Archives 2022

CHARGE ON ASSETS

Companies Act, 2013 defines “charge” as an interest or lien created on the property or assets of a company or any of its undertakings or both as security and includes a mortgage. There are various forms of creation of charge. Some of the terms used of creation of charge are: Mortgage, Hypothecation, Pledge, etc. Although […]

NEW RULE 25B – PHYSICAL VERIFICATION OF REGISTERED OFFICE BY MCA

COMPANIES (INCORPORATION) THIRD AMENDMENT RULES, 2022 Companies (Incorporation) Third Amendment Rules, 2022 has been notified on 18th August 2022 by Ministry of Corporate Affairs (MCA) to further amend the Companies (Incorporation) Rules, 2014. In this amendment, MCA has introduced a new Rule 25B, which is about Physical verification of the registered Office of the Company. […]

DUTY CREDIT SCRIPS (DCS) AGAINST EXPORTS

Duty Credit Scrips is an initiative scheme introduced by the Government of India under the Foreign Trade Policy in 2015. Duty Credit Scrips were introduced to provide incentive to the Exporters to boost the inflow of forex in India. What these scrips are to exporters is same as for what vouchers are to shopaholics. These […]

GST ON RENT (COMMERCIAL AND RESIDENTIAL PROPERTY)

GST ON RENTING OF IMMOVABLE PROPERTY FOR COMMERCIAL PURPOSE Renting of any immovable property for a business or commercial purpose would attract GST @ 18% on the taxable value. In case of Commercial purpose, GST would be collected by the Owner/ Landlord and would be payable to the GST Department under forward charge mechanism.  OWNER/LESSOR […]

GST COUNCIL MEETING UPDATES

With the completion of five years of India’s GST law, the GST Council has conducted its 47th Council Meeting with the presence of Finance Minister Nirmala Sitharaman. GST Council has allowed Amendments in GSTR-3B (Monthly GST return for taxpayers). Further, it permitted Auto-Population of most details in Form GSTR-3B and in Form GSTR-9 for better […]

INCOME TAX & TDS ON CRYPTO CURRENCY (VDA)

SECTION 115BBH – TAX ON INCOME FROM VIRTUAL DIGITAL ASSETS As per Section 115BBH, virtual digital assets (cryptocurrencies and non-fungible tokens) would be taxed at a flat rate of 30% on profits. This section will be effective from 1st April, 2023 and will accordingly apply in relation to the assessment year 2023-24 (Financial Year 2022-23) […]

SECTION 194R TDS ON PERQUISITES/BENEFITS

Section 194R of the Income Tax Act has been inserted in the Finance Act 2022 which is applicable from 1st July 2022. Government has introduced section 194R keep a check on tax leakage. This section requires for deducting tax at source (TDS) in respect of business or profession on Benefits or Perquisites. Benefit/Perquisite can be […]