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INTRODUCTION TO NIDHI COMPANY AND HOW TO REGISTER NIDHI COMPANY

INTRODUCTION TO NIDHI COMPANY AND HOW TO REGISTER NIDHI COMPANY DUDHORIA CONSULTANCY SERVICES PVT LTD Introduction: In India, Nidhi Companies are formed with the object of cultivating habit of thrift and savings among its members, receiving deposits from, and lending to its members only, for their mutual benefit. Section 406 of the Companies Act, 2013, the Companies (Nidhi Companies) Rules, 2014 and Chapter XXVI of the Companies Rules, 2014 deals with the provision of Nidhi Companies.   Applicability: Nidhi Rules, 2014 shall be applicable to the following: (a)Every company which had been declared as a Nidhi or Mutual Benefit Society under sub-section (1) of Section 620A of the Companies Act, 1956;   (b) Every company functioning on the lines of a Nidhi company or Mutual Benefit Society but has either not applied for or has applied for and is awaiting notification to be a Nidhi or Mutual Benefit Society under sub-Section (1) of Section 620A of the Companies Act, 1956; and   (c) Every co

START NEW BUSINESS IN INDIA

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  THINGS TO KNOW FOR BUSINESS STARTUPS visit  www.taxdcs.co.in for more about us We are presenting a few basic points to be kept in mind before getting in the field of business. Before starting their own venture one must take proper care to decide on these three aspects very effectively: · RIGHT FORM OF BUSINESS · RIGHT ACCOUNTANT · RIGHT BANKER CHOOSING RIGHT FORM OF BUSINESS Choosing the right form of business is like laying the groundwork. On this decision depends the entire maintenance of your business from compliance point of view. Thus, making an appropriate choice of Form of Business is inevitable. Keeping the present scenario in mind we currently recommend the start up ventures to register themselves as private limited companies. Most of the newly startup ventures have finance as a hurdle and being a private limited company one can easily procure funds from friends or relatives by issuing them shares without loosing control over the business.. The major forms of business that a

GST 3B Filing

Taxpayers which have aggregate turnover of more than Rs. 5 crores in the Financial Year 2018-2019 will have to file GSTR-3B for the month of March, 2020 by 5th May, 2020. Thereafter interest will be calculated @9%p.a. if return is filed on or before 24th June 2020. Notification No. 31/2020 dated 03.04.2020 For any help related to GST Filing get in touch with our experts Visit us. www.taxdcs.co.in
APPLICABILITY OF GST ON DIRECTORS REMUNERATION As per Section 9(3) of the CGST Act , tax shall be paid on reverse charge basis by the recipient of such service. The Central Government vide Central Tax (Rate) Notification No. 13/2017 dated 28 th June 2017 notified few services on which tax has to be paid on reverse charge basis. Under Entry 6 of the said Notification it is mentioned that services supplied by a director of a company or a body corporate to the said company or the body corporate (located in the taxable territory) this will fall under Reverse Charge Mechanism, i.e. the company have to pay tax on the consideration paid to director and is eligible for Input Tax Credit. As per Clause I of Schedule III – Services by an employee to the employer in the course of or in relation to his employment is not be treated as supply of goods / services. Hence, director of a company are not treated as employee of the company. Based on the above provisions the AAR Bengaluru

Date of Filing Electronic Challan Cum Return (ECR) for Wage Month March, 2020 Extended Up to 15.05.2020 from 15.04.2020

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COMPANIES FRESH START SCHEME, 2020 (CFSS, 2020)

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COMPANIES FRESH START SCHEME, 2020 (CFSS, 2020) The Ministry of Corporate Affairs vide General Circular No. 12/2020 dated 30/03/2020 has provided an opportunity to defaulting companies to make a fresh start on a clean slateby filing belated documents, statements, returns and forms including ANNUAL FILING FORMS (like AOC-4, MGT-7), DIR-3 KYC, INC-22A (ACTIVE) in the MCA-21 registry irrespective of its due date without any additional fees. THE DETAILS OF THE SCHEME ARE AS UNDER: • The companies which have failed to file Annual Returns and Financial Statement and various other documents, returns and forms filing fees of which are governed U/S 403 of the Actcan now be filed under this scheme at a nominal fees as prescribed under The Companies (Registration and Offices) Rules, 2014. Note: FORM MGT-14 is not covered U/S 403 of the Act and hence this Scheme is not applicable. • Only normal fees will be payable for filing the documents in the MCA 21 Registry. • Inac

Furnishing of Statement of Financial Transaction by 31st May 2017

CBDT Issues Clarification on furnishing Statement of Financial Transaction (SFT) & SFT Preliminary Response Section 285BA of the Income-tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017. In case there are reportable transactions for the year, the reporting person/entity is required to register with the Income Tax Department and generate Income Tax Department Reporting Entity Identification Number (ITDREIN) The same can be generated by logging-in to the e-filing website (https://incometaxindiaefiling.gov.in/) with the log in ID used for the purpose of filing the Income Tax Return of the reporting person / entity. Entity having PAN can take only PAN based ITDREIN. Entity having TAN can generate an ITDREIN only when such TAN's Organisational PAN is not available. The registration of reporting person (ITDR