Nature of payment for deduction under section 80C of Income Tax Act

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Meaning Individual or Hindu undivided family can claim deduction under section 80C. The qualifying amount under section 80C of income tax act is deductable form gross total income. Deduction is available on the basis of qualifying investment, contribution or payment made by taxpayer during financial year.  Maximum amount deductable  Maximum amount deductable under section 80C … Read more

Late Fees Exemption Conditions under MVAT Act 2002 – MVAT Notification dated 27/12/2013

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FINANCE DEPARTMENT Hutatma Rajguru Chowk, Mantralaya, Mumbai 400 032, dated the 24th December 2013 . NOTIFICATION MAHARASHTRA VALUE ADDED TAX ACT. 2002.   No. VAT 1513/C.R. 124/Taxation-1.-In exercise of the powers conferred by the proviso to sub-section (6) of section 20 of the ‘Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government … Read more

Format of resolution for mvat registration

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In case of registration of company under MVAT, resolution regarding the appointment of director as a signatory on behalf of the company is required. Format for the same is given below: CERTIFIED TRUE COPY OF BOARD RESOLUTION PASSED IN THE MEETING OF BOARD OF DIRECTORS OF THE COMPANY HELD ON THURSDAY, THE 22nd DAY OF … Read more

Documents and fees required for mvat registration

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In previous article we have seen the procedure of MVAT registration. Now let’s see the documents required for MVAT registration. 1) PAN of Dealer (PAN of partners/directors is also required in case of firm/company) 2) Constitution certificate :- a) Proprietorship:- Shop Act License / If Shop Act is not applicable – Certificate form Grampanchyat b) … Read more

Procedure of registration under maharashtra value added tax act 2002

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 As we see the difference between the voluntary registration and compulsory registration in my previous article let’s see now the MVAT registration procedure and the documents required for registration. The dealer is required to follow the following steps for MVAT registration. 1) Dealer is require to apply online by on http://mahavat.gov.in/ERegistration Fill all basic information … Read more

Voluntary registration vs compulsory registration under mvat

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Every dealer is require to get register compulsory under MVAT, whose turnover is exceeds the prescribe limit as mentioned under section 3 (4) of MVAT Act. The turnover limit for the purpose of MVAT registration is given below: Category of Dealer          Turnover of Sales            Turnover of taxable good purchase or sold Importer                              Rs. 1, 00,000                       … Read more

Procedure of approval of company name and MCA name guidelines

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The promoters of the company is require to decide the propose name of the company. The propose name should not be identical or similar name of the any existing company in India. The promoter should check the name availability on MCA Website.  After the verification of availability of name, promoters need to finalized the at least … Read more

Procedure for application of din and documents required

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The concept of Director Identification Number (DIN) is introduced first time in Companies (Amendment) Act 2006. Any individual who intending to become a director is requires DIN.  No company can appoint a director unless he has allotted a Director Identification Number (DIN). DIN is the unique number, once individual get the DIN he can use … Read more