Dear Members,
Kindly provide me solution for the below query
Recently Incorporated Private Limited Company, post incorporation one of its members is dead (he is orphanage) before paying the subscription amount to the company, How to proceed further ?
post
incorporation
after
amount
received
subscription
failur
Dear Members,
Kindly provide me the solution for the below query
Recently Incorporated Private Limited Company, post-incorporation one of its members is dead (he is orphanage) before paying the subscription amount to the company, How to proceed further?
post
incorporation
after
amount
received
subscription
failure
The applicant is an unregistered person. It has filed an application for advance ruling to determine whether salary received as director from a private limited company shall be considered for aggregate turnover for registration.
The Authority for Advance Ruling observed that as per the provisions of CGST Act, the aggregate turnover is equal to the sum of value of all taxable supplies, exempt supplies, export of goods or services or both and inter-State supplies of persons having same PAN to be computed on all India basis. It excludes the value of inward supplies on which tax is payable by a person on reverse charge basis and CGST, SGST, UTGST, IGST and cess.
In the given case, the applicant receives salary as director of private limited company. If the applicant is an Executive director of such company, he will be treated as employee of the company. In that case, the services of the applicant as an employee to the employer are neither supply of goods nor supply of services in accordance with Schedule III of the CGST Act. If the applicant is Non-Executive director, the remuneration paid by the company is liable to GST in the hands of company under reverse charge mechanism. The applicant has not submitted any documentary evidence to support whether the salary received by him is towards his services as Executive director or Non-Executive director.
In view of the above, in case remuneration is received by the applicant as Executive director then it is not includable in aggregate turnover, as it is the services given by the applicant as an employee. However, if the applicant receives remuneration as Non-Executive director, then the company is required to pay tax on reverse charge basis. Thus, the services of the applicant as a Non-Executive director are includable in the aggregate turnover, as it is the taxable services supplied by the applicant, even though the tax is discharged by the company.
I have incorporated a company. Also, I have applied for GST along with spice plus in agile pro form.
But haven't got the number yet.
Can anyone help me out? How to track that application??
A club received a life membership fee.
Should the amount be capitalized or taken to income?
If income, can it be spread over a number of years as decided by the management? Please share if there are any expert opinion or case studies. Thanks.
membership
life
received
club
Is GST applicable on the commissions received from a foreign company? If so, at what percentage? If it is a one-time commission, what is the GST rule?
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commissions
applicable
What does section 52(2) of a company act refer and explain it.
shares
issue
received
premiums
application
Dear Colleagues,
Advance received for sale of scrap exceeding 365 days from the date of acceptance of advance will be treated as deposit?
the Assessee is carrying the business of Clearing and forwarding (CHA) and received from their customer reimbursement of expenses and the service charges but the customer has deduct the TDS on inclusive of reimbursement of expenses so there is a Mismatch in receipts as per ITR and 26 As . The assesee has not omitted any income but shown in the ITR as net (excluding reimbursement of Expenses) because the reimbursement of expenses is not the income of the Assesee so in that case how to be proceed with Income tax authorities . So please give your valuable suggestion on this matter along with any notification or circular if any .
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assessment
received
intimation
Please clarify whether Incentives received on supply of exempt goods is taxable under GST ex. retail outlet of petrol and diesel.
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Received intimation u/s 143(1) for my client.Want to file rectification request by uploading rectified ITR_3 XML file.But the ITR Utility is calculating late fine of 5000 u/s 234F.Original Return filed within due date only. Pls help.
intimation
received
DEAR MEMBERS,
DIRECTOR OF ONE PRIVATE COMPANY HAS RECEIVED SHOW CAUSE NOTICE UNDER SECTION 99 FOR THE CONTRAVENTION OF SECTION 96 OF THE COMPANIES ACT, 2013. AS AGM OF F.Y.2015-16 WAS HELD DURING JUNE,2016 AND THAT OF F.Y.2016-17 WAS HELD ON SEPTEMBER,2017. GAP BETWEEN TWO AGM IS 15 MONTHS AND 7 DAYS.
IT IS SMALL CLOSELY HELD COMPANY HAVING 2 DIRECTORS AS SHAREHOLDERS AND MOREOVER IS NOT CARRYING ANY MAJOR BUSINESS ACTIVITIES. CAN ANYONE ADVISE HOW TO REVERT FOR THE SAME.AND WHAT ARE THE CONSEQUENCES FOR THIS NON COMPLIANCE?
