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Archive: 14 July 2020

Posts in 14 July 2020

A Brief overview of GST on E-commerce Transaction

July 14, 2020 6171 Views 3 comments Print

Introduction E-commerce does not need any introduction to start with. However, the unique features of e-commerce transactions have always made it a bit complex to levy tax. In e-commerce transactions, the supplier of goods and services may or may not have a permanent establishment or an office in a taxable territory in which he supplies […]

Reverse Charge Under (RCM) GST – Insights

July 14, 2020 3324 Views 0 comment Print

Reverse charge means the liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or services or both under sub-section (3) or sub-section (4) of section 9, or under sub-section (3) or sub-section (4) of section 5 of the Integrated Goods and Services Tax Act.

Law Vs Case Law Role of A Professional (CA And Lawyer)- Part I

July 14, 2020 2961 Views 0 comment Print

By and large,  clients engage CAs  for professional assistance, from the initial stage of preparing and filing tax return,  then during the assessment proceedings, and, thereafter, up to the second appeal stage of ITAT for representation.

Income from sale of shares is Business income or Capital gains

July 14, 2020 98947 Views 14 comments Print

This article is for better understanding of Treatment of Income from Sales of shares or other securities. Here I am explaining about the possibilities one can treat the income from sale of shares and what are the benefits of it. The article also comprises the corresponding guidelines from CBDT which are self explanatory and fiercest.

3 Tips for those Making TDS payment through multiple challans

July 14, 2020 42735 Views 15 comments Print

For Deductors’ convenience, CPC (TDS) has established processing logic in the system that can accept a Single Challan per month for reporting of Tax Deposited in following circumstances : Situation 1: Where Payment of Tax Deducted is required under ‘different sections‘ of the Income Tax Act, 1961: The CPC (TDS) system gives credit of TDS […]

Basics of Section 195 of Income Tax Act, 1961

July 14, 2020 104524 Views 10 comments Print

To Whom does Section 195 applies? a) A resident Making Payment to Non-Resident and, b) A Non-Resident making payment to a Non-resident. As per Section 195, it says Any person responsible for paying to non-resident…any person not only includes Resident but also non-resident making payment to a non-resident

8 Common Errors resulting in Defective Tax Return & Solutions

July 14, 2020 119311 Views 15 comments Print

1. Error Code 1: Tax computed but GTI(Gross Total Income) is nil or 0? Description: No tax can be computed without providing the details of income. The Assessee should maintain consistency in providing details of income and tax computation in the return of income in the new xml which will be filed in response to […]

Depreciation on Goodwill arising out of Amalgamation: Tax Impact

July 14, 2020 19108 Views 0 comment Print

The concept of merger and acquisition was not popular until the year 1988 in India. However, in the last five years merger and acquisition has emerged as a very important tool for growth of Indian corporates. Today, many companies are merging with each other in order to generate more revenues that the companies could have earned individually or to improve the financial performance by reducing redundancies, resulting in significant cost reduction. An important aspect in a merger and acquisition transaction is goodwill. Goodwill arises in case of such transactions when the price paid by the amalgamated company to an amalgamating company is more than the value of net assets. Many issues are being faced by the people in the industry before taking the decision of merger and acquisition amongst them one of such issues is described below

Treatment of SWEAT Equity Shares under Income Tax Act, 1961

July 14, 2020 68137 Views 2 comments Print

Sweat Equity Shares are Shares or Specified Securities issued at discount or for consideration other than cash to employees or directors of the company as reward their hard work or for their value addition in the progress of the company . These are generally issue in lieu of value additions and against providing Intellectual Property Rights by the employees or directors to the Company.

Section 138 Order for sharing information with Ministry of MSME

July 14, 2020 999 Views 0 comment Print

CBDT hereby directs that Principal Director General of Income-tax (Systems), New Delhi shall be specified authority for furnishing information to Additional Secretary and Development Commissioner, Ministry of Micro Small and Medium Enterprises, Government of India notified vide Notification No.48/2020 dated 14.07.2020 under sub-cause(ii) of clause (a) of sub-section (I) of section 138 of the Act.

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