DCS - Thy Tax Partner

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...

NOTE DEMONETISATION: A MOVE TOWARDS NATION BUILDING 1. Why is this scheme introduced? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced. 2. What is this scheme? The legal tender character of the existing bank notes in denominations of ₹500 and ₹1000 issued by the Reserve bank of India till November 8, 2016 (hereinafter referred to as Specified Bank Notes) stands withdrawn. In consequence thereof these Bank Notes cannot be used for transacting business and...

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 any start up venture can opt for are as follows:...

TAX  PLANNING V/S TAX AVOIDANCE V/S TAX EVASION Though the words – Tax Planning, Tax Avoidance and Tax Evasion – sound connected, yet there is significant difference in the three. TAX PLANNING : Tax Planning is the way to reduce the tax liability by availing the exemptions and deductions mentioned explicitly in the Income Tax Act and Rules. Planning one’s income and expenses so as to get the benefit of various exemptions and deductions is called Tax Planning. Investments in PPF, NSC, LICI, etc are eligible for deductions. Tax Payers are advised to make full use of the Tax Planning opportunities. TAX AVOIDANCE : Tax Avoidance is done when the tax payer takes advantage of the loopholes in the tax regime in order to reduce the tax liability. Tax Avoidance is also not illegal. There is a very thin line of difference between Tax Planning and Tax Avoidance. Where in Tax Planning, a Tax Payer is making use of the opportunities provided exp...