DCS - Thy Tax Partner

  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 busine...

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 ...