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VALUATION OF UNQUOTED EQUITY SHARES

Where a company, not being a company in which the public are substantially interested, receives, in any previous year, from any person being a resident, any consideration for issue of shares that exceeds the face value of such shares, the aggregate consideration received for such shares as exceeds the fair [...]

PMFME SCHEME ARTICAL

Pradhan Mantri Formalisation of Micro Food processing Enterprises (PMFME)

A landmark initiative under Aatmanirbhar Bharat Abhiyan offering golden opportunity for micro food entrepreneurs, FPOs/ SHGs/ Co-operatives to benefit from the Scheme for Formalization of Micro Food Processing Enterprises. [...]

A MOVING STORY ABOUT AN IRS OFFICER WHO LOST HER SIGHT BUT NOT HER VISION.

Be bold enough to use your voice, brave enough to listen to your heart, and strong enough to live the life you have imagined. If you have an intense WHY in your goals, you will be doing it anyway no matter what. But, these motivational words are not effective until you [...]

WHY TO FILE INCOME TAX RETURN (ITR)

According to the income tax laws, filing ITR is mandatory for some andvoluntary for others, however, filing it is essential regardless of the category one falls under. Laxman: WHAT IS ITR? Ram: Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. It contains [...]

GST TAX COMPLIANCES REDUCED FOR FY 2020-21

Govt Reduces Compliance Burden For GST Taxpayers Laxman: What is the new relaxation for GST taxpayers? Ram: Taxpayers with Annual Aggregate Turnover (AATO) up to Rs.5 crore are not required to file the reconciliation statement in Form GSTR-9C for fiscal year (FY) 2020-21 onwards. Laxman: What about Taxpayers AATO above [...]

ANNUAL INFORMATION STATEMENT (AIS)

Laxman: What does Annual Information Statement (AIS) mean Ram bhaiya? Ram: Annual Information Statement (AIS) is an extensive view of information for a taxpayer displayed in Form 26AS. It also accepts feedback from the taxpayers on the information displayed in AIS. AIS shows both reported value (value reported by the reporting entities)(i.e. the [...]

IMPORTANT BANK UPDATE APPLICABLE FROM 01-08-2021

Laxman: Do cheques clear on non-working days? I am in need of money to make further payments. Ram: Yes, I have heard recently that now banks will clear cheques on non-working days and in holidays as well. NPCI will be operational 24 hours a day. With the new The RBI governor, Shaktianta Das, made this [...]

JOURNEY OF A MEDICO-LEGAL VISIONARY

Education is the most powerful weapon which you can use to change the world Nelson Mandela. When it comes to education and serving the best, there are no boundaries left for you. All the limits between your thoughts and actions are only from the mind. When these limiting beliefs come [...]

TDS ON PURCHASE OF GOODS-194Q-PART-2

Laxman: - What is this new Section 194Q, which is Confusing our Traders? Ram: - Section 194Q provides an obligation on Qualified buyer to deduct taxes at source (TDS) at the rate of 0.1% on purchase of goods from resident Indian Laxman: Who is a 'Qualifed Buyer' bhaiya? Ram: A person whose [...]

TDS/TCS UPDATES EFFECTIVE FROM 01/07/2021- PART 1

GST UPDATE 05TH JUNE 2021

Laxman: Is there any relaxation in the due dates of GST due to COVID-19? Ram: Yes, the due dates of GST have been extended due to COVID-19. GSTR-3B (May, 2021) Jun 20th, 2021 GSTR-3B (Apr-Jun, 2021) Jul 22, 24 2021 GSTR-1 (May, 2021) Jun 26th, 2021 IFF (Optional) (May,2021) Jun 28th, 2021 [...]

INSPIRING JOURNEY OF A YOUNG BOY FROM BRAHMPURI(INDIA) TO SILICON VALLEY(USA)

"Our past is our experience, our present is our investment to live the dreams we see for our future!" These are not merely words but the belief of a 16-year-old boy who has grown into a professional entrepreneur today. He transformed his innovative ideas into real life engineering solutions that solved [...]