by CA Chinmay Shirish Agate | May 22, 2021 | SMEs, Taxation, TDS
1. Any person, being an individual or a Hindu Undivided Family, responsible for paying any sum to a resident, for carrying out any work under any contract or by way of fees for professional services rendered during the financial year.2. Provided that no such deduction...
by CA Chinmay Shirish Agate | May 22, 2021 | SMEs, Taxation
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; orii) A Real Estate Investment Trust under the SEBI regulations, 2014, and the units of...
by CA Chinmay Shirish Agate | May 22, 2021 | SMEs, Taxation
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...
by CA Chinmay Shirish Agate | May 22, 2021 | SMEs, Taxation
1. 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. 2. Section 50B: Special provision...
by CA Chinmay Shirish Agate | May 22, 2021 | SMEs, Taxation
1.Eligible assesse – All assesse engaged in the business of growing and manufacturing tea, coffee or rubber in India. 2.Quantum of deduction – Lower of the following a. Amount deposited in NABARD or deposit accountb. 40% of PGBP of such business before...
by CA Chinmay Shirish Agate | May 22, 2021 | SMEs, Taxation, TDS
1. Eligible assessee – Any assesse i.e. Company or non – corporates 2. Quantum of deduction – Deduction @ 15% of the actual cost of the new asset installed. 3. Condition of setting up new undertaking – Assessee should set up an undertaking for...
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