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WHAT IS PAN 2.0

1.In PAN 2.0, all PAN/TAN related services will be hosted on a single unified portal of ITD. E-PAN will be done free of cost & sent to the registered email id. For physical PAN card, the has to make a along with a fee of Rs.50. 2.The existing PAN card holders are not required to […]

KEY FEATURES OF EMPLOYEE PROVIDENT FUND 3.0

1.12% cap on employee’s contribution may be removed, allowing subscribers to contribute their amount. 2.Employer contribution will remain fixed and based on employee’s salary, ensuring no additional burden on employers. 3.Subscribers may be able to withdraw PF amount directly via ATM’S. 4.Employees could contribute additional amount to their PF account any time. 5.Proposed wage limit […]

Advisory on GSTR 2B & IMS

As per the design of IMS, GSTR 2B will not be generated by the system in the below cases; a) In case the tax payer has opted for QRMP scheme, GSTR 2B will not be generated for the first & 2nd month of the quarter. b) In case the tax payer has not filed their […]

Direct Tax Code 2025 Majo Changes

1.Residential status: Resident & Non-resident (Not ordinary resident status removed) 2.Assessment year & previous year removed; only financial year will be used. 3.LTCG: Taxable as part of normal income without 4.Dividends: Taxed @15% without DDT. 5.Tax rate for ultra rich (income >10Cr) taxed @35%. 6.Tax audit can be conducted by CA, CMA & CS

Restrictions on cash Deposits in Savings Account

* You can maintain unlimited saving A/C balance, but deposit (cash) is monitored. *Cash Deposit greater than Rs.50000; requires PAN. *Cash Deposit Restriction (No formal cap and this is generally recommended) . Upto Rs.1L can be deposited; single day. . Limit can be extended to Rs.2.5L; special circumstances. . Cumulative Limit of Rs.10 Lakh: Annually […]

MCA Compliances break-up

1.DIR-3 Directors KYC 2.MGT-14 Documentation for Board meetings (Min 4 in a year)3.AOC 4 & Documentation for AGM4.DPT 3 Return of Deposit/Loan.5.Director’s report6.Maintenance of statutory Register7.MGT & Annual Returns

GST Updates applicable from 1 Nov 2024

1.Waire on interest & penalty on demand notices from FY 2017-18, 2018-19 7 2019-20 are available if full tax amount is settled before 31 march, 2025. 2.Raw materials for liquor production, specifically undenatured extra neutral alcohol are excluded from GST. 3.Self Invoicing-Invoice under RCM shall be issued within 30 days from the date of supply […]

Requirements for startup India registration

1.Should be a registered LLP or company. 2.Incorporated after 2011. 3.Turnover should be less than INR 100 Cr in any year. 4.Should be an innovative business model, development or improvement of product/process/service or a scalable business model providing employment opportunities.