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Companies (Incorporation) Amendment Rules 2020 & Release of new Company Incorporation Form (SPICE+)

Companies (Incorporation) Amendment Rules 2020 & Release of new Company Incorporation Form (SPICE+)

As part of Government of India’s ease of doing Initiatives, Central Government on 6th February, 2020 has amended Companies (Incorporation) Rules, 2014 by issue of Companies (Incorporation) Amendment Rules, 2020. The rule shall be made applicable for all new company incorporation with effect from 15th Feb, 2020. To implement these rules MCA is going to release new incorporation Form ‘SPICe+’ which will be an integrated Web Form that will have two Parts, ‘Part A’ for reservation of Name of Company and ‘Part B’ for registration related services. It is to bring it to your…

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GST Update: CBIC notifies due dates for GSTR-3B

GST Update: CBIC notifies due dates for GSTR-3B

  CBIC has notified due dates for filing GSTR-3B for the months of January-2020, February-2020 and March-2020 for taxpayers having an turnover of up to Rs.5 Crores in the previous financial year. Summarized details of state wise due dates are as below- Return States Return Period Due Date GSTR-3B Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep January-2020…

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The Key Highlights of Union Budget 2020-2021

The Key Highlights of Union Budget 2020-2021

Budget 2020-2021 Highlights : PDF Download, Key Takeaways, Important Points Finance Minister (FM) Nirmala Sitharaman has presented the Union Budget 2020-2021 of India on the 1st of February, 2020. Focussing on measures taken by the government towards reaching the target of a $5 trillion economy by the end of 2022.

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TDS deductible only on dividend received from Mutual Fund

TDS under section 194K at 10% is deductible only on dividend received from Mutual Fund.

As per the Budget 2020, a new section 194K would be introduced under which TDS at 10% would be deducted on ‘income’ derived by a ‘resident’ from Mutual Funds specified under s. 10 Clause (23D) of the Income Tax Act 1961. Representations were received to clarify the TDS would be deducted only on the amount of dividend or even on the income arising on redemption. Accordingly, a Press Release was issued by the CBDT on 4th February 2020 clarifying that Mutual…

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Taxpayers Charter to be given Statutory Recognition and to empower citizens

Taxpayers Charter to be given Statutory Recognition and to empower citizens

The Finance Minister in her Budget presentation on Saturday, proposed to enshrine in the statutes a ‘taxpayer charter”. This Charter would enumerate the taxpayers rights and it’s objective would be to enhance the efficiency and delivery system of the Income Tax Department. Thus, the provisions of the Income Tax Act would be amended and the CBDT would adopt the taxpayers charter. Accordingly, the CBDT Chairman Pramod Chandra Mody in his interview to the Press Trust of India has stated that…

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Direct Tax Proposals - Budget 2020

Direct Tax Proposals – Budget 2020

1. Simplified tax regime for Individual Taxpayers New Income Tax Slab Rates have been proposed for Individuals : Taxable Income New Tax Rates INR 0 – INR 2.5 lacs NIL INR 2.50 lacs – INR 5.00 lacs 5% INR 5.00 lacs – INR 7.50 lacs 10% INR 7.50 lacs – INR 10.00 lacs 15% INR 10.00 lacs – INR 12.50 lacs 20% INR 12.50 lacs – INR 15.00 lacs 25% Above INR 15.00 lacs 30% The taxpayer at its discretion…

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Introduction of SPICE+ form for Incorporation

Introduction of SPICE+ form for Incorporation

  As part of Government of India’s Ease of Doing Business(EODB) initiatives, the Ministry of Corporate Affairs would be shortly notifying & deploying a new Web Form christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the existing SPICe form. This SPICe+ form would be an integrated Web form offering multiple services viz. name reservation, incorporation, DIN allotment, mandatory issue of PAN, TAN, EPFO, ESIC, Profession Tax (Maharashtra) and Opening of Bank Account. It will also facilitate allotment of GSTIN wherever so applied…

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Changes that you need to know while filing income tax return (ITR 1 & 4) for AY 2020-21.

Changes that you need to know while filing income tax return (ITR 1 & 4) for AY 2020-21.

For AY 2020-21 following changes has been made in ITR 1 & 4. Please keep ready while filing income tax return for AY 2020-21. 🏻If having Passport, its number is to be given* 🏻If incurred aggregate expenses exceeding Rs. 2 lakh on foreign Travel for self or for others, then amount to be specified* 🏻If deposited aggregate amount exceeding Rs. 1 crore in one or more current accounts then aggregate of amount deposited in all such accounts to be specified*.…

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Recent Amendment in Companies Act 2013

Recent Amendment in Companies Act 2013

Private Companies with debts have to undergo mandatory secretarial Audit Now private Co.s indebted with Rs. 100 crores to come under ambit of Secretarial Audit The ministry of corporate affairs (MCA) has made it mandatory for unlisted companies, or private firms, with outstanding loans of Rs 100 crore or more to file their financial audit reports for financial year 2020-21 onwards. Such private companies will have to conduct a secretarial audit and submit the findings with the government. Brief provision…

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Appointment & remuneration of Managerial Personnel

Amendment on Companies (Appointment & remuneration of Managerial Personnel) Rules, 2014

MCA vide notification dated 3rd January 2020 has made few important amendments in the provisions of Companies Act, 2013. These are as follows: Requirement of whole-time company secretary – The limit of paid up capital has been increased from Rs. 5 Crore to Rs. 10 Crore. There is no need to appoint a whole time company secretary in any company until the paid up capital reaches Rs. 10 Crore or more. Secretarial audit applicable to private companies – Now, every company having outstanding…

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