The criterion for furnishing the MSME I form (MCA) through those particular forms whose outstanding payment to MSMEs supplier is more than 45 days is given below:

Order named: Specified Companies (Detailed information regarding payment to micro and small enterprise suppliers) Order, 2019

Date of Notification: In context to Order on January 22, 2019, issued beneath Section 405 of the Companies Act, 2013

Effective Date: From the Date of Publication in the Official Gazette

It is a language for e-communication of financial and business information for reporting the business. The companies through this standardised communication language which is in electronic form can express, report or file the financial statements. But the only way of presentation and reporting is XBRL. It does not try to execute any modifications in the content to be published. However, these all can be done with the help of a solid XBRL software. XBRL filing is required … Read More

The Finance Ministry has permitted the composition scheme taxpayers to file a self-assessed tax return in one-page statement – Form GST CMP 08 of the Central Goods and Service Tax Rules, 2017. This quarterly return has to be filed after every quarter by the 18th day of the month.

Among the total of 1.21 crore GST registered businesses, 20 lakh businesses which are registered under the composition scheme are required to file the CMP 08, therefore, here we provide complete … Read More

MGT 7 Form is for the purpose of monitoring annual return details of a company. While the rest of the information is for general interest, the concerned individuals must know the upcoming MGT 7 due date for FY 2018-19 for avoiding any penalties. The MGT 7 needs to be filled by all the businesses in electronic form provided by the Ministry of Corporate Affairs (MCA). The form is further managed via electronic modes by Registrar of Companies working under MCA … Read More

Tax is a pivotal arm for good governance of a state or nation.

There are different types of taxes and they can all be categorized into two main groups i.e Direct tax and Indirect Tax.

A direct tax is levied on the income or profit of an individual. Income tax is an example of direct tax. Indirect tax is levied on goods and services.

Income tax due dates comes every year in March ending must be … Read More

The resurgence of GST mechanism marks the beginning of the trial phase for the same. With the desideratum to make the taxpayers well-acquainted with the revamps introduced in new GST return system, the trial period has been fixed by the Finance Minister.

Note: The FM has announced the RET 1 applicability and approved it in the 35th GST council meeting.

The whole plan has been rolled out by the Finance Minister, and the period from July to September has been … Read More