Sakshi Srivastava

A new concept of OPC (One Person Company) is introduced in Companies Act 2013 that says that any person can register a company on his name as single owner or director. After that, many fanatics who were planning to start a company are worried about how to start one person company. Here we talk about the […]

The Goods and Services Tax Network has allowed the System to compute liability for GSTR-3B that is Table-3 for liabilities based on GSTR-1 filed by taxpayers are now available on the GST portal. What is GSTR- 3B? GSTR-3B is summary return filed by a taxpayer by the 20th of the next month. It is a […]

The extension of deadline for GST Return Filing for the FY 2019-20 till 31st October 2020 has been passed by the CBIC. All the taxpayers covered under the composition scheme can now file the annual GST returns under GSTR 4 due date, for the FY 2019-20, by 31st August 2020. This date has been extended by […]

The order has been issued by CBDT (Central Board of Direct Taxes) in F.No. 225/136/2020/ITA.II dated 31.08.2020 in relation to exercise of powers conferred under section 138(1) (a) of Income Tax Act, 1961, related to ITR filing status for compliance check for scheduled commercial banks. Reasons for Compliance Check The data related to cash withdrawal […]

The process of One Person Company registration is a forward-thinking concept which promotes the Incorporation of micro-businesses with persons having entrepreneurial dreams but has limited time, resources or means to execute the business plan. It is the combinaftion of Sole proprietorship and standard company, where the OPC  would enjoy the best of two worlds. What Is One […]

Various provisions have been discussed in detail as notified by the Central Consumer Protection Authority (CCPA) to Consumer Protection Authority Regulations 2020[1] which includes the procedure for transaction and allocation of business, manner and form in which contracts can be executed, affixation of common seal, reimbursement and so on. The notification also specifies that the […]

A clarification has been made by the Reserve Bank of India (RBI) regarding the applicability of certain aspects in order to classify the enterprises as MSME, with respect to the representations from IBA and banks. It is the statutory responsibility of the GoI, Ministry of MSME according to the provisions of the MSMED Act, 2006. […]

Restaurant and food services is the fastest growing business in India. Due to few major changes in the framework of tax collection, this business is being impacted. Introduction of GST has created some perplexity among the restaurant proprietors. This scheme was basically introduced in order to abrogate all sorts of extra charging of money schemes […]

The 41st GST Council meeting held on Thursday, 27th August 2020, on a particular agenda. Union Finance Minister Smt. Nirmala Sitharaman chaired the meeting which was conducted virtually through Video Conference. The Hon’ble Finance Minister announced a meeting for considering the single-point agenda of payment of cess, which was deliberated in the earlier GST Council […]

The Good and Service Tax (GST) is an indirect tax which has replaced the various indirect taxes which were being levied upon the citizens. The GST Law was approved in the parliament on 29th March, 2017 and came into effect on 1st July, 2017. There are three taxes applicable under this system- IGST, CGST, SGST, […]

GST is an indirect tax which has replaced the various indirect taxes which were being levied upon the citizens. The GST Act was passed in the parliament by the government of India on 29th Match, 2017 that into effect on 1st July, 2017. There are three taxes applicable under this system- IGST, CGST, SGST, UTGST. […]

The Income Tax Appellate Tribunal laid down that in case of any conflict between the provisions of The Income Tax Act and the Accounting Standards laid down by the Institute of Chartered Accountants of India, the provisions of the Act would prevail. Principles of Accounting Standards Accounting Standards are basic accounting principles which lays down […]

The Income Tax Appellate Tribunal (ITAT) held that the imposition of late fees is compulsory and consequential and the same cannot be deleted on the grounds of reasonable circumstances. The appellant in the case challenged the late fees imposed on Quarterly TDS Statement whose filing was delayed by the applicant. Overall Interpretation The facts of […]

It was a raised concern earlier this year over the directive of recovery of over Rs. 46,000 Crore of unpaid interest on delayed GST payment. The interest was being charged at Gross Tax Liability. The GST Council inclusive of State and Centre Finance Ministers, in its 39th meeting in March made a decision that the […]