Why SnT

IT Enabled Infrastructure

We invest in Information Technology which helps our employees serve our clients better. Our accounting, payroll and taxation software enables access to financial information to our clients on the go.

Proactive Professionals

Our highly qualified staff is always updated with complex and ever changing laws of India which and help our clients in business compliance.

Reports & Dashboards

We have designed business specific dashboards and reports and a unique Management Information System (MIS) which enables our clients making right decision at right time.

Our Expertise

Recent Updates

Recent GST amendments

To effect the decisions taken in the 22nd meeting of GST Council dated 6th October 2017, the department has issued 14 notifications on 13th October 2017. Below is the highlights of the recent GST amendments by virtue of notifications: Exemption from registration u/s 23(2) to persons making inter-state taxable supply of services whose turnover is

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List of directors disqualified under section 164(2) – as published by MCA

Recently, Ministry of Corporate Affairs (MCA) has published list of directors who are disqualified under section 164(2) SECTION 164(2)? As per the section 164(2) of the Companies Act 2013, the person who is or has been a director of a company which – (a) has not filed financial statements or annual returns for any continuous

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FAQs IT / ITES industry, E-commerce and Export of Goods and Services under GST

FAQs on IT / ITES industry FAQs on e-commerce under GST FAQs on Export of Goods and Services under GST

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Simplified GST Return GSTR 3B for first two months

In 17th GST council meeting, GSTN decided that for the first two month there would be simpler returns GSTR 3B   GSTR 3B Return will contains summary of outward, inward supplies which will be submitted before 20th of succeeding month No late fees & penalties will be levied for interim period   Summary return (GSTR 3B)

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Beware of income mismatch in ITR and Form 16-16A

Let’s discuss section 143(1)(a) which has been amended in Budget 2017. According to this section, if there is any mismatch i.e. lower income declaration found in the income tax return as compared to Form 26AS/ Form 16 / Form 16A, notice asking explanation of the difference amount shall be sent to the assessee. On failure

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Export of Service under GST – all questions answered

  There is a lot of confusion in the minds of service exporters about registration and refund under GST. What is “export of service” under GST? “Export of Services” as defined under Section 2 (6) of IGST Act, 2017means the supply of any service, when – the supplier of service is located in India; the recipient

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Clarification regarding Reverse Charge GST

As per the rules, any registered supplier purchasing goods or services from an unregistered supplier has to pay Reverse Charge GST We have never bothered to look into the expenses side of the profit and loss account with respect to earlier taxes. The time has come to make sure, all your payments above Rs. 5000

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GST Composition Scheme

GST Composition scheme is made for the benefit of small dealer, small manufacturer and small service provider by reducing their burden of compliance. Like: Less number of returns, less maintenance of books and records as compared to general dealer. Who can opt for GST Composition scheme? Dealers and manufacturers, who are supplying goods and whose aggregate turnover does

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GST Returns

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Norman / Regular GST Returns required to be filed Normal / Regular taxpayers (including casual taxpayers) would have to file GSTR-1 (details of outward supplies) GSTR-2 (details of inward supplies) and GSTR-3 (monthly Return) for each registration. GSTR-9 (Annual return) Normal / Regular taxpayers with multiple registrations (for business verticals) within a State would have

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Registration under GST – GST Registration

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This is the second article of our GST Knowledge Series. This article clarifies the provisions regarding Registration under GST / GST Registration. WHO IS LIABLE FOR REGISTRATION UNDER GST / GST REGISTRATION Every supplier (definition of supplier) who makes a taxable supply (definition of supply) of goods or services or both, if his aggregate turnover

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GST Rates Services

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GST Rates Services – List of all services Taxable in GST Regime. GST Rate Chart on Services. The fitment of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%,

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GST Compensation Cess Rates

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GST council on its 14th meeting dated 19th May 2017, along with the regular GST rates, have decided GST Compensation Cess Rates S. No. Description of supply Tariff item, heading, sub-heading, Chapter, of goods or  service, as the case may be GST Compensation Cess Rates   (1) (2) (3) (4) 1. Pan Masala 2106 90

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Service Code GST

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GST Council on its meeting dated 19th May 2017, have proposed following Heading & Group-wise service code for GST. PROPOSED NEW SCHEME OF CLASSIFICATION OF SERVICES  Heading & Group Service Code (Tariff) Service Description for such service code GST Section 5 : Construction Services Heading No.9954 Construction services Group 99541 Construction services of buildings 995411

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GST Reverse Charge Rates for Services

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On its 14th meeting dated 19 May 2017 during the GST Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28% and GST reverse charge rates. Following is the list of services having GST reverse charge rates Sl. No. Service Provider of service Percentage of service tax payable by

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GST Rates Schedule for goods

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The 14th Goods and Services Tax (GST) Council Meeting, chaired by the Union Minister of Finance Shri Arun Jaitley, was held on 18th and 19th May 2017 at Srinagar, Jammu and Kashmir. The Council has broadly approved the GST rates at nil rate, 5%, 12%, 18% and 28% to be levied on goods and services.

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Important Definitions under GST

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Below are some important definitions under Draft GST Act, this will help you understand GST law better. This is the first article of GST Knowledge Series. AGENT means a person, including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatever name called, who carries on the

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Introduction – GST Basics

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This is the first article of our GST Knowledge Series. This article is about basics of GST. WHAT IS GST India, having federal tax structure, Center as well as State both have the power to levy and collect taxes. Goods and Service Tax  is a part of this system, Center and State both will be

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5 things you must know about restrictions on cash transactions w.e.f. 1st April 2017

Following cash transaction restrictions will be applicable from 1st April 2017. ♦ Cash transaction restrictions above Rs. 3,00,000/- with penalty From 1st April onward any transaction (including transactions for capital assets) above Rs. 3,00,000/- shall be strictly done only through banking channels. There is a heavy penalty of amount equivalent to transaction amount above Rs. 3,00,000

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StartUpIndia Registration

Two days after DIPP came up with new guidelines on how to run marketplaces in India, allowing 100% FDI on e-commerce and FAQs on tax benefits for startups, it has unveiled a portal and an app dedicated to Indian startups for StratUpIndia Registration. Fulfilling the promises that were made during the launch of “Startup India”

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Highlights – Budget 2016

Major Highlights of Budget 2016 from individual, business and startup point of view. INCOME TAX No Change in personal tax slabs  Rebate in Income Tax u/s 87A proposed to be increased from Rs. 2,000 to Rs. 5,000 for individuals having income upto Rs. 5 Lakh  Increase in limit of deduction of rent paid u/s 80GG

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RBI to work inline with GoI for StartupIndia

In keeping with the Government’s initiatives StartupIndia, to promote the ease of doing business and contribute to an eco-system conducive for growth of entrepreneurship, particularly in respect of the start-up enterprises, Reserve Bank of India has proposed following changes: Enabling start-up enterprises, irrespective of the sector in which they are engaged, to receive foreign venture

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Simplification of IEC online registration #easeofdoingbusiness

W.E.F. 1st April 2016 IEC online registration will be further simplified. Only following documents required for IEC online registration. All the documents to be submitted electronically i.e. scanned copy Copy of PAN of the entity in case of proprietorship, PAN of the proprietor Address proof of the entity (any of the following) Copy of sale

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StartupIndia

Narendra Modi’s announcements and StartupIndia policy pointers: Compliance regime based on self-certification. Labour laws – no inspection for 3 years Startup India hub – single-point contact (‘friend, mentor, guide’) Mobile app to be launched on April 1: registration of startup company in one day | Also portal for clearances, approvals and registrations Fast-track mechanism for

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Unsecured loans from relative of Directors

In a much awaited and major amendment, Ministry of Corporate affairs vide its notification dated 15.09.2015 has provided that w.e.f. 15.09.2015 a private company can accept unsecured loans from a relative of Directors However, this is allowable only when relative of director from whom money is received, furnishes to the company at the time of giving

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TDS on withdrawal of EPF balance

Are you planning to withdraw EPF balance? You must know this. From June 1, 2015 TDS on withdrawal of EPF balance has been implemented where amount of withdrawal is more than Rs. 30,000. However, TDS will not be applicable in some cases. Following 4-step flowchart explains various situations when TDS is / is not applicable.    

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Exemptions to Private Limited

Having passed a stricter companies act 2013 for Private Limited companies, Ministry of Corporate Affairs has time to time provided exemptions to private limited companies which effective from 5th June 2015. S.No. Exemption Section Description 1. DEFINITION OF RELATED PARTY not to include Holding, Subsidiary, Associate Company and sister concern(subsidiary of holding) 2(76) Transactions entered with them

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Digital Signature expiring soon ? Get one, before the process becomes stringent and costly!

Come July 1 and verification process for New Digital Signature (DSC) becomes quite stringent and time taking. Also the cost of DSC may increase due to complex process. If yours is expiring soon, get new now. The key changes in the process have been listed below. Attestation procedure: Attestation of supporting documents by Registration Authority will not be allowed. The documents are

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Additional compliance required under mandatory Secretarial Standards notified under Companies Act, 2013

Secretarial Standard 1 and 2 issued by the Institute of Company Secretaries of India, have been approved by the Government. The same is applicable to all companies, except One Person Company For Board meetings: 1. Each meeting of Board and also each resolution (including resolution by circulation) will carry a serial number. 2. Chairman or

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7 Lesser known income tax deductions

Paying more taxes is painful. It is worse when you don’t even know that you have overpaid it or could have saved some of it.  Just ahead of this investment and tax filing season, we would like to throw some light on some lesser known tax deductions that might help you save your tax. ●

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Entrepreneur Friendly Amendments of Companies Act

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Following are the entrepreneur friendly amendments of companies act 2013 Omission of requirement of minimum share capital and consequential changes – Company can be incorporated with any capital (similar to LLP) – Reduction in cost of registration (stamp duty) Common Seal made optional for authorisation for execution of documents and consequential changes – Reduction in

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“Small Company” definition and exemptions available to small companies under companies act 2013

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‘‘Small Company’’ means a company, other than a public company,— i. paid-up share capital of which does not exceed fifty lakh rupees or such higher amount as may be prescribed which shall not be more than five crore rupees; or ii. turnover of which as per its last profit and loss account does not exceed

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Share Transfer under Companies Act 2013

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Main Provisions related to Share Transfer under Companies Act 2013 1. Instrument for Transfer of Share is compulsory: Section 56 provides that a company shall not register a transfer of shares of, the company, unless a proper transfer deed in Form SH.4 as given in Rule 11 of Companies (Share Capital & Debentures) Rules 2014

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Important Service Tax amendments w.e.f. 1st October 2014

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Following are the important Service Tax amendments applicable from 1st October 2014 SERVICES PROVIDED BY RADIO TAXIS: ● Earlier, radio taxis were excluded from the purview of service tax by virtue of section 66D(o)(vi) of Finance Act,1994; ● However, in the Finance (No.2) Act, 2014, enacted on 6th August, 2014, the said section was amended & the “radio

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Tax sops for Startups, Entrepreneurs and Small and Medium Enterprises (SMEs)

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Given the importance of SME sector at the macro-economic level, several incentives have been extended to this sector in form of schemes, grants, concessions, exemptions, etc. These incentives come in form of non-fiscal incentives and the fiscal/ tax incentives. Some of the non-fiscal incentives are: ● Setting up of Small Industries Development Bank of India (SIDBI); ●

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Who requires to maintain books of accounts ?

Section 44AA of Income Tax Act and rule 6F of Income Tax rules deal with the provisions regarding maintenance of books of accounts under Income tax Act. As per section 44AA(1) read with rule 6F the persons carrying on any of the profession as mentioned below are required to maintain books of accounts and other documents as

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How to keep away from TDS notice?

By remembering and following these rules you can simply keep away from TDS notice : Determine correct amount Calculate correct amount of TDS to stay away from TDS notice : a. TDS needs to be deducted considering the correct interpretation of the sections of Income Tax Act. b. After correct interpretation, it is important to determine

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Resident Director – Clarification with regard to applicability of requirement by MCA

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S ection 149(3) of the Companies Act, 2013 (Act) requires every company to have at least one resident director i.e. a director who has stayed in India for a total period of not less than 182 days in the previous calendar year. There were few concerns raised by the corporate in India for sudden applicability

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Important provisions related to Board Meetings and General Meetings

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With the introduction of new companies act the provisions related to Board Meetings and General Meetings i.e. (AGMs, EGMs) have been changed and the compliance part has been made stricter. Let us have a look at provisions related to board meetings, AGMs, Minutes of the meetings under companies act 2013. BOARD MEETINGS 1. Time limit prescribed

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Procedure of Issuing Share Capital under Companies Act 2013 (For Private Limited)

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Under the Companies Act 2013, A Private Company can raise funds in the following ways: 1. Private Placement 2. Right Issue APPLICABILITY From 1st April 2014 A. PRIVATE PLACEMENT Private Placement is issuing share capital to a select group of people, including or not the existing shareholders, like friends, family members, Angel investors, Venture Capitalists etc. As

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One Person Company

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“One Person Company” is a new concept introduced by the Companies Act 2013. As the name suggests, a one person company is formed with only one person as its member. Since such companies have only one member, these companies enjoy certain privileges or exemptions as compared to other companies. Salient Features a. A One Person

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Selecting best organisational structure

When you have decided to start a venture and you have the business plan, the next question arises: which organizational structure should you select? Mainly, following are the forms of organizational structures, each having its own pros and cons. Sole Proprietorship Partnership Limited Liability Partnership Company (Private and Public) It is very crucial decision because

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Naming and Registering – Setting up a Business

To name a business is the first step towards setting up a business and also one of the most important aspect before you start your business. You have to consider many factors before you choose your business name. You have to choose a unique name i.e. it should not conflict with any existing brand/company name. However

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Section 80EE – Additional deduction of interest on residential housing loan

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Section 80EE has been introduced in the finance act 2013, which provided deduction in respect of interest on loan taken for residential house property. By taking benefit of this section individuals tax outcome can be reduced to the extent of Rs 30,000. Please find below highlights of this section. Deduction in respect of interest on loan taken for residential

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Create a Business Plan

We will first know what a business plan is before knowing how to create a business plan WHAT? A business plan is the formal write-up of the entrepreneurial vision. It also describes the strategy and operations of the proposed venture. Business Plan is all about describing the ecosystem around the particular business. It covers strategies,

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Better Tax and Investment Planning : : Things to be done by an individual before 31st March

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Tax and Investment Planning is important for every taxpayer and the same needs to be done before the end of the year to which Income Pertains. In Addition to Tax Planning Assessee needs to Collect Relevant Supporting and Calculate His Tax Due and Pay the same. Here we have listed things an individual assessee should

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Save Tax Through Parents

To save tax is the main motto of all taxpayers. Investing through parents and children is one of the easiest ways of saving taxes. If you invest in the right instrument, the rate of return may be higher as well. Your parents can help bring down your tax liability in several ways. Here are some smart

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Additional Disclosures required in Board report under Companies Act 2013

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The additional disclosures which are required now under the Companies Act, 2013 may be summarized as follows: 1. Number of Board Meetings held during the year, Composition of Audit Committee, and CSR Committee. 2. Extract of Annual return as prescribed in Form MGT 9 [Section 134(3)(a) of the Act] 3. Additional information in Directors’ Responsibility Statement relating

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