Comparison of in-house accounting vs. accounting outsource
We present both sides of the coin, citing benefits of full- or part-time in-house accounting services professionals versus accounting outsource to professionals. Benefits of full- or part-time IN-HOUSE accounting professional(s): Physical presence: Sometimes it’s just...
read moreTDS on purchase of property
Buyer (all assessee) buying an immoveable property (other than agricultural land) from a RESIDENT, where the consideration of property is Rs. 50 Lakhs or more shall at the time of credit of such sum to the account of the seller or at the time of payment whichever is...
read moreIncome Tax on sale of business – Slump Sale
As per Income Tax Act Slump Sale means where an undertaking is sold (without considering individual assets and liabilities of the undertaking). There is sale of business entirely without allocating value to individual assets. Individual values may be of relevance only...
read moreResponsibility of accounting outsource professional
If you own or operate a small or midsize business or organization, then you likely have a basic and functional idea of accounting and financial duties that are necessary to run the business. What may surprise you is the breadth of responsibilities of accounting...
read moreWhy Online Consultancy for tax?
Online consultancy is growing with the growing digitization. From buying groceries, ordering food, booking a cab, making payments, etc everything is going digital and so is the consultancy part. So far, the most common form of consultancy is telephonic or face to...
read moreRelief in TDS due to COVID-19
In order to provide more funds at the disposal of the taxpayers, the rates of Tax Deduction at Source (TDS) for non-salaried specified payments made to residents and rates of Tax Collection at Source (TCS) for the specified receipts shall be reduced by 25% of the...
read more5 Strategies to Protect Family Wealth
Many wealth transfer concepts even have wealth protection benefits. Thorough estate planning helps preserve your family’s wealth by removing your name from your assets and putting them into legally-protected vehicles, like trusts or limited liability entities. Certain...
read moreClarification of residential status for AY 2020-21 under section 6 of the Income Tax Act, 1961
Section 6 of the Income-tax Act, 1961 (the Act) contains provisions relating to determination of residency of a person. The status of an individual, as to whether he is resident in India or a non-resident or not ordinarily resident, is dependent, inter-alia, on the...
read moreReasons to outsource to India
These days, accounting and finance professionals are in high demand to outsource to India, and that reality has made it increasingly difficult for small and midsize businesses to attract and retain qualified professionals. While this challenge extends across the...
read moreNewsletter for the Month of April 2020
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read moreClarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020
55 questions contained in circular no 7 of 2020 are reissued under this circular with following modifications and Clarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020 Vivad se Vishwas referred to Direct Tax Vivad se Vishwas Bill, 2020 in circular...
read moreTDS on payment more than Rs.50 Lakhs by individual and HUF
Section 194M is a new section introduced by Finance Act,2019 which is effective from 01st September, 2019. This sections is applicable to Individual & HUF (other than those required to deduct tax u/s 194C, 194J or 194H). Meaning TDS u/s 194M is applicable to...
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GST IMPACT ON GOODS AND SERVICES DUE TO LOCKDOWN
Advance received by a supplier for service contract which got subsequently cancelled. The supplied has issued the invoice and paid GST thereon. Issue a credit note and adjust the liability in the return In case there is no output liability against which credit note...
read moreForms covered under Companies Fresh Start Scheme (CFSS 2020) and LLP Settlement Scheme
Companies Fresh Start Scheme (CFSS 2020) and LLP Settlement Scheme 2020 which started from 1st April 2020 provides for Companies and LLPs to file for various forms without any additional fees to meet the compliance. MCA issued a list of forms which are eligible...
read moreNewsletter for March 2020 by Accountingbuzz
Amnesty Scheme for Companies (CFSS 2020)
Opportunity for all the companies who failed to file annual return and compliance forms with the ROC in the past. The MCA has introduced Companies Fresh Start Scheme 2020 (CFSS 2020) under which companies can file the old annual returns and statements with no...
read moreFM Press conference on COVID-19 and relief measures
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read moreCAR COVID-19 with MCA
MCA has introduced a new form w.e.f. 23rd March, 2020. The web form named CAR (Company Affirmation of Readiness towards COVID-19) should be filed by an authorised signatory of Companies and LLPs with the MCA Following entities have to file this form: Company LLP...
read moreUpdate status/ declaration as Nidhi Company in Form NDH-4.
In order to make regulatory regime for Nidhi Companies more effective and also to accomplish the objectives of transparency & investor friendliness in corporate environment of the country, the Central Government has recently amended the provisions related to NIDHI...
read moreCAR (Company Affirmation of Readiness towards COVID-19)
All companies and LLPs are required to file web based form for readiness towards COVID-19 on 23.03.2020. The web form named CAR (Company Affirmation of Readiness towards COVID-19) should be filed by an authorised signatory of Companies and LLPs. CAR-2020 would be a...
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