The Ministry of Corporate Affairs (MCA) vide its General Circular No. 11 dated 24th March 2020 and 12/2020, comes up with the Companies Fresh Start Scheme, 2020 for a one-time application of amnesty of delay of filling the various forms, documents, returns, etc. with the MCA. Earlier Company Settlement Schemes introduced by MCA in 2010,2011, 2014,2018, and...
Continue readingOnline ESI Return Filing: Process, Penalty for Late Filing
ESI scheme is a type of social security scheme for employees in the organized sector. The employees registered under the scheme are mainly entitled to medical treatment for themselves and their dependents, cash benefit for unemployment in certain contingencies, and maternity benefit in the case of women employees. Employees State Insurance Corporation (ESIC) of India is a significant multifaceted...
Continue readingTHE EMPLOYEES PROVIDENT FUNDS
The Act applies to: Every factory, engaged in industry prescribed by the Act and employs 20 or more persons. Every establishment and its departments and branches, in which 20 or more persons are employed. Educational Institutions are also considered as establishments. The Act is applicable to establishments with less than twenty employees, by notification...
Continue readingVivad se Vishwas Bill, 2020
This bill is Inspired by the success of the SabkaVishwas Scheme which reduced several disputes. Its objective is to collect taxes and reduce litigation. A complete waiver of interest and penalty of the taxpayers is being offered under this scheme, who pay their taxes, in dispute, on or before March 31, 2020. Who is...
Continue readingCapital Gains
Any profits or gains arising from the transfer of a capital asset effected in the previous year shall be chargeable to income-tax under the head ‘Capital Gains’. Capital asset means – Property of any kind held by an assessee whether or not connected with his business or profession. Any securities held by a Foreign...
Continue readingUDYOG AADHAR
Udyog Aadhar is known as Aadhaar for Business. It’s a twelve-digit Unique Identification Number Provided by the Government of India through the Ministry of Micro, Small and Medium Enterprises, for small and medium enterprises in India. Number A recognition certificate is also provided by Government along with Unique identification Number Udyog Aadhaar scheme was launched...
Continue readingAudit of Limited Liability Partnership 2008
Audit of accounts- Audit of Limited Liability Partnership shall be audited in accordance with such rules as may be prescribed. Requirement of Audit Rule 24 of limited liability partnership, 2009 According to rule 24 of LLP – A LLP whose turnover does not exceed, in any financial year, for Rs. 40 lacs, or whose...
Continue readingIncome Tax Assessment
Every taxation system requires assessment. The assessment generally means a determination of tax or in other words, it is the process of examination of the returns by the Income Tax Department. As every person whose income is chargeable to tax has to furnish income tax return. Once a return is furnished by the assessee,...
Continue readingCARO 2020 VS CARO 2016
CARO 2020 Stands for Companies Auditor’s Report Order, 2020. CARO is applicable to every company including a foreign company except the following: A banking company; An insurance company; A company licensed to operate u/s 8 of the Companies Act; A-One Person Company A private limited company, not a subsidiary or holding of a public...
Continue readingFile an appeal in GST
Where a person is not happy with any order passed or decision formed against him by an adjudicating authority under GST then an appeal to the First Appellate Authority can be filed by him. If they are not agreed with the decision of the First Appellate Authority they can appeal to the National Appellate Tribunal, then to the High...
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