by CA Chinmay Shirish Agate | May 23, 2021 | SMEs, Taxation
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. HF consist of Father, sons and daughters. Wife is...
by CA Chinmay Shirish Agate | May 23, 2021 | SMEs, Taxation, TDS
1. 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, shall deduct an amount equal to 5% of such income as...
by CA Chinmay Shirish Agate | May 23, 2021 | SMEs, Taxation
1.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 or any other sum chargeable under I.T. Act. The...
by CA Chinmay Shirish Agate | May 23, 2021 | SMEs, Taxation, TDS
1.Deductor- Any person, [other than individual or HUF (not liable to tax audit in the preceding Financial year)]2. Deductee- Any Resident3. Time of Deduction- At the time of credit or payment, whichever is earlier.4. Rate of TDS- -For use of Plant &...
by CA Chinmay Shirish Agate | May 23, 2021 | SMEs, Taxation, TDS
1.Deductor- Any Purchaser (Other than person referred to in section 194LA)2. Deductee- Any seller being resident3. Time of deduction- At the time of credit or payment, whichever is earlier4. Rate of TDS- 1% of the total considerations for transfer...
by CA Chinmay Shirish Agate | May 23, 2021 | GST, SMEs, Taxation
1. Section 25- Procedure for Registrationa. 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.b. State wise...
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