The Income Tax Department sends notices for various reasons, including non-filing of returns, discrepancies in tax return, incomplete, underreported income, tax evasion suspicions, reassessment etc. In case…

Open banking is a transformative concept that has been revolutionizing the financial services industry worldwide. It refers to the practice of sharing financial information securely and in…

Big Data Analytics plays a crucial role in enhancing financial services by providing valuable insights and enabling data-driven decision-making. With the increasing digitization of financial transactions and…

Unlocking the Power of Artificial Intelligence (AI) in Financial Services has been a transformative journey that presents numerous opportunities and challenges. AI has the potential to revolutionize…

The most frequent question asked by any citizen is that why shall he pay any tax? To answer this question, paying taxes is our societal responsibility. The…

INTRODUCTION: - The income tax return filed by any assessee is scrutinize by the income tax department to verify the accuracy of that particular return and if…

Excessive enhancement in the global transactions during the First world war ended way back in 1918-19, turned the table towards the concept of “Transfer Pricing”. The League…

Wondering , what is ULIP and its benefits? As the name suggests, ULIP ( Unit Linked Insurance Plan) is an insurance plan that offers the dual benefit…

WHAT IS FOREIGN CONTRIBUTION REGULATION ACT The Central Government via notification dated July 01, 2022 has introduced Foreign Contribution (Regulation) Amendment Rules, 2022 (“The Amendment Rules 2022”)…

A merger is a procedure when two or more businesses join together to form a new business and increase their operational capacity. In this scenario, the agreement…

Repo rate – The repo rate is the rate at which the Reserve Bank of India (RBI) lends money to commercial banks in the event of any…

➢ General key Highlights of Union Budget 2023 1. EPFO Numbers doubled to 27 crores 2. Agriculture accelerator fund to boost start up in Agri sector. Special…

Basics The Term "Income tax" refers to the type of tax that the government imposed on income earned by the person (defined in the Income Tax Act,…

Tax preparation implies the process of tax return by an individual of an organisation; tax could be applicable on income tax, excise duty, etc. It was a…

Tax Preparation Service It is one of the outsourcing services where Income tax return related services are offered and are filled for an individual or corporation in…

The CBDT has inserted Section 139(8A) Of Income-Tax Act, 1961 and Rule 12AC of Income Tax Rules to furnish an updated return. That is:- “Any person, whether…

The term trademark refers to a visible device, phrase, word, or symbol that denotes a selected product and legally differentiates it from all other products of its…

LET’S UNDERSTAND THE GSTR-1 AND GSTR-3B GSTR-1: GSTR-1 is a monthly/quarterly return that summaries all outward supplies of a taxpayer. Here, invoice-wise details are to be uploaded…

Government has issued this circular regarding clarification on various issues Pertaining to GST The issues on which Government clarify through this circular is mentioned below: Refund claimed…

UNDERSTANDING BLOCKCHAIN In layman language, Block chain is series of immutable data records that is time stamped and not owned by any single entity or person but…

NOMINATION FACILITY The ability to select someone to inherit the Units they own or the money from their redemption in the case of their death is a…

Population is blamed for a lot but it is also a reason for India being a great market place. It has rapidly growing demand which makes India…

The companies are majorly regulated by The Companies Act, 2013. All the sections of The Companies Act, 2013 are important and serve essential purposes. The sections in…

Manufacturing PMI (Purchasing manager’s Index) : The IHS Markit India Manufacturing PMI unexpectedly rose to 57.6 in November from 55.9 in October, beating market consensus of 55.1.…

What is Ngo NGO (Non-Government Organisation) refers to the body which is engaged in the social cause and welfare of the society. These organisations remains detached from…

The provisions of Section 233 of the Companies Act, 2013 read with Rule 25 of The Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 came into force w.e.f.…

Value leakage program consists of highly specialized exercises that are conducted alongside the existing control processes and internal and external audits. The leaks that are detected and…

In the accounting world, a basic assumption that is used while preparing financial statements is that the business will continue as a going concern till perpetuity. And…

What are cryptocurrencies? In layman language, cryptocurrencies are digital currencies designed to buy goods and services, similar to our other used currencies. However, since the beginning, it…

A SWOT analysis is a strategic planning technique that you can use to identify your company’s strengths, weaknesses, opportunities & threats.It was developed in the 60s by…

The term forensic comes from the Latin word called forensis. A forensic audit is an examination and evaluation of a firm’s or individual’s financial records to use…

The Finance Act, 1994 inserted the Sec. 194-I, regarding deduction of tax from payment of rent. The Government felt that an item of income which needs to…

After globalization, a huge portion of our economy is dependent on import and export business. As a result, there are numerous financial transactions where payment or remittance…

Amendment in Goods and Services Tax Act, 2017 GST has been a landmark reform of independent India showcasing the spirit of cooperative federalism. While aspirations were high,…

The Union Budget 2022 has been declared by the Honorable Finance Minister on 1st Feb. 2022, which acts as a point of discussion to cope-up with the…

The session began on warm note, with the Finance Minister projecting India's GDP growth at 9.27%, the highest among the world’s major economies. Finance Minister Nirmala Sitharaman…

The phrase "startup" refers to a company in its early stages of operation. Startups are setup by one or more entrepreneurs who desire to market a product…

MEANING Before understanding what is Tax Audit , let us understand the meaning of the term “Audit”. Audit is the examination or inspection of various books of…

From 1 June 2013, when a buyer buys immovable property (i.e. a building or part of a building or any land other than agricultural land) for consideration…

What is Charitable Trust Charitable institution is a non-profit organization whose primary objective is to philanthropy and social well being such as education, religious or other activities…

Introduction Tax planning is very important in a country like India, where tax laws are perceived to be the second most complex in the Asia-Pacific region. Tax…

Meaning Statutory compliance refers to practices of a company to stay compliant with laws passed with a local, state, or central government. Manufacturing industries involve a lot…

Finance Minister Nirmala Sitharaman on Friday Conduct the 45th meeting of the Goods and Service Tax (GST) Council in Lucknow. This was the Council’s first in-person meeting…

G. K. Kedia & Co., a leading Chartered Accountants Firm in Delhi celebrated their 28th Foundation Day function on 4th July, 2021 at their Connaught Place Office,…

On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax…

Company’s Formation means making Company a legal person in the eyes of Law or the process of making own identity of the Company. The procedure of registration…

Director and Shareholder: Indian National The following documents are mandatory for company incorporation in India: PAN Card: PAN Card copy of the proposed director and shareholder of…

It is not hard to find a Chartered Accountant in India ready to take your project. But you can’t hire just anybody. You will want to make…

CBDT has extended various dates for compliances under I.T. Act, 1961 to address the hardship faced by various stakeholders due to COVID 19 . It has notified…

Import – Export is one of the most lucrative businesses besides being a gateway to successfully maximizing your profits and entering the foreign market in no time.…

43rd GST Council Meeting held on 28th May 2021. Although the council meeting is required to meet once every quarter, the 43rd Council meeting has happened nearly…

Why do you need a tax consultant? A tax consultant's essential role as a tax advisor is to help people, associations, and organizations pay their taxes. They…

Before you know the meaning of the statutory auditor, it is essential to understand the purpose of the audit. Some people think that it is only about…

The 44th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman on 12th day of June, 2021, Saturday, via video…

What is BEPS? Base Erosion and Profit Shifting is the strategy which is implemented under the OECD/G20 Inclusive Framework on BEPS, over 135 countries are collaborating to…

The above chart shows the common type of business unit which are currently prevailing in India. A Foreign National or a Foreign Company (incorporated outside India) are…

Pursuant to Section 4, 7, 8(1), 12, 152 and 153 of the Companies Act, 2013 read with rules made thereunder. As per Companies(Incorporation) Amendment Rules, 2020, changes…

Covid-19 pandemic has hit us at its worst like any other country in the world. But, with a view to achieve Nation’s vision of 5 Trillion Dollar…

The Companies Act, 2013, prescribes different class of companies to be constituted under this act, one of them is a “small company” under Section 2(85) of the…

Six pillars that will lay foundation stones for economic growth and Atmanirbhar Bharat:- Health & Well-being Financial & Capital Expenditure Inclusive Development For Aspirational India Reinvigorating Human…

The following amendments introduced vide Finance act 2021. Relaxation in filling ITR of senior citizen having age exceeding 75 years. In order to provide Relief to senior…

The Government of India introduced a new section 80EEB to promote electric vehicles as a measure to combat pollution in the Union Budget of 2019. It provides…

Foreign Direct Investment (FDI)- Foreign direct investments (FDI) are investments made by one company into another company located in another country. Generally, FDI takes place when an…

FSSAI stands for Food Safety and Standards Authority of India which is an organization that monitors and governs the food business in India. Every food business operator…

The Prime Minister of India, Shri Narendra Modi on 13th August 2020 launched e-Assessment Scheme, 2019. Thus, any scrutiny assessment carried out on or after 12-09-2019 are…

In this fast growing world of Electronics and Information Technology, Software Technology Parks of India (STPI) scheme has been announced by the Government vide RBI master circular…

Announcement of Faceless Appeal by Government and brief Information about the Faceless Appeal Ministry of Finance introduced Faceless Appeal Scheme 2020 with effect from 25 September 2020…

What is TDS? TDS (Tax Deducted at Source) was introduced to collect tax at the source from where an individual's income is generated. The government uses TDS…

MLI (Multilateral Tool): A multilateral tool is a standard agreement / template, one of the components of the OECD BEPS Project, designed to help implement recommended measures…

At G.K. Kedia & CO., we provide you all the information regarding the various relaxations given by Government in order to boost up the Country’s economy in…

Start UP India Scheme is an initiative of the Central Government with the aim of strengthening the economy through innovation, sustainable growth &large scale employment opportunities. Eligibility…

The Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) requires listed companies to disclose material events which have a…

Honourable CM Nirmala Sitharaman as a stimulus to 20 lakh crore economic package , has announced on 14th may 2020 reduction in rates of tax deduction at…

The Union Budget 2020 was presented by the Finance Minister, Nirmala Sitharaman on 1 February 2020, as her second budget. The recently enacted Finance Act, 2020 which…

Many of us want to know whether it is beneficial to outsource tax services or not. Certain questions strike in our minds while thinking about the same.…

Outsourcing business activity means getting it accomplished through an external source and not making fixed investment to accomplish the same. It helps the business organization to focus…

For the Assessment Year 2020-21, every taxpayer except super senior citizen (age 80 years and above) are required to file the income-tax return electronically. Till Assessment Year…

After filing TDS regular return we might get TDS intimation related to: Some interest pending amount (u/s 201(1A), 206C(7)) Late fee penalty (u/s 234E) Short deduction Interest…

On 1 June 2020, Prime Minister Narendra Modi chaired Union Cabinet Meeting. The first meeting of Union Cabinet after Central Government entered into its second year in…

The Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) requires listed companies to disclose material events which have a…

Charitable or religious trust Income tax on various types of income of charitable trust Category of income Income subject to tax Taxability Donations/voluntary contributions Voluntary contributions with…

In order to convey the importance of wearing the mask and social distancing in the new world due to COVID-19 pandemic, G. K. Kedia & Co. Chartered…

In this era, most of the organisation are outsourcing their accounting work to professional accounting firms, but some organisations are still using in-house accounting. This could be…

Thinking to sell Residential Property in India? In this blog we have explained the procedure to be adopted by Non-Resident Indians while selling/ transferring the residential property…

Finance Minister Nirmala Sitharaman on February 01, 2020 introduced the Finance Bill 2020 (‘Bill’)wherein changes regarding Taxation of Non-Residents was addressed. Since, it created mayhem therefore it…

Charitable or religious trust The Finance Bill 2020 received President’s consent on 27 March 2020. New sections were introduced and some original sections has been amended in…

The Central Board of Direct Taxes (CBDT) on 21.04.2020 responding to some observations being circulated on social media alleging that the Income Tax Department is pursuing recovery…

Section 80G of Income Tax Act, 1961 deals with the deduction in respect of donation made forcharitable purposes to the assesse while computing the Total Taxable income.…

How and Why Become an MSME? MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the…

The Coronavirus (COVID 19) is spreading in the whole world vastly. This pandemic has curtailed businesses operations across the globe. With restrictions and lockdowns imposed in the…

What the Scheme Says : Aims at providing bank loans having range of Rs.10 lakh - Rs.1 crore. To at least one Scheduled Caste(SC) and scheduled tribe(ST)…

Issue of certificates for lower rate/nil deduction/collection of TDS or TCS u/s 195, 197 and 206C (9) of the Income Tax Act, 1961 for FY 2020-21 Due…

Income Tax Act, 1961 (hereinafter referred as ‘Act’) provides various rules and regulation which mandates the collection of Tax at source to prevent the evasion of Tax.…

As you all know, you all are welcome in India to explore the Indian market and get benefitted without committing major resources. You can establish your own…

In a bid to provide ease of living at affordable rent in urban areas, the Central govt. will launch a scheme of building affordable rental housing complexes…

We, at GKKEDIA & CO. , are here to provide all the details you need to know regarding the Registrar of companies (ROC) & Reserve Bank of…

What is Credit Linked Subsidy Scheme. The Government of India launched a scheme that would help the financially- deprived population living in urban areas get a roof…

Rs. 2500 crore EPF Support for Business & Workers for 3 more months Businesses continue to face financial stress as they get back to work after the…

We are G.K. Kedia and Co, and today we are sharing the key takeaways from the recent notifications regarding NBFC, that is made by our hon'ble Union…

On 12th May 2020, Prime Minister Narendra Modi addressed the nation and to solace to the country, announced a whopping relief package of around Rs. 20 lacks…

Here are some key ways that automation can benefits the business processes: Adapt to market demand Automation gives you the scalability and agility to handle changes in…

In a Joint Development Agreement (hereinafter referred to as JDA), land owner contributes his land and enters into an arrangement with the developer to develop and construct…

Reserve Bank of India (RBI) Governor Shaktikanta Das has announced much- needed relief for small and medium- sized financial organizations including NBFCs and MFIs, which have been…

Introduction: In earlier years 2010, 2011, 2014, 2018 MCA has introduced Company Settlement Schemes and now in this year i.e. 2020 it has again with this scheme.…

The world is almost certainly snared in a devastating recession delivered by the coronavirus pandemic. The abrupt halt of commercial activities threatens to impose economic pain, so…

The growing threat of the coronavirus has created a serious risk to supply chains, as manufacturers and retailers face the possibility that suppliers will halt production, and…

The Coronavirus (COVID 19) is spreading in the whole world vastly. This pandemic has curtailed businesses operations across the globe. With restrictions and lockdowns imposed in the…

At first, what do we understand with the term tax planning? Tax Planning is the process of practically application of lncome Tax Act, 1961 provision. In other…

Hello Entrepreneurs, We, at G.K.KEDIA & CO., being the Reliable CA firm in India, are here to provide you all the necessary information you want to know…

Amid looming financial crisis owing to the Covid-19 outbreak and lockdown in the country, the Government of India has been trying its level best to tackle issues…

A notification has been released by the government in context of Foreign Direct Investment Policy for curbing opportunistic takeovers/acquisitions of Indian Company due to current COVID-19 pandemic.…

Over the years, FDI has served to be a critical driver of economic growth. It not only serves as a cheap source of finance (as these do…

In order to enable income taxpayers to avail full benefits of various timeline extensions granted by the Government of India due to lockdown on account of Covid-19…

We, G. K. Kedia & Co., Chartered Accountants are engaged in providing all financial services related to Accounting, Auditing and Assurance, Income Tax, GST, Company Law Matters,…

1. What Is the Difference Between Bookkeeper and Accountant? An accountant looks at a company’s financial big picture. He analyzes, interprets and provides subjective advice based on…

Income Tax, Refund is determined when you have paid excess tax by way of TDS/TCS, Self-Assessment Tax or Advance Tax against your Gross Tax Liability. For Example:…

The Coronavirus (COVID 19) started from a city in China has now spread to around 177 countries all over the world. Due to this widespread, WHO Director…

The Goods and Services Tax has been gradually maturing into a tax that has integrated the country economically. It has consolidated numerous taxes and cesses to one…

Meaning of Chartered Accountant Chartered Accountant means a solution oriented person and a person who is awake in those that sleep, and it refers to professional accountant…

We report on the matters contained in Paragraph 3 of the Companies (Auditor’s Report) Order, 2020 as follows: The company has maintained proper records showing full particulars,…

INCOME TAX RELATED FY 2018-2019 | AY 2019-2020 ITR last date extended to 30th June 2020 Tax payment made till 30Th June- Interest reduced from 12% to…

Narendra Modi ran his government against the then existing government led by the Congress party which had mismanaged the economy, fallen into decision paralysis and faced major…

Finance Minister Smt. Nirmala Sitharaman presented the first Union Budget of the third decade of the 21st century. The Union Government has spearheaded radical fiscal measures to…

GST is introduced by Finance Minister of India on 1st july 2017 . It is called one nation one tax . It is a two tier system…

Section 87A of Income-tax Act, 1961 gives maximum rebate in Income-tax of Individuals and HUF of Rs 12,500 to those Assessees whose net taxable income does not…

Income-tax Act, 1961 was brought to tax the income of individuals, Firms, Companies and Association of Person. But in due course of time, corruption entered in the…

Taxation The Indian Taxation system has undergone several reforms, provocative business throughout the country and internationally. Presiding over the tax complexity to escalate the value of the…

People usually argue that hiring a tax consultant is a wastage of money but on the contrary they can prove to be an asset in your life.…

The Income Tax Return Filing is the process of declaring the total income of a person defines under sub clause (31) of clause 2 of Income Tax…

Delhi is the capital of the Republic of India and also a state for administrative purposes. It is one of the largest metropolises in the country. Delhi…

1. ITR-1 (Sahaj) Individual Income Tax Return Not Applicable in case of Non-Residents and not ordinarily resident Not for an individual who is either Director in a…

Quick Requirements to get a Company Formation in India in 5 days Minimum Directors: 2, 1 Indian is must Minimum Promoters/Subscribers: 2 Name of the Company Objects…