According to a notification issued by CBIC via notification no. 31/2019 CT on 28th June 2019, PMT 09 is the prescribed challan for relocating the falsely or erroneously paid ITC. For example, if one has paid CGST instead of SGST, they can rectify it by using this challan which is known as GST PMT...
Continue readingWhat is Atal Pension Yojana?
About: A new scheme, Atal Pension Yojna (APY) has been launched by the government with effect from June 1, 2015, which provides the strategic direction for shaping the pension landscape in the country to convert the society from a pension less to pensioned one in the largely uncovered informal sector. As pension involves a...
Continue readingDeduction under section 80C,80CCC,80CCD,80TTA,80GG,80E
1. Section 80C Deductions on Investments An assessee can claim a deduction of Rs 1.5 lakhs under section 80C. In simple terms, an assessee can reduce up to Rs. 1.5 lakh from total taxable income and this deduction is available only for individuals and Hindu Undivided Family(HUF). 2. Section 80CCC – Deduction for Premium Paid...
Continue readingWhat is a Producer Company?
About: A person engaged in any activity connected with or related to any primary produce can be termed as Producer. Producer Companies can be defined as a body of farmers/agriculturists, legally recognized, to improve their standard of living, and ensuring a good status and providing them available support, incomes, and profitability. Producer Company also...
Continue readingPatent Registration
About: A patent is a right granted to an inventor by the government that permits the inventor of the patent to deny others from making, selling, or using the invention for a period of time. The patent process is designed to encourage inventions that are unique and useful to society. Patent are categories into three parts...
Continue readingCOPYRIGHT Act
About: In India, the Copyright Act 1957 governs the matter of copyright law. The Act came into force w.e.f 21 January 1958. A copyright is a right given by law not to imitate someone’s already performed work. A copyright gives the creator of the topic an exclusive right over his work. No one can...
Continue readingCo-operative Society
About: A co-operative society is an independent association of persons formed voluntarily in order to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise. For example – co-operative society formed by Weavers, Farmers, Tribal these are urban and rural societies that provide loans to its member at a low...
Continue readingIntimation of Active Status of Company
About : The Government of India has launched several steps against black money, undisclosed income, Benami transactions, etc. The government of India takes one more step in these directions and forms a task force with the Ministry of Corporate Affairs(MCA), to find those companies that are only open for tax evasion which is also...
Continue readingWhat is DIR-3 KYC?
About KYC: KYC (Know your customer) in this the government wants to reconfirm your identity. Every director to whom the Director Identification Number (DIN) has been allotted as on 31st March of a financial year shall submit e-form DIR-3-KYC to MCA (Ministry of Corporate Affairs) on or before 30th June of immediate next financial year....
Continue readingChange in the object clause of the company
Change in the object clause of the company Object clause mentioned in Memorandum of Association of a company defines the main business activity of the company (primary object) and Activities which are necessary for conducting the main business activity (Ancillary objects) a company can change its primary object or the ancillary objects by following...
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