Section 194J – TDS on fees on professional or technical services
As per the Finance Bill 2020, the following amendments have been made in TDS Section 194J which will take effect from 1/04/2020. What is TDS Section 194J? Read More
As per the Finance Bill 2020, the following amendments have been made in TDS Section 194J which will take effect from 1/04/2020. What is TDS Section 194J? Read More
GST and its impact on consumers
The finance ministry released the recently released draft of goods and sales tax. And, based on the current scheme of affairs, Read More
GST collections for February were at Rs 1.5 lakh crore, registering an increase of over 8.3% year on year, higher than the nominal GDP growth of 7.5% in 2019-20. This is welcome. The 8.3% growth comes from 12% growth in Read More
The Finance bill 2020 proposed to abolish dividend distribution tax (DDT) which may result in boost in dividend pay-outs in corporates. A dividend is the share, a company pays its shareholders from the profits it earns, and DDT is the tax levied on that dividend. Read More
The Finance bill 2020 proposed to abolish dividend distribution tax (DDT) which may result in boost in dividend pay-outs in corporates. A dividend is the share, a company pays its shareholders from the profits it earns, and DDT is the tax levied on that dividend. Read More
The new Direct Tax regime proposed in Budget 2020 is an option to continue existing or choosing the new tax regime. There may be confusion as to which regime is more beneficial than other. Under the old tax regime, Read More
Every business organization is engaged in finalizing books of accounts and preparation of Balance Sheet for each financial year. It becomes important to understand the legal provisions under GST law while finalizing books of accounts Read More
During the last few months there were several media reports relating to the electronic invoice (‘e-invoice’) in the GST law. The e-invoice system will first be rolled out, on a voluntary basis, from January 1st 2020 for the business houses with an annual Read More
The new Direct Tax regime proposed by our finance minister Smt. Nirmal Sitaraman is an optional scheme. However, a few taxpayers may not be able to switch back to the existing tax slab once they opt to follow the new one. Read More
Under the Indirect taxes mechanism, the taxes are levied at every stage of value addition. This is applicable in case of supply of goods as well as services. Thus it is important to understand that tax and the value addition will be always coupled together. Read More
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. Read More
1.Eligible assesse – All assesse engaged in the business of growing and manufacturing tea... Read More
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
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
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
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. Read More
1. Eligibility: Deduction u/s 80TTA is available to an assessee, other than the assesse referred to in Section80TTB, being an individual or HUF. Read More
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
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
1.Deductor- Any Purchaser (Other than person referred to in section 194LA) 2. Deductee- Any seller being resident. 3. Time of deduction- At the time of credit or payment, whichever is earlier Read More
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
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
Any person, being an individual or a Hindu Undivided Family, responsible for paying to a resident any income by way of rent exceeding 50,000 for a month or part of a month during the previous year, Read More
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
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
Capital gain on Land & Building under Joint development Agreement.The definition of ‘transfer’, inter alia, includes any arrangement or transaction where any rights are handed over in execution of part performance of contract, Read More
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
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
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
The 2019 Interim Budget was presented on 1 February by the Interim Finance Minister Piyush Goyal, Here are the Highlights of this year budget:- Read More
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
The Finance Act,2018 withdrew the exemption provided under section 10(38) of the Income Tax Act,1961 and inserted section 112A to tax Long term capital gain arising from transfer of listed shares, Read More
The Indian Income Tax System places the incidence of tax based on the residential status of the assessee. Read More
No doubt, GST has bought several non-tax payers into the Tax bracket. But, what about some genuine and necessary sectors which have been affected because of the GST? Read More
Tax payer has the responsibility of preparing and filing his or her tax returns but the tax preparer has extended responsibilities. Read More
The fast growing global industry today is in the constant need of a software which can keep a track of the continuous changing laws and statutes which governs it.Read More
Income tax filing has become easier due to the online tax filing option. The income tax can be filed without paying any fees to the expert when you do it online. Read More
The companies working in varied industries have one thing in common and that is the time bound workflow. Read More
Automation has entered each industry and the processes are getting even faster with lot many tools offered to conduct each and every task in lesser. Read More
Motivated team can take the entire company to new heights and at the same time demotivated bunch of people can work negatively for the company.Read More
Are you finding it difficult to cop up with the stress associated with work flow management? Is your team demotivated and stressed due to the tasks assigned to them? Read More
Every new product comes with its advantages and disadvantages but this competitive Income Tax Computation Software will offer you only benefits. Read More
Accounting and income tax management are the key requirements of the business but not the core business and hence every business establishment faces lot of time.Read More
Tax payment is not that difficult when you are earning but preparing the income tax statement is surely painful.The stress involved with calculating and filing income tax. Read More
Any organization, small or big may have several business processes that may require lot of manual efforts and workforce.Read More
GST is basically a value-added Tax which is taxed at different check points in the chain of supply, allowing credit for any tax paid on participation attained for the use in supplyRead More