Articles

Contribution to Provident Fund- Tax ability- Employer’s View

According to section 36(1)(iv) any sum paid by the assessee as an employer by way of contribution towards a recognized provident fund shall be allowed as a deduction in computing the income referred to in section 28 (income under PGBP)....

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Posted Under: Income Tax |

RERA: Penalties & Punishments for Non compliance by Promoters

This article discusses in detail Penalties and Punishments for Non compliance by Promoters & compounding of offences under of RERA (Real Estate Regulation and Development Act, 2016)....

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Posted Under: Income Tax |

Checklist on Composition Scheme under GST

1 Whether the person with an annual turnover of less than 75 lakhs on the sale of goods or services in the preceeding financial year in a single state have opt to pay a tax under composition scheme? Conditions: Provided that no such permission shall be granted to a taxable person who effects any inter-State supplies of goods and/or servic...

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Posted Under: Income Tax |

Notified goods and services under reverse charge in GST Acts

We have compiled two notifications, in relation to Reverse Charge mechanism in the GST Acts, issued by the Central Government on the recommendation of the GST Council. One is notifying certain goods on supply of which tax shall be borne by the recipient of such goods and the other is notifying certain services on supply of which tax shall...

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Posted Under: Income Tax |

Packed Milk to Cost more under GST

Trade and Industry is still working out the revised cost of their products/services under the GST regime. GST regime has affected the Dairy Industry negatively. Fresh milk and pasteurised milk, including separated milk, milk and cream, not concentrated nor containing added sugar or other sweetening matter, excluding Ultra High Temp...

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Posted Under: Income Tax |

Scope of Supply Under GST

Whether supply of goods or service or both should be made with consideration only? As general rule, activity without consideration is not supply. However in following cases, transaction without consideration shall also be covered within ambit of meaning supply...

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Posted Under: Income Tax |

Understanding GST Invoicing Provisions (supplemented by FAQs)

Through this article, we have tried to put together a summary of all the invoicing rules and provisions into one thread and help everyone in implementing GST invoicing into their accounting systems....

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Posted Under: Income Tax |

Preparation For GSTR 3B

Govt has deferred dates for GSTR 1 & GSTR 2 for the month of July 2017, from 10th Aug & 15th Aug 2017 to 5th Sep & 10th Sept respectively but at the same time it has introduced for 2 months only a New Form GSTR 3B which needs to be filed on or before 20th Aug 17 for July 17 working. Therefore it is prerequisite to start effort...

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Posted Under: Income Tax |

Job Work Procedures in the GST Acts

Role of job workers in manufacturing sector are being more and more influential on passage of time. Big companies in manufacturing sector are getting their products done by job workers. It will not be wrong to say that today big organizations are busy to build and retain image of their Brands. Therefore, it is very important to frame flex...

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Posted Under: Income Tax |

GST Guide: Sub Brokers/ Agents/ Intermediaries

Earlier, under the service tax law sub brokers were not liable to pay service tax as liability of sub broker was discharged by main broker. They were not liable to get registered....

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Posted Under: Income Tax |
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