As we already know any corporate organization need fund to grow and that fund can either be raised by way of debt or by through share capital when we raise share capital, we increase the authorized share capital, subscribed share capital, and paid-up share capital and there are different methods through which we can raise […]
Tax Deducted at Source Section 51 of CGST Act (1) As per section 51 of the CGST Act Tds will be deducted by the deductor (person who is the recipient of goods or services or both) while paying or credited the amount to the deductee ( person who is supplying the goods or services or […]
Revised Stamp Rates: The Finance Act has also amended the Schedule I of the Stamp Act, to change some existing duties and provides for new duties in case of transactions related to transfer.
Special Provisions for computing Profits and Gains Of Business on Presumptive Basis (Section 44AD) Eligible Business The presumptive Taxation scheme under Section 44AD covers all small businesses with total turnover/gross receipts of up to ₹ 200 Lakh (Except the business of plying, hiring and leasing goods carriages covered under section 44AE). Eligible Assesses Resident Individuals, […]
Income tax Act 1961 provides exemption to the Public Charitable trust and Religious trust (herein after referred to as Trust in this article)u/s 11(exemption from Income from property held for charitable or religious purposes) and u/s 12 ( exemption Income of trusts or institutions from contributions). However to claim exemption under the aforementioned section, the […]
Large Corporation usually has operation/place of business at multiple states which has common services like, Internal Audit fees, Statutory Audit fees, Banking Charges, Group Insurance, Consultation fees, etc. for the day today’s operation. The GST paid on such common services cannot be availed in any one particular state or any particular registration being common Input […]
Moratorium of loans ending- Urgent need to extend moratorium or restructure loans The Government had announced Moratorium of loans till 31, 2020 and the deadline is approaching fast. The Government had anticipated that Covid pandemic would end by this time and both business & life would normalise but things have not gone the way as […]
Faceless hand-holding of the Taxpayers Government of India, Department of Revenue, Ministry of Finance and Central Board of Direct Taxes has came out with a New Form 26AS which is the Faceless hand-holding of the Taxpayers to provide full details of their financial transactions. Aim is to prevent suppression of information by taxpayers. The taxpayers tax […]
