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Significant Direct Tax Proposals In The Finance (No. 2) Bill, 2019 Rates of tax No change in tax rates and basic exemption limit Tax rates for all persons, other than domestic companies, would continue to be the same for A.Y. 2020-21 as applicable for A.Y. 2019-20. Further, there would be no change in the basic […]
Union Budget 2019 Highlights – International Taxation 1. Relaxation in conditions of special taxation regime for offshore funds [Section 9A] In case of the investment fund incorporated or registered outside India, which satisfies certain conditions as provided in subsection 3 of section 9A of the IT Act, the fund management activity carried out through an […]
Last week, the first full time female Finance Minister of India, Nirmala Sitharaman, presented the first budget of Modi Government 2.0, which sets the tone for the Government’s policy for the next five years. This maiden Budget by the Finance Minister primarily focuses on the mission to drive India to become a five trillion-dollar economy […]
Analysis of Finance Bill (02) 2019- Goods and Service Tax The major proposed amendment by Finance bill (02) 2019 under GST are as follows. Few amendments which are not so important are not covered. 1. Amendment in Section 10 (Composition Scheme)- To Extend the Benefit of Composition Scheme to Supplier of Service Also History of […]
Hospitals charges fees for various services provided along with medical and consultancy service provided by doctors such as nursing care, infrastructure facilities, paramedic care, emergency services, checking of temperature, weight, blood pressure etc. Also it hires senior doctors/ consultants/ technicians independently, without any contract of such persons with the patient; and pay them consultancy charges, […]
Are you an Individual or HUF Taxpayer? Be Ready to Deduct TDS on Contractual and Professional Services from 1st September 2019 In the Budget 2019 a new Section 194M has been inserted to require any individual or HUF (who is not required to deduct tax under Section 194C or 194J) to deduct tax at source […]
Discount given after supply made has to be established in terms of agreement for deduction from taxable value Crux of this article – Action plan for drafting clause relating to post-supply discount in agreement entered into at or before the time of supply Introduction Section 15(3) of CGST Act, 2017 deals with deduction of discount […]
1. The objective of audit of taxpayers is to measure the level of compliance of the taxpayer in the light of the provisions of the CGST Act 2017 and the rules made there under. 1.1 Audit examines the declarations of taxpayers to not only test the accuracy of the declaration and the accounting systems that […]
The Companies (Significant Beneficial Owners) Rules, 2018 read with the Companies (Significant Beneficial Owners) Amendment Rules, 2019. RULE NO. 2. Significant Beneficial Owner, in relation to a Reporting Company MEANS an INDIVIDUAL referred to in section 90(1) , who acting alone or together, or through one or more persons or trust, possesses one or more […]
Chartered Accountancy (CA) is one of the most promising, popular and perplexing professional courses. It requires an integration of intelligence, hard work and continuous dedication with non-stop efforts. Many aspirants relinquish this challenging journey and replace their dreams with some other career options. However, there are some highly-motivated aspirants who overcame every improbability to clear […]
