The Blog

KYC Of Directors

The MCA has notified the format of E-form DIR-3 KYC under new Rule 12A, vide the ‘Companies (Appointment and Qualification of Directors) Fourth Amendment Rules, 2018’, via notification dt.05.07.2018 applicable w.e.f. 10 July, 2018. Checkout details : 1) Who is required to file DIR-3 KYC As per these rules, individuals who have been allotted a Director Identification Number (DIN) as on 31st March of a financial year shall submit e-form DIR-3-KYC to the Central Government on or

Tax Audit Amendments

CBDT on 20 July, 2018 Notifies Amendments in Form 3CD (Tax Audit Report), applicable from 20 August, 2018: Income-tax (8th Amendment) Rules, 2018 Summary of Amendments in Tax Audit Report. : Clause No Amendments/Insertion 4. (amended) GSTIN to be Mentioned 19. (amended) Allowances under Section 32AD to be reported 24. (amended) Deemed gains u/s 32AD to be reported 26. (amended) Reporting of any sum payable to Railways u/s 43B(g) which is not allowable as deduction for non-payment 29A.

PRESUMPTIVE TAXATION SCHEME

PRESUMPTIVE TAXATION SCHEME SECTION 44AD, 44ADA & 44AE OF INCOME TAX ACT,1961. To reduce the tax burden and to provide relief from tedious work to small tax assesses, the government of India has incorporated a scheme of presumptive taxation. Businesses adopting the presumptive taxation scheme are not required to maintain regular books of account. They can declare the income at a prescribed rate. The presumptive taxation scheme is framed under three sections- Section 44AD and Section 44ADA &

Scope of XBRL reporting widens

Applicability of XBRL: As per Section 137 of Companies Act, 2013, the following class of companies shall file their financial statements and other documents under section 137 of the Act with the Registrar in e-form AOC-4 XBRL:- (i) Companies LISTED with stock exchanges in India and Their Indian Subsidiaries; (ii) Companies having Paid Up Capital of Five crore rupees or above; (iii) Companies having Turnover of One Hundred crore rupees or above; (iv) All companies which are required to

Statutory Due Dates

Due Date Category Description
07-11-2018 Income Tax Due date for deposit of Tax deducted/collected for the month of October, 2018.