News Letter Director KYC

As part of updating its registry, Ministry of Corporate Affairs is conducting KYC of all Directors of all companies. Accordingly, every Director who has been allotted DIN on or before 31st March 2018 and whose DIN is in ‘Approved’ status, mandatorily required to file KYC on or before 31st August 2018. This is a new compliance which needs to be completed on or…

WHO IS REQUIRED TO GET TAX AUDIT

“Any person carrying on a business must get accounting records audited if turnover exceeds Rs 1 croreand for professionals it is Rs 50 lakhs.” Turnover Limit for Audit Category of Taxpayer   Business (Not opting Presumptive Income Scheme u/s 44AD) 1crore Professionals(Not opting Presumptive Income Scheme u/s 44ADA) 50 Lakhs Business opting Presumptive Income scheme…

Equalisation Levy @6% on Digital Ads

Equalisation Levy @6% on Digital Ads Equalisation Levy as introduced by Finance Bill 2016 in Union Budget 2016-17, to address the challenge of digital economy. This has been in effect from 1st June 2016. The purpose is to tax the e-commerce transactions/digital business which is conducted without regard to national boundaries. Reason for Introduction of…

Electronic Way Bill in GST

Under GST, the person shall furnish the information prior to the commencement of movement of goods of more than Rs.50,000 and generates e-way bill on the E-way portal. It would become mandatory for inter-state movements of goods from February 1, 2018. The Uniform System of e-way Bill for inter-State as well as the intra-State movement…

For Sale of Used Car

  There were lot of confusion and questions about the sale of car, whether the transaction will be taxable or not under GST. There will be different cases for this transaction, we shall discuss only sale of car by registered person under GST on which no Input Tax Credit has been claimed under earlier law.…