INCOME TAX

Higher Rates TDS/TCS on non filed the ITR on time.

RKC 07 Feb, 2021

Income Tax Return filing: Applicable of at higher rates TDS/TCS on non filed the ITR on time (New Section 206AB and Section 206CCA) A higher rate of TDS for Non-Filer of Income Tax Return has been implemented in Budget 2021. The Proposed Section: 1. Section 206AB was proposed in ...

Goods and service Tax

No GST Audit & GST Changes in Budget 2021

RKC 07 Feb, 2021

No GST Audit and GST Changes in Budget 2021 On 1 February 2021, Finance Minister Nirmala Sitharaman delivered the 2021 paperless budget. FM also announced several improvements to the tax system on goods and services to target at helping small and medium businesses to overcome pandemic disruptions. Relevant GST changes carried out in ...

COMPANY LAW

Govt introduces random e-scrutiny of corporate filings

RKC 06 Feb, 2021

MCA launch random e-scrutiny of corporate filings The Ministry of Corporate Affairs (MCA) is about to launch a random digital Scrutiny of company filings over the next year as it aims to use expert knowledge to enhance supervision and compliance, a senior official said. "The random sampling of ...

OTHERS

Highlights on key changes related to start-up Budget 2021

RKC 05 Feb, 2021

Brief Glance at key changes related to start-up Highlights Budget 2021's: The finance minister has announced the first-ever digital financial budget, and the finance minister's red cover tab had several offers for the business world, especially start-up businesses, this year. key changes related to start-up Highlights Budget 2021's: 1. Start-up ...

OTHERS

Startup India Seed Fund Scheme to provide funding for start ups

RKC 05 Feb, 2021

The Government launched the “Startup India Seed Fund Scheme" to provide funding for start-ups powered by technology. The 'Startup India Seed Fund Scheme (SISFS)' has been approved by the Central Government to provide startups with financial assistance for proof of concept, prototype creation, product trials, market presence, ...

Goods and service Tax

Limitation on filing GSTR-1 along with no ITC claim for your Customers

RKC 04 Feb, 2021

As per the new regulations, not filing GSTR 3B on a regular basis would lead to a restriction in filing GSTR-1. Only after you have successfully filed GSTR 3B for the prior pending months then only you will be able to file GSTR-1. Being not able to file GSTR-1 on ...

Goods and service Tax

Input Tax Credit in GSTR-3B not to be exceed 105% of GSTR-2A

RKC 04 Feb, 2021

Claiming more than 105% of the ITC as shown in GSTR 2A may offer notice of revocation or cancellation of registration.  If you assert the ITC in the GSTR 3B return for a sum that exceeds the specified limit as set out in Rule 36(4), we will inform you of the ...

Goods and service Tax

GST revenue has hit a record high of INR 1.20 lakh crore in January 2021. Budget Effect

RKC 03 Feb, 2021

In January, GST revenues hit a record of Rs 1.20 Lakh Crore: Great news on Budget Eve: Goods & Services Tax collections for January reached an all high of around Rs 1.20 lakh crore, the Finance Ministry said. According to the Finance Ministry, in line with the recovery trend in Goods & ...

Goods and service Tax

Choose the QRMP Scheme only after you identify its drawbacks.

RKC 31 Jan, 2021

Limitations/ drawbacks you should know before Choosing the QRMP Scheme. In order to benefit small taxpayers whose revenue is less than Rs.5 Cr, the Central Board of Indirect Taxes & Customs (CBIC) launched the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme as under Goods and Services Tax (...

Goods and service Tax

Allow NRIs to buy gold from foreigners to claim GST refund by filling Return

RKC 31 Jan, 2021

Allow NRIs to buy gold from foreigners to claim GST reimbursement on their return (Expectation from Budget 2021) The gem and jewelry sector is hoping for a positive result from the budget 2021. The gem and jewelry sector is making a major contribution to the overall economy of the country. And ...

OTHERS

Govt to amend Laws for effective Disciplinary points for ICAI, ICWAI, ICSI

RKC 31 Jan, 2021

Govt to amend Laws for effective Disciplinary points for ICAI, ICWAI, ICSI The Govt. of India is ready to amend laws to streamline the workings, in particular disciplinary dimensions, of the three professional in ICAI, ICWAI and ICSI. The invoice for amending the relevant provisions of the laws governing the ...

OTHERS

Key Points to Consider Before Choosing Types of Business

RKC 28 Jan, 2021

Key Points to Consider Before Choosing Types of Business Ease: The easiest business structures to create are sole proprietorships. It is typically as easy as opening a checking account at your local bank to set up a sole proprietorship. It is also relatively easy to set up partnerships, but you ...

OTHERS

Key Considerations when you launch a startup business

RKC 28 Jan, 2021

Want to Startup Business in India? Here is some Guidelines for YOU! A startup refers to a company that's in the initial stages of business.  Startups are created by one or more entrepreneurs who want to create a product or service to be marketed by the founders. ...

INCOME TAX

All about tax benefit enjoy by Resident Senior Citizens

RKC 26 Jan, 2021

Overview on Tax Concessions/ benefit for Resident Senior Citizens So After a life-time of working, raising families, and making a contribution to the success of this Nation other ways senior citizens deserve a dignified retirement.- Charlie Gonzalez Every Nation Govt provides special specific relief to senior citizens in a ...

COMPANY LAW

PROCESS OF STRIKING-OFF- A PRIVATE LIMITED COMPANY

RKC 26 Jan, 2021

PROCESS OF STRIKING-OFF- A PRIVATE LIMITED COMPANY – There really is a goal behind starting every company that will always run the company, although not all companies end up the same way. The company is founded to do a business, but sometimes the business venture does not succeed or the ...

Private Limited Company

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