the responsibility of the different taxes and duties, which…