Dhanvijay And Associates - Newsletter

What is TAN? and How is obtain and if there is duplicate TAN  is Allotted then how can cancel. What is TAN?: TAN or Tax Deduction and Collection Account Number is a 10 digit alphanumeric number required to be obtained by all persons who are responsible for deducting or collecting tax. It is compulsory to quote TAN in TDS/TCS return (including any e-TDS/TCS return), any TDS/TCS payment challan and TDS/TCS certificates. Who must apply for TAN? : All those persons who are required to deduct tax at source or collect tax at source on behalf of the Income Tax Department are required to apply for and obtain TAN. Why apply for TAN?: The provisions of section 203A of the Income-tax Act require all persons who deduct or collect tax at source to apply for the allotment of a TAN. The section also makes it mandatory for TAN to be quoted in all TDS/TCS returns, all TDS/TCS payment challans and all TDS/TCS certificates to be issued. Why is it necessar...

Racket Busted Of a Large Number Of Non-Operational Partnership Firms Falsely Claiming Refunds Against Accumulated ITC During the search, none of the firms were found to be existing/operational at their declared premises. Further investigations revealed that two persons, apparently mastermind behind the racket, had obtained KYC documents from proprietors/ partners of these firms for consideration. A large number of proprietorship/partnership firms registered with Gautam Buddha Nagar and other Commissionerates of D elhi NCR  which were apparently connected and had claimed a huge amount of refunds against accumulated Input Tax Credit  on account of inverted tax structure and Zero-rated supply of Goods were identified During the search, none of the firms were found to be existing/operational at their declared premises. Further investigations revealed that two persons apparently mastermind behind the racket, had obtained KYC  documents from proprietors/ partn...

Privatization of Companies, Fake Currency & Bank Mergers The Government has given  approval for Privatisation of 24 CPSEs including Subsidiaries, Units and Joint Ventures with the sale of majority stake and transfer of management control. The Government follows a policy of strategic disinvestment of CPSEs, which are not in ‘priority sectors’.    (i) National Security;  (ii) Sovereign function at arm’s length, and  (iii) Market Imperfections and Public Purpose. Strategic disinvestment of  is being guided by the basic economic principle that Government should discontinue in sectors, where competitive markets have come of age and economic potential of such entities may be better discovered in the hands of strategic investor due to various factors such as infusion of capital, technological up-gradation, and efficient management practices; and would thus add to the GDP of the country. Fake Currency : As per data of the National C...

Annual Compliances for Private Limited Company- Checklist Every Private Limited Company must file various forms and documents on an annual basis as per the Companies Act, 2013 and Companies Incorporation Rules, 2014. A private Limited Company is a separate legal entity with a benefit of limited liability to its shareholders.  A Private Limited Company must stay away from legal disputes that would tarnish its image and name of the company. There will be no legal fines or penalties if the company adheres to the compliance procedures. What is Annual Compliance of Private Limited Company? : A Private Limited Company enjoys a separate identity which requires maintaining its active status through the regular annual filing with the Ministry of Corporate Affairs. For every private company, it is mandatory to file an annual return and audited financial statements with the  Ministry of Corporate Affairs. The Compliance due dates provided above in respect of form DP...

What is Project Report and itis Important in Business  Development Project Report is a project written for any kind of investment. It collects information on financial management, technical, economic. Also, Project Report collects the details of buildings, land scale areas, manufacturing of materials, equipment which is needed to the business, cost invested for the project, Project report help to keep all details. A Project Report is a document that provides details on the overall picture of the proposed business. It contains a combination report of Profitability analysis Project management has emerged as a crucial factor that determines the success of an organization. Project management function is not limited to only the IT industry; it is across industries and geographies.  Take, for instance, designing and assembling a new bike or a car is a project, making a movie is a project. All these projects, irrespective of their domains, are assigned with a dedicat...

Registration for EPFO & ESIC for new Companies on MCA Portal only Registration of new public, private limited companies and one person company for coverage under the Employees Provident Fund Organisation and the Employees State Insurance Corporation will henceforth be done  on the ministry of corporate affairs' portal and not on labor ministry's Shram Suvidha Portal, the labour ministry. As part of the ongoing efforts to improve India’s ranking in the doing business report 2021, ministry of labor and employment has completed the reform to integrate a process of registration for GST, EPFO, ESIC and profession Tax for Maharashtra with company incorporation” in tandem with the MCA,” labor ministry said in a statement. Registration for EPFO & ESIC for new Public& Private Limited Companies and One Person Company has been stopped on Shram Suvidha Portal from 15.02.2020. With effect from 15.02.2020, new Public& Private Limited Companies and One Per...

Surrender Value of An Insurance Policy Definition of 'Surrender Value': It is the amount the policyholder will get from the life insurance company if he decides to exit the policy before maturity. A mid-term surrender would result in the policyholder getting a sum of what has been allocated towards savings and the earnings thereon. A regular premium policy acquires surrender value after the policyholder has paid the premiums continuously for three years. However, you need to make sure that you keep track of this policy until it matures. Once you decide to exit the insurance policy, all the benefits associated with it, including the protection cover, will cease to exist. CASH VALUE: Cash value, or account value, is equal to the sum of money that builds inside of a cash value-generating annuity or permanent life insurance policy. It is the money held in your account. Your insurance or annuity provider allocates some of the money you pay through premiums...