Letter of Undertaking (LUT) under GST
Letter of Undertaking (LUT) under GST Before understanding the concept of LUT, it is important to understand the meaning of zero-rated supply under GST. What is Zero-rated supply? Zero-rated supply is defined in sec 16(1) of IGST Act. The extract of the same is as follows: “zero rated supply” means any of the following […]
ASMT-10
ASMT-10 What exactly is ASMT-10? ASMT-10 is a form through which scrutiny notice is issued by tax authorities to taxpayers whenever inconsistencies or discrepancies are identified in their filed GST returns (GSTR 1 & GSTR 3B). This form acts as an official means of communication, informing the taxpayer about the identified issues and allowing them […]
Why Your SME Business in India Needs Virtual CFO Services
How to help SME Business Owners in India maintain their day-to-day financial transactions In today’s fast-paced and highly competitive business landscape, small and medium-sized enterprise (SME) owners in India face numerous challenges when it comes to managing their financial transactions efficiently. From handling cash flow to monitoring expenses, SMEs require effective financial management strategies to […]
Questions on Income tax returns
Questions on Income tax returns Query Solution Have you missed filing your income tax return for FY 22-23? If yes, then there is still a chance to file the income tax return within 31st December, 2023. The return missed to be filed within the due date of filing income tax return is known as belated […]
Angel Taxation
Angel Taxation If you are an entrepreneur, you must be aware of the term “Angel Tax”. Under section 56(2)(viib) of the Income Tax Act, a startup in India is required to pay a definite sum in the form of tax. However, in the 2019 Union Budget, the government announced some relaxation. At the same time, […]
Conversion Of Proprietorship To Private Limited Company
Conversion Of Proprietorship To Private Limited Company A sole proprietorship is having characteristic of unlimited liability and stakeholders shall have no clarity on succession planning but are privileged with less compliance. The era of obtaining funds from outside by issuing various instruments like Shares and Debentures is provoking sole proprietors to convert their Proprietorship into […]
E-Invoicing
E-Invoicing What is E-invoicing? E-invoicing is a concept that is similar to an e-way bill where the details of the tax invoice issued in the software have to be filled in FORM INV-01 and an Invoice Reference Number (IRN) along with a QR code has to be generated for each invoice from the e-invoice portal. […]
Important Year-end Activities – Gst Perspective
Important Year end Activities – Gst Perspective With the increase in departmental audits, growth of the start-up industry and funding, business takeovers, etc., in addition to various aspects, it is extremely important to be tax compliant to avoid any speed breakers on the road to reaching greater heights. We have tried to list down a […]
Conversion Of Loan Into Equity
Conversion of Loan into Equity Any company can convert loans into share capital of company under companies act 2013 (except loan taken and debenture issued to government company) Provisions under Companies Act, 2013 Provisions of Section- 62 doesn’t required to follow in this situation Special Resolution required filing at the time of issue of Debenture […]
RIGHTS ISSUES OF SHARES – EQUITY
Rights issues of Shares Equity The concept of Right issue of shares is governed by section 62(1)(a) of the Companies Act, 2013. The said section deals with provision related to increase in subscribed share capital of the Company by issue of further shares. ‘Right Issue’ means offering shares to existing shareholders in proportion to their […]
