A Game Changer- Goods & Service Tax (GST)

GST aims to make India a single market with common tax rates and procedures and remove the economic barriers, between States, thus paving the way for an integrated economy at the national level. more>>


New Compliance requirement for Companies: E-Form 22A – ACTIVE

[Active Company Tagging Identities and Verification]

The Ministry of Corporate affairs (MCA) has recently introduced a new address validation form which has to be mandatorily complied with by companies.

This is for the first time that a photographic evidence with regard to existence of the registered office of the company along with the photograph of director or Key Management Person has been made mandatory. It is evidently an extension of (after the recently introduced KYC norms by the Ministry of Company Affairs) the objective to bring transparency in the company related matters and to flush out shell companies.

Union Interim Budget 2019 [Major Hightlights]

The Union Interim Budget 2019 is an attempt to strengthen the impact of the economic measures already taken by the Government as well as laying out a road map to take the country forward on an economic growth path. The key highlights of the Union Interim Budget 2019 are as below:

A Game Changer- Goods & Service Tax ( GST)

GST aims to make India a single market with common tax rates and procedures and remove the economic barriers, between States, thus paving the way for an integrated economy at the national level. By subsuming most of the Central and State taxes into a single tax and by allowing a set-off of prior-stage taxes for the transactions across the entire value chain, it would mitigate the ill effects of cascading, improve competitiveness and improve liquidity of the businesses. GST is a destination based tax. It follows a multi-stage collection mechanism. In this, tax is collected at every stage and the credit of tax paid at the previous stage is available as a set off at the next stage of transaction.

Companies Act 2013

After years of debate, the Indian Parliament passed its first major change of the country’s corporate law in more than 50 years, which includes several important provisions that modernize India’s corporate governance rules.

Indian Tax Department embraces Technology

M.George Korah,FCA & V.Ravindran,ACA

The Income Tax Appellate Tribunal( ITAT) will launch


Rahul Thomas K

The Balance Sheet of your Company is all set to look very different from this year


M.George Korah FCA, DISA

Ministry of Corporate Affairs [MCA], Government of India, had on 3 March 2011, hosted on its website, the revised Schedule VI to the Companies Act, 1956 which deals with the Form of Balance sheet, Profit & Loss Account and disclosures to be made therein.

MAT on SEZ : A Red Flag for Investors

M.George Korah FCA, DISA

The Minimum Alternate Tax (MAT) was introduced in 1987 to bring companies that paid no corporate taxes or very little tax, after taking advantage of the exemptions provided


M.George Korah FCA, DISA
Annapoorna J Kamath , Ranjith Haridas - Articled Assistants

The Finance Minister has presented a Budget, which many industry analysts have felt is more “middle of the road” than being one which is a “game changer” for the Indian economy.

New Tax Document Identification Number

Year 2011
Taxpayers will now have to procure a 'new number' for filing returns and making any communication with the Income Tax department. The unique document identification number (DIN), on the lines of numbers like PAN and TAN, will be quoted on "every" income tax-related communication, including returns to be filed next year for the financial year 2010-11.

Perks to Burn Bigger Hole In Employee Pockets

Gaurav Kumar Agarwal & Karnan P. Paulson -Articled Assistants
Year 2010
The Government has introduced new rules of taxation, which in a way replaces the provisions of the already abolished Fringe Benefit Tax. According to the new rules notified by the Central Board of Direct Taxes, The Fringe Benefit Tax (FBT) which was being paid by employers for giving non-cash benefits to employees will be replaced with a regime that will tax the perquisites in the hands of the employees.

Good Financial Management for SMEs

M.George Korah FCA, DISA
Year 2009
There is a saying that Money makes the World go around. This is also very true in the case of every Business. Good Money or Financial Management is the key factor, which determines whether a business will be successful over the long term.
I have found that many persons, who start & run a business, do not involve or want to involve themselves in the financial management of the organisation. This may be because:

TDS on Interest, Commission & Brokerage

M.George Korah FCA, DISA
Year 2009
In this paper, we will discuss the Tax deduction provisions on interest payments as well payments which are in the nature of commission or brokerage.
First let us look at interest payments. When you deposit money with a bank, then the bank pays you interest. This interest could be paid out monthly, quarterly, half–yearly or annually. In the case of cumulative deposits, the interest as you know, will be paid on the date of maturity of the deposit, along with the money that you had deposited.

Tax Deduction at Source – Salient Areas

M.George Korah FCA, DISA
Year 2009
Ram Mohan is not happy. From his monthly salary, a good amount is deducted towards tax and what he finally gets in hand seems inadequate for him & his family’s needs.
Malathi Nair’s sole source of income is a monthly rent of Rs. 15000 she gets from a flat that she has rented to a company. Inspite of her repeated requests, the company deducts nearly Rs 2300 each month from the rent it pays to Malathi. She is wondering how she can convince the company not to deduct tax at source.

TDS from Contract Payments

M.George Korah FCA, DISA
Year 2009
Ramesh Menon is a worried man. His partnership firm, M/s Menon Traders has received a notice from the Income Tax Department, enquiring whether the firm has deducted tax at source from contract payments & whether these taxes have been remitted on time.
Ramesh has a discussion with his Accountant, who tells him very casually, “ Sir, no problem, we have not made any payments to contractors”. However Ramesh is not convinced .He starts scrutinizing the payments made by the Firm over the last 12 months and finds the following payments: