ARE INCOME TAX AUTHORITIES REALLY CHARITABLE WHEN IT COMES TO CHARITABLE TRUSTS? CHARITABLE TRUSTS: INCOME TAX PERSPECTIVE ‘Charity begins at home but should not end there.’ –Francis Bacon The essence of the above quote has been fully captured in the definition of the expression “charitable purpose” as envisaged in the Income Tax Act, 1961. Under […]
NTC Limited is currently in the lookout for qualified and experienced professionals in various disciplines for recruitment on regular basis as per details given below:
GST on under construction house property (including affordable housing) w.e.f. April 01, 2019 To boost demand in the real estate sector, the GST Council, on February 24, 2019, slashed tax rates for under-construction flats to five per cent and affordable homes to one per cent, effective April 1, 2019. Currently, the Goods and Services Tax […]
Article explains Definitions of Credit Note and Debit Note under GST, Issuance of Credit Note – Section 34(1), Issuance of Debit Note – Section 34(3), Format of Debit Note and Credit Note, Details of Credit Note to be furnished in return – Section 34(2), Details of Debit Note to be furnished in return – Section […]
As per the Indian indirect tax laws including Customs and GST, taxes shall not be exported outside India. In other words, the taxes shall not be charged from customers located outside India. The reason is to boost the exports to increase the inflow of foreign currency in India. In this write up, we will analyse […]
Progressing from Accounting Standards to IndAS (or globally IFRS) has indeed been a huge step up in the Accounting world. Companies as well as regulators haven’t yet recovered from the dust risen by the IFRS storm. However, is this change enough? Is IFRS sufficient to factor in the changes happening at lightening speed in the […]
Procedure of Incorporation of Section 8 Company under Companies Act, 2013 In India, a non-profit organisation can be registered as Trust by executing a Trust deed or as a Society under the Registrar of Societies, or as a private limited non profit company under Section 8 Company under the Companies Act, 2013. A Section 8 Company […]
Conversion of Loan into Equity Share Capital as per provision of Companies Act, 2013 Conversion of loan into equity share capital is most reliable mode to raise capital without immediate investments. In order to carry out smooth business, at times, debt is converted into share capital. The Companies Act, 2013 has come up with new […]
Merely the payment of investigation charges to the chartered accountant firm was made by the bank on behalf of the assessee did not mean that the transaction was covered under the provisions of section 194A read with section 2(28A). As such the assessee was liable to deduct the TDS under section 194J and thus, assessee was not eligible for deduction for the expenses due to non-deduction of TDS.
What decisions were taken in the GST Council Meet held on 24th February?This meeting was primarily in relation to the real Estate Sector. To boost the residential segment of the real estate sector, certain recommendations were made in GST rate, applicability, exemption, etc.
