In the previous article, we discussed regarding various provisions of Companies Act, 2013, where valuation is required, profession of registered valuers in India and brief of Valuation Standards issued by ICAI. In this article, we are going to discuss regarding procedure to be adopted or followed while performing a valuation assignment. Followings are the seps […]
A. Meaning of terms used in section 44AD(1) To understand the provisions of sec 44AD(1) of the Act, we must study the meaning of following terms: 1. Eligible assessee: 1) Resident Individual 2) Resident Hindu Undivided Family 3) Resident Partnership Firm (not a Limited LiabilityPartnership Firm as defined under LLP Act, 2008) Note: While explaining […]
Tax Implications on Sale & Purchase of Property Section 48 read with Section 50C read with Section 56(2)(x) read with Section 194IA of Income Tax Act, 1961 read with Income Tax Rules, 1962 Tax Implications on the Seller of Property: Section 48- Computation of Capital Gain Full Value of Consideration (Refer Section 50C Below) XXXX […]
Introduction Section 40A(2) of Income Tax Act, 1961 deals with payments to relatives and associated persons. It provides that where the assessee incurs any expenditure in respect of which payment is to be made to a specified person and the Assessing Officer is of the opinion that such expenditure is excessive or unreasonable having regard […]
1. Hon’ble Gujarat High Court in case of Britannia Industries Ltd allowed SEZ (Special Economic Zone) to claim a refund of ITC (Input Tax Credit) received from ISD ( Input Service Distributor) Unit 1.1. It is held that assessee, situated in Special Economic Zone (SEZ), could claim a refund concerning credit of IGST distributed by […]
Section 144 of CGST Act, 2017 read with Section 145 of CGST Act, 2017 governs the provisions for Presumption as to documents in certain cases & Admissibility of micro films, facsimile copies of documents and computer printouts as documents and as evidence. Following aspects are dealt in the form of questions and their answers. 1. […]
GSTN has released a facility for communication between GST Taxpayers. The Facility can be viewed on www.gst.gov.in at following path after login- Dashboard ⇒ Services ⇒ User Services ⇒ Communication Between Taxpayers. In this facility Taxpayer can raise Queries related to Debit Note, Credit Note and Sales Invoice. Taxpayer can raise Query both as Supplier […]
Learn how to use a Java based ITR software utility without MS Excel 2010 or later. File your income tax returns hassle-free with the offline utility for taxpayers.
