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Indian Stamp Act (ISA) amendments were made effective from 1st July 2020. The said amendments on one hand brought in rationalization in charging of duties on issue & transfer of securities for pan India transactions & on the other hand done away with the concepts of duty on securities certificates, letter of allotment, instrument of transfer & brought in the concept Securities Transaction.
In the past few months, the online/virtual coaching segment has boomed due to the shift in the social/educational environment imposed by the covid-19 pandemic. This change in social/educational environment necessitated every training/coaching service provider to shift from conventional physical class rooms to online/virtual class rooms to adapt with the needs of the industry. These online/virtual […]
We were told by history that before advent of cash there was concept of barter system though barter system where there was no currency ‘no cash’ and things were exchanged according to needs and sooner society realized that barter system having its own series of advantages and disadvantages need to be left behind with time and later on various personalities, kings and governments introduced new coins and currency made from time to time making impressions of their choice on such coins.
Sections 220 to 232 of the Income-tax Act deals with collection and recovery of taxes. These provisions will become active every year in the months of February and March. Probably each officer or Commissioner may have to report to the higher authority the taxes outstanding, and total collection of taxes in their charge. As the scope of this Article is very limited. I will not deal with various controversial issues of Recovery Proceedings and will restrict only to few provisions which are useful in our day-to-day practice.
When investors make profits on sale of assets like land, shares and mutual fund units, it is termed as capital gains. The investor has to pay tax on the resulting gains that is commonly referred to as capital gains tax. The amount of money outflow from your pocket depends on how long you held the property. If a residential property is held by the seller for more than 36 months, it is considered a long-term investment. For investments over the short term, the short-term capital gain is added to your total income. You will be taxed depending on the tax bracket you fall in. When computing long-term capital gain, a bit more complexity is involved. Indexation is the process by which inflation is taken into account and the purchase price is proportionately increased. Consequently, the amount you end up paying as tax is reduced.
One of the first things you should know as an NRI is that your existing bank accounts are no longer valid.The Foreign Exchange Management Act (FEMA) requires you to inform all the banks where you have an account,be it savings or deposits, about your changed residential status.
This presentation will familiarise you with the end-to-end processes involved in payment made by the Taxpayer using DRC-03 and verification of such payment made using DRC-03 and issuance of acknowledgement of Payment through DRC-04 or Conclusion of Proceeding through DRC-05 as per the Cause of Payment in the CBIC-GST application. At the end of this […]
PLACE OF SUPPLY (SUMMARISED) Place of Supply is important to determine: – -Whether the supply is Interstate or Intrastate. -Resulting to which, Whether SGST/UTGST plus CGST is leviable or IGST is leviable. If inter state transaction is wrongly treated inter-state or vice-versa and tax paid accordingly, then it can be rectified. However, procedural requirements increase […]
Reinstatement of any property generally means replacement of what is lost or repairing the damaged property by bringing it to its original value and usefulness. In case of total destruction of an asset, the company generally replace the same with new assets or if possible, repair the old one to bring it at the same […]
Disclosure of Interest by Director under Section 184, Loan to Director under Section 185 and Loan and Investment under Section 186 of the Companies Act, 2013. This Article aims to bring a clear vision on the Disclosure of Interest by Director under Section 184, Loan to Director under Section 185 and Loan and Investment under […]
