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Compliance Services

Income Tax Act,1961

Besides Income Tax Return Filing and Transfer Pricing, there are other compliances that need to be adhered under Income Tax Act:

  • Form 15CA/CB - Form 15CA is an undertaking by the Remitter furnished in an electronic mode giving details of the proposed remittance and tax deducted at source in accordance with the provisions of Income-tax Act. This information should be furnished after obtaining a Certificate in Form 15CB from a Chartered Accountant.
  • Determining applicability of Form 15G/15H
  • Assistance in handling assessment and appellate proceedings
  • Assistance in obtaining Advance Ruling
  • Computation and payment of Advance Tax within due date in order to avoid penal interest
  • Issuance of TDS Certificate (Form 16 and Form 16A)
  • Assistance in obtaining 12A registration for Charitable Trusts, Religious Trusts, Societies and Section 8 Companies
  • Computation and timely payment of Dividend Distribution Tax
  • Computation of Alternate Minimum Tax (AMT) and Minimum Alternate Tax (MAT)
Company/ Corporate Law

Company Law or Corporate Law is the law that is concerned with the creation and regulation of companies. With the introduction of Companies Act, 2013, companies need to comply with a wide gamut of compliances. It is an important aspect that need to be taken care off by the companies in order to function smoothly. Our advisory services aim to ensure strict compliance with relevant regulations while ensuring that the business needs of the clients are addressed in an optimum manner.Services covered under this head are as follows:

  • Annual Filings and filing of various E-forms with ROC
  • Obtaining Director Identification Number
  • Preparation of Search report, Secretarial Audit Report, Due Diligence Report
  • Compliances dealing with Loans, Related Party Transactions and other related matters
  • Compliances dealing with Charges, Dividend, Deposits, Appointment & Removal of Directors/ Auditors
  • Assistance in maintenance of minutes of board and shareholders meeting
  • Change in Name/Objects/Registered Office of the Company
  • Certifications
  • Act as liquidator in winding-up of a company
  • Act as scrutinizer in voting by shareholders in postal ballot and electronic voting

News Section

News

21 Oct 24
Direct Tax Share in GDP Reaches 24-Year High at 6.64% in FY24
Personal Income Tax Collection Surges 294% in FY24
New ICSI Guidelines: Company Secretaries Can Sign E-Form MGT-7 for Only 75 Firms Starting April 2025
RBI Bans Loan Sanction and Disbursal from Four NBFCs
20 Oct 24
Understanding New Tax Form 12BAA: Structure & Benefits
India’s Personal Income Tax Collection Increases by 294% Over the Past Decade
Rajasthan GST AAR: Tax on Corporate Guarantee By Overseas Group is Payable Only Once, Not Periodically
19 Oct 24
ICAI Invites Young CAs to Shine at 40 Under 40 Business Leader Awards 2024
CBDT Amends Rules for Forms 10A and 10AB under Sections 12A and 80G
GSTR-2B Now Auto-Populates GST ITC for Reversal Under Rule 37
How GSTR 1A and IMS Help to Improve GSTR 3B Filing
18 Oct 24
CBDT Exempts RBI from TCS Requirement under Section 206C(1F) of the Income Tax Act
CBDT Releases Updated TDS Rates for FY 2024-25
GST return filing process: Hard-locking of auto-populated values in GSTR-3B Form; check details
17 Oct 24
Bombay HC: Assessee Can’t Be Refused ITC Solely for Filing GST Forms Manually Due to Portal’s Functionality Issues
Gujarat HC: IT Section 68 Does Not Apply if There is No Clear Declaration of Amount in the Bank Statement
Gujarat HC: GST Credit Can’t Be Blocked in the ECL if the Balance Is Nil or Insufficient
CBDT Amends Rules for Forms 10A and 10AB under Sections 12A and 80G
16 Oct 24
Newly launched GST app to facilitate traders keep trail of transactions
CBIC Issues Clarification on Implementation of Section 16(5) & 16(6) of CGST Act 2017
Pune ITAT: Tax Deduction Can Be Claimed u/s 80IA If the Entity Operates, Develops, and Maintains Infra
CBIC Department Regularizes GST Notices to Foreign Airlines
Kerala HC Rules Issuance of Summons U/S 70 of GST Act Does Not Constitute Initiation of Proceedings U/s 6(2)(b)
15 Oct 24
ICAI Issues New Quality Management Standards: SQM 1 and SQM 2 for Auditing and Assurance
CBDT Notifies Income Tax Exemptions for Various Public Authorities u/s 10(46) of the IT Act
Income Tax Department Sets Sights on High-Risk Refund Claims
CBIC Sets 18% GST Rate on Affiliation Services to Colleges by Universities
Kerala HC: If an Assessee Fails to Submit a Sales Report for Tax Evasion, Section 74 Must Be Applied
14 Oct 24
Text of the Circular has been mentioned below
CBIC Issues Clarification on GST Rates and Classification of Goods Following 54th GST Council Meeting
13 Oct 24
Regularizing payment of GST on services of film distributors or sub-distributors who act on a principal basis to acquire and distribute films
Regularizing payment of GST on certain support services provided by an electricity transmission or distribution utility
CBIC Issues Clarifications on GST Applicability for Specific Services
Advisory for Taxpayers: New GST Provision for Metal Scrap Transactions
12 Oct 24
CBIC Introduces New Key Changes to GST Registration Regarding Suspension and Cancellation
GST ITC Reconciliation in GSTR 9 Should be Done Using GSTR 2B, Not GSTR 2A
CBIC Revises Penal Provisions in Form GST INS-01 to Align with the Bharatiya Nyaya Sanhita, 2023
11 Oct 24
CBIC Updates Penal Provisions in Form GST INS-01 in Line with Bharatiya Nyaya Sanhita, 2023
Union Minister Pankaj Chaudhary Inaugurates GST Bhawan in Delhi, Highlights Simplified Tax Compliance Initiatives
Delhi HC: GST Exemption on Foreign Reinsurance for Govt Insurance Schemes Applies Retrospectively from July 1, 2017
Delhi ITAT Quashes Reassessment, Rules Section 147 Cannot Be Invoked for Mere Change of Opinion
10 Oct 24
RBI Keeps Repo Rate Unchanged at 6.50%, Shifts Stance to Neutral Amid Inflation Concerns
CBIC Introduces Rule 47A to CGST Rules: New 30-Day Time Limit for Issuing Tax Invoices Under RCM
CBIC Notifies Reduction in Pre-Deposit Requirement for GST Appeals Effective 1st Nov 2024
Central Tax Notification No. 22/2024 to Rectification on Incorrect GST ITC U/S 16
J&K HC Voids Deficiency Memo; GST Refund Limitation Commences From Original Application Date, Not Follow-Up
09 Oct 24
CBDT Forms Committee to Modernize Income Tax Laws and Reduce Compliance
GSTN Introduces New Payment Methods on GST Portal, Adds Two New Banks for Payments
CBIC Waives Late Fees for TDS Filers u/s 51 of CGST Act on Delayed GSTR-7 Filings Since June 2021
CBIC Notifies GST Exemptions for Vocational Education and Power Utility Services - Effective October 2024
CBDT Extends Form 10B/10BB Filing Deadline to 10th November 2024

Due Date Reminder

Jan Feb Mar Apr May June
July Aug Sep Oct Nov Dec
All
22 Oct 24 Summary Return of Jul-Sep quarter by Quarterly filers in Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands or Lakshadweep.
24 Oct 24 Summary Return of Jul-Sep quarter by Quarterly filers in Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh,Chandigarh or Delhi.
25 Oct 24 Half yearly Details of goods/capital goods sent to & from job worker for Apr-Sep for turnover above 5 cr.
26 Oct 24 Filing of Cost Audit Report for 2023-24 by Company to whom cost audit is applicable. (within 30 days of submission by Cost Auditor report)
28 Oct 24 Return for September by persons with Unique Identification Number (UIN) like embassies etc to get refund under GST for goods and services purchased by them.
29 Oct 24 Filing of financial statements by Cos (Other than OPCs) for FY 2023-24 with the ROC. (30 days from AGM.)
29 Oct 24 Report on Annual General Meeting by Listed company when AGM held on 30 Sep. (within 30 days from completion of AGM).
29 Oct 24 Statement of Accounts and Solvency for 2023-24 to be filed by every LLP.
30 Oct 24 Half-yearly return by Nidhi Companies for April to September.
30 Oct 24 Issue of TCS certificate by All Collectors for September quarter.
30 Oct 24 Deposit of TDS u/s 194-IA on payment made for purchase of property in September.
30 Oct 24 Deposit of TDS u/s 194-IB @ 5% on total payment of Rent more than 50,000 pm by individual or HUF (not liable to tax audit) during FY 24-25, where lease has terminated in Sep. (Else TDS is to be deposited on annual basis by 30 April of next year.)
30 Oct 24 Deposit of TDS on certain payments made by individual/HUF u/s 194M for September.
30 Oct 24 Deposit of TDS on Virtual Digital Assets u/s 194S for September.
31 Oct 24 Specified Companies(receiving supplies from Micro & Small Enterprises whose outstanding dues exceed 45 days) to file details of all outstanding dues to Micro or Small enterprises suppliers for Apr to Sep. Details of even those MSME vendors to be given, to whom payment was made whether within 45 days or later.
31 Oct 24 Avail QRMP for Oct-Dec onwards.
31 Oct 24 Taxpayers to declare opening balance for these new GST ledgers.
31 Oct 24 Report cumulative ITC reversal (ITC that has been reversed earlier and has not yet been reclaimed) as opening balance for Electronic Credit Reversal and Re-claimed Statement.
31 Oct 24 Online Application by Domestic Co. (other than to whom transfer pricing provisions are applicable) for exercise of option u/s 115BAA (22% tax)
31 Oct 24 Online Application by new Manufacturing Domestic Co. (other than to whom transfer pricing provisions are applicable) filing ITR for first time, for exercise of option u/s 115BAB (15% tax).
31 Oct 24 Online Application by Individual/HUF carrying business / profession, for exercise of option u/s 115BAC(1), where due date of ITR is 31 Oct.
31 Oct 24 Online Application by resident co-operative society, for exercise of option u/s 115BAD(1) where due date of ITR is 31 Oct.
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