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"22 September 2019" Archive

Taxation of Small Business in India

1. What are the legal structures that one can use to run a small business in India? Ans: Small businesses in India are usually run as either proprietorship concerns, partnership firms, or small companies. Proprietorship concerns are business run by individuals. Partnership firms are established under the Indian Partnership Act, 1932. Comp...

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Posted Under: Income Tax |

Taxation of Salaries earned abroad by Residents & Relief from Double Taxation

1. Salary means all remuneration paid or due under an express or implied contract of employment except that received by a partner of a firm from the firm. It includes wages, annuity or pension, gratuity, fess, commission, perquisites or profits in lieu of or in addition to any salary or wages or any advance of […]...

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Posted Under: Income Tax |

Types of Income Tax Return forms

ITR-1 (Sahaj) Applicable to : Resident Individual having total income upto Rs. 50 Lakh and where the income includes:- 1. Salary/Pension/Family Pension (excluding claim of deduction u/s 57) 2. Income from only one House property (excluding brought forward loss or loss to be carried forward on HP) 3. Income from other sources (excluding wi...

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Posted Under: Income Tax |

Notice of Annual General Meeting

Since, every company is required as per section 96 to hold its Annual General Meeting within 6 months of closure of its accounts except in case of newly formed companies. For conducting the Annual General Meeting, a notice under Section 101 of Companies is required to be sent to all the members of the company […]...

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Posted Under: Income Tax |

Recent Key Changes in Direct and Indirect Tax Provisions

KEY CHANGES IN DIRECT AND INDIRECT TAX:  Key Changes and Recommendations – 37th GST Council Meeting:  On 20th September 2019, as anticipated, the all-powerful Goods & Services Tax Council (hereinafter ‘Council’), in its 37th Meeting held in Goa, took certain key decisions. Recent economic slowdown coupled with industry...

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Posted Under: Income Tax | ,

Section 8 Companies- A Corporate Form of Non-Profit Organisation

India’s rich experience in philanthropy which received more publicity over last few years and many wealthy individuals are coming forward to donate for country’s poor. Non Governmental organizations (NGO) are also playing great role in this process. Tata Trusts, a CSR wing of Tata Group, is directly involving in charitable activities ...

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Posted Under: Income Tax |

Claim ITC & rectify errors for transactions disclosed in GST Returns

Claim ITC and rectify errors for transactions disclosed in GST Returns pertaining to the FY 2018-19 Taxpayers under regular category are filing GSTR 1 and GSTR 3B to report their transactions. GSTR 1 is for reporting of details of outward supplies including amendments if any and GSTR 3B is for reporting summary transactions for payment [&...

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Posted Under: Income Tax |

Comparative Tax Rates post Taxation Laws (Amendment) Ordinance 2019

Article provides Comparative Tax Rates post Taxation Amendment Ordinance 2019 of Domestic Companies whose turnover in 2017-18 does not exceed 400 crores, Domestic Manufacturing Company registered on or after 01-03-2016, Any Domestic Company (incl. Mfg, Trading , Service) from AY 2020-21, Domestic Manufacturing Company registered on or af...

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Posted Under: Income Tax |

Analysis of Taxation Laws (Amendment) Ordinance 2019 

Taxation Laws (Amendment) Ordinance 2019  – Income Tax Amendment – 2019 September You have to go through tough situations to get better. As a bold step to revive the current Indian economy, the Finance Minister announced various amendments in the form of reduced tax rate and incentives in the Income tax act. These changes have [&...

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Posted Under: Income Tax |

GST and Logistics – Impact and Implementation

Introduction of GST has eliminated various taxes under the indirect regime and it has allowed firms to redesign the supply-chains allowing opportunities to the Logistics Industry to increase it’s reach to further locations not limiting it’s operations to local areas....

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Posted Under: Income Tax |

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