"04 August 2019" Archive

Derivatives- Income Tax Provisions

According to Securities Contract Act 1956, the derivative is a contract between two or more parties, and its price is directly related to the fluctuations of price of the underlying asset. The most common types of derivatives in India are futures and options. Futures: Future is a contract to buy or sale an underlying asset […]...

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Posted Under: Income Tax |

How to download consolidation and justification file from TRACES

How to download Consolidation and Justification file of TDS return through Traces: TDS defaults on traces comes when if we have done mistake in filing return like short payment, short deduction, late filing penalty, late correction interest, & other interest. We can check default status after some day of filing the TDS return on TRACE...

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Posted Under: Income Tax |

CSR- Recent Amendment vide Companies (Amendment) Act, 2019

CSR (Corporate Social Responsibility) is understood to be the way firms integrate social, environmental and economic concerns into their values, culture, decision making, strategy and operations in a transparent and accountable manner and thereby establish better practice within the firm, create wealth and improve society. CSR is also cal...

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Posted Under: Income Tax |

3D-Dream, Desire, Do- “WIN”

One day your life will flash before your eyes. Make sure it’s worth watching.” Do you have a dream? A wish? A desire? Do you ever wake up and wonder: What would it be like to love life? People can tell you ‘follow your dream,’ but is anyone really doing it? Not someone in a […]...

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Posted Under: Income Tax |

Section 147 | Reason to Believe | 20 Case Laws

Section 147 of the Income tax Act , 1961 and explanation of the text ‘Reason to Believe’ Reason to believe does not mean a purely subjective satisfaction on the part of the ITO The expression ‘reason to believe’ in section 147 does not mean purely subjective satisfaction on the part of the Assessing Officer. The [&...

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Posted Under: Income Tax |

Comprehending Residential Status

Under the Income Tax Act, 1961, the taxability of an assessee is reliant on the residential status of the assessee. Section 6, which governs the determination of an assessee’s residential status for the relevant assessment year has categorised an assessee into below mentioned four specific sub categories:...

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Posted Under: Income Tax |

New Export incentive scheme- RoSCTL– Need of an hour!

In wake of complaints filed by USA against India to discontinue export incentive scheme (like MEIS), which is not in compliance with WTO guidelines, Commerce ministry has proposed new scheme- Rebate of State & Central Taxes and Levies Scheme (RoSCTL). Currently this scheme is available for Textile industry, however, it would be soon e...

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Posted Under: Income Tax |

Do This- Your Life will Move to Next Level

1. Rise Before Sunrise Start your day by getting up early. Early in the morning your energy level is at its highest level. Use this energy to start your day well. The silence of early morning helps you to concentrate on your mind. It is a time when you are alone and with yourself. No […]...

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Posted Under: Income Tax |

Treatment of discounts under GST

Introduction: In this article we will discuss the treatment of following discounts under GST: ♠ Discounts at the time of supply/sale ♠ Post-sale discounts Discount agreed at the time of supply/sale Discount not agreed at the time of supply/sale Analysis: As per section 15(3) of CGST Act, 2017 the value of supply shall not include [&he...

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Posted Under: Income Tax |

How to apply Importer and Exporter Code in 8 Simple Steps

Any person who wants to import or export any goods needs to first acquire an Importer and Exporter code (IEC) before importing or exporting such goods. IEC is issued by Directorate General of Foreign Trade (DGFT) and can be applied online by following this simple procedure. 1. Visit https://dgft.gov.in/ 2. Click on Services 3. In [&hellip...

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Posted Under: Income Tax |