Thursday, May 21, 2015

Company formation with filing of single form

MCA has introduced Integrated form INC-29 for filing of company formation related documents.Now No separate form to be file for Name approval, DIN, PAN & TAN. However all the information/documents to be filed along with Integrated form INC-29. Liability of Professional has been increased on certification of INC-29. Professional has to certify all the details, therefore documentation & due diligence of the subscriber as well as place of business will be required.

As per Integrated form INC-29, following points to be kept in mind before certifying

"I further certify that;
(i) the draft memorandum and articles of association have been drawn up in conformity with the provisions of
sections 4 and 5 and rules made thereunder; and
(ii) all the requirements of Companies Act, 2013 and the rules made thereunder relating to registration of the
company under section 7 of the Act and matters precedent or incidental thereto have been complied with.
The said records have been properly prepared, signed by the required officers of the Company and maintained
as per the relevant provisions of the Companies Act, 2013 and were found to be in order;
(iii) I have opened all the attachments to this form and have verified these to be as per requirements,complete
and legible;
(iv) I further declare that I have personally visited the proposed registered office given in the form at the address
mentioned herein above and verified that the said proposed registered office of the company is functioning
for the business purposes of the company (wherever applicable in respect of the proposed registered office
has been given).
(v) It is understood that I shall be liable for action under Section 448 of the Companies Act, 2013 for wrong
certification, if any found at any stage."

Monday, December 5, 2011

PPF Amendment

Limit of yearly investment in PPF has been increased to Rs. 1,00,000/- and interest rate increased to 8.6% p.a w.e.f 01.12.2011.

Sunday, April 17, 2011

COMPANY NAME AVAILABILITY RULES AND DIN RULE SIMPLIFIED

THE MCA has simplified the DIN Rule, Now DIN can be approved at the same time of filing of all documents along with attestation by professionals.
Further Company Name Draft Rules has been prepared which is available on MCA website.
Now practicing professionals have to be more cautious while approving any forms certifing before filing to Registrar.

TAX FORMS

New tax Forms has been Notified by the CBDT for the AY 2011-2012.

Wednesday, February 16, 2011

INCOME TAX PROVISION WITH RESPECT TO LLP

LLP INCORPORATED IN INDIA WILL BE ASSESSED AS IF IT IS A PARTNERSHIP FIRM. SECTION
10(23) OF INCOME TAX ACT STATES THAT "FIRM" SHALL INCLUDE LLP, "PARTNER" SHALL
INCLUDE PARTNER OF LLP.

HOWEVER LLPs INCORPORATED OUTSIDE INDIA (FOREIGN LLPs) SHALL BE TAXED AS "COMPANY".

Saturday, September 4, 2010

Direct Tax Code

Direct Tax Code has been introduced in the Parliamant.
Some of the Highlights are as follows:

1.Common threshold limit of Rs. 2,00,000. For resident senior citizens,
threshold increased from Rs. 2,40,000 to Rs. 2,50,000.

2.Deduction for interest on housing loan/loan taken for repair or renovation of house property upto limit of Rs. 1,50,000 in respect of one house pro-perty not let out. No deduction for re-payment of principal under the Code.

3.Limit for tax audits for professionals increased from Rs. 15 lakhs to Rs. 25 lakhs. Limit for tax audit for business increased from Rs. 60 lakhs to Rs. 1 crore.

4.MAT rate - Increased from 15% of book profits to 20%. MAT Credit carry forward period increased from 10 years to 15 years.

5.Wealth tax - threshold increased from Rs. 30,00,000 to Rs. 1 crore. Tax rate will be 1% of net wealth in excess of Rs. 1 crore.

6.DDT on dividend of domestic company - 15%.

7.DDT on income distributed by mutual fund/life insurance to unitholder/policy holder - 5%

8.TDS of 10% on payments in respect of life policies which are not exempt from tax from code.

Thursday, July 22, 2010

Income Tax Return

File the Income Tax Return for the Financial Year ending 31st March 2010
by 31st July 2010.
Applicable to Individual and other assessee whose accounts are not
requried to be audited under the Income Tax Act 1961 or any other Act.

Friday, June 25, 2010

CBDT Circular on 26AS TDS Credit

CBDT come forward and issued circular on bindings of 26AS verysoon. Now imposes duty on the deductee to approach to deductor in case of any deficiency on the part of deductor, Like non filing of TDS return, mentioning wrong PAN or wrong credit entries.