Valuation under GST
Slump Sale

Section 2(42C): Definition of Slump Sale: Transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales. Read More

Valuation under GST
Concept of Valuation under GST

Self-assessment mechanism has been a part and parcel of the Taxation Laws. Under the GST Laws as well the mechanism of self-assessment continues to exist. The determination of GST liability is dependent on two variables namely the “rate of tax” and the “value of supply”. Read More

Concept of Time of supply under GST PART-I
Concept of Time of supply under GST PART-II

In the Part-I, we discussed the applicability of provisions of Time of Supply specifically in respect of supply of goods. In this part we will continue the discussion on “Time of Supply” but specifically in respect of “supply of services”. Read More

Concept of Time of supply under GST PART-I
Concept of Time of supply under GST PART-I

Under the provisions of GST Laws, the taxability of a transaction depends on the fact if the supply of goods or services or both has taken place. Besides if it contains all the essential factors such as “furtherance of business”, “for a consideration”. Read More

Composition Levy under GST
Composition Levy under GST

The ambit of tax legislature is usually wide and has the ability to encompass heterogeneous tax payers in its ambit. The broader the law, the wider is the coverage. Indirect taxes are regressive in nature. Read More

Levy under GST
Taxation on Non-Residents

1. Non-Resident Indian means an individual being a citizen of India or a person of Indian origin who is not a resident. 2. Foreign Exchange Asset means any specified asset which the assesse has acquired or purchased with or subscribed to in convertible foreign exchange. Read More

Levy under GST
Levy under GST

The introduction of GST Laws was the dawn of new era in Indirect taxes structure in India. The structure of multiple taxes was established over a period of few years. Although it was not leading to double taxation Read More

Section 194M
Taxation of Business Trust and Unit Holders

1. Section 2(13A) - Definition of Business Trust: Business Trust means a trust registered as, i) An Infrastructure Investment Trust under the SEBI regulations, 2014; or ii) A Real Estate Investment Trust under the SEBI regulations, 2014, and Read More

Section 194M
Concept of Supply Under GST Part-II

In this part, we shall discuss the clause (b) and clause (c) of Section 7 of the CGST Act 2017.Section 7, (For the purpose of this section, supply includes………As per clause (b ) of Section 7 of the CGST Act 2017 , Import of services for a consideration whether or not in the course or furtherance of business. Read More

Composite and Mixed Supply under GST
Composite and Mixed Supply under GST

The determination of taxability of transactions, involving multiple goods or services or a combination of goods and services has always been a challenging aspect under the indirect taxes. Read More

Reverse Charge Mechanism
Reverse Charge Mechanism

1.Section 2(38)- Reverse Charge means the liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or services or both. 2. Specified Goods under Reverse Charge- Notification No.4/2017-Central Tax Read More

Registration under GST Act
Registration under GST Act

1. Section 25- Procedure for Registration a. Time Limit- Every person who is liable to be registered under section 22 or Section 24 shall apply for registration within 30 days from the date on which he becomes liable to registration. Read More

Taxation Of Dividends
Section 194I-TDS on Rent

Deductor- Any person, [other than individual or HUF (not liable to tax audit in the preceding Financial year)] 2. Deductee- Any Resident 3. Time of Deduction- At the time of credit or payment, whichever is earlier. Read More

Taxation Of Dividends
Expenses not deductible under section 40

Section 40(a)(i): Non-Compliance of provision of TDS where payment is made to Non-Resident Disallowance u/s 40(a)(i) shall be attracted if: A. The amount paid or payable is interest, royalty, fees for technical services Read More

Taxation Of Dividends
Taxation of Hindu Undivided Family

HUF is treated as a separate entity for the purpose of assessment under Income tax act. HUF does not arise from a contract. HUF is a creation of law. After marriage, as soon as a child is born, HUF comes into existence. Read More

Taxation Of Dividends
Taxation of Agricultural Income

Any rent or revenue derived from agricultural land Any Income derived from such land by- i) agriculture, or ii) processing of agricultural produce, or iii) sale by a cultivator or receiver of rent-in-kind of the produce raised or received by him. Read More

Taxation Of Dividends
Taxation of AOPs & BOIs

The income of an Association of Persons (AOP) and Body of Individuals (BOI) shall be computed normally applying the normal provisions of the Income tax Act. The business income of AOP/BOI shall be computed after allowing all expenses referred to in section 28 to 44D. Read More

Taxation Of Dividends
Presumptive Taxation

A. Section 44AD: Special provision for computing profits and gains of business i) Applicable to - 1. Resident Individual, HUF and Firm (Excluding LLP) carrying on any business, and 2. whose total turnover or gross receipts in the previous year does not exceed an amount of Rs. 2 crores. Read More

Taxation Of Dividends
Taxation Of Dividends

Dividend is ordinarily used to refer to any distribution made by a company to its shareholders out of its profits in proportion to the number of shares held by the shareholder concerned in the company. Read More

annual_report
GST Annual Return Form GSTR-9

GSTR 9 is an annual return to be filed once in a year by the registered taxpayers under GST including those registered under composition levy scheme. It consists of details regarding the supplies made and received during the year under different tax heads Read More