Mindblown: a blog about philosophy.
How to pay TDS on purchase of immovable property and file tds return / form (26QB)
As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to ₹ 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should…
DUE TO COVID-19 WAIVER OF LATE FEE ON FILING GST RETURNS (GSTR-1 & GSTR-3B) AND INTEREST ON LATE PAYMENT OF GST
Due to prevalent COVID-19 pandemic situation in the country Government has announced the waiver of late fee in filing GST returns as given below: GSTR-1 (Monthly) – No late fee shall be levied if the monthly GSTR-1 for the month of March 2020, April 2020 & May 2020 will be filed before June 30, 2020.…
APPLICABILITY OF LIMITATION LAW UNDER INSOLVENCY AND BANKRUPTCY CODE (IBC)
Background: When the Insolvency and Bankruptcy Code (“IBC” or “Code”) was introduced, it was not prescribed that what will be the applicability of limitation law on IBC matters. The law of limitation revolves around the basic concept of barring legal actions beyond a prescribed period. The concept of limitation law widely acknowledged, in India and is governed…
MCA CLARIFICATION REGARDING EXTENSION OF TIME PERIOD FOR RESERVED NAMES AND RE-SUBMISSION OF FORMS FOR INCORPORATION OF COMPANIES / LLP DUE TO COVID-19 (LOCKDOWN)
In following cases extension has been announced by the Ministry of Corporate Affairs: CASE -1: Names reserved for 20 days for new company incorporation. SPICe+ Part B needs to be filed within 20 days of name reservation. MCA Clarification: Names expiring any day between 15th March 2020 to 3rd May would be extended by 20…
Selecting a right kind of Business Entity before starting your business in India
Points of Comparison Private Limited Company Limited Liability Partnership (LLP) One Person Company (OPC) Partnership Firm Sole Proprietorship Firm Suitable for Persons who have a definite plan and vision and are looking for a prospective investors to fund their project. Venture is an experiment and the founders are not sure about the growth of the…
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