"10 March 2021" Archive

4th FAQs on LTC Cash Voucher Scheme

Notification No.12(2)/2020/E-II.A 10/03/2021

Whether the full and final settlement of the bills pertaining to LTC Cash Scheme is also to be ensured by 31st March, 2021, without any scope of spill over to the next financial year? As far as possible, the claims should be made and settled well before 31st March, 2021, Ministries/Departments may consider settlement of only those claims/...

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GST – Section-62 Assessment of Non-Filers of Returns

Assessments Under GST Section-62 Assessment of non-filers of returns Introduction. -As per Section-62 provisions, proper officer can proceed to assess the tax liability of the said person to the best of his judgment, if taxpayer fails to file returns as per section 39 & as per section 45, -Taking into account all the relevant materia...

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Posted Under: Income Tax |

15 mistakes to avoid in Charging or Reversing of GST

15 basic mistakes that are related to Charging of GST or Reversing ineligible ITC, that Taxpayer should Avoid making Normally These are areas that an Auditor would be checking in first stage while filling GSTR 9. Of Course the scope is vast looking in GST Audit & annual return. So here I pointed out Bullet […]...

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Posted Under: Income Tax |

Make in India and Startup India -Achievements & Salient features

Make in India is an initiative which was launched on September 25, 2014, to facilitate investment, foster innovation, building best in class infrastructure, and making India a hub for manufacturing, design, and innovation. The development of a robust manufacturing sector continues to be a key priority of the Indian Government....

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Posted Under: Income Tax |

SEBI: Rollout of Legal Entity Template

Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2021 /31 10/03/2021

CKYCR, in its communication no. CKYC/2020/1 1 dated January 04, 2021 has specified that since CKYCR is fully operational for individual clients, it has been decided to extend CKYCR to Legal Entities (LE) as well. Accordingly, RIs shall upload the KYC records of LE accounts opened on or after April 01, 2021 on to CKYCR in terms of Rule 9 (...

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Incorporation of One Person Companies in India

The One Person Company (commonly known as OPC) is the type of entity which is owned by a single person. It allows a sole person to own and also manage the entire business operations. The OPC as a business structure is introduced in India through Companies Act, 2013 to administer the proprietorship businesses and promote […]...

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Posted Under: Income Tax |

Exemption of Goods and Services from Goods and Services Tax

Goods and services tax is a tax which is levied on supply of goods or services, or both. Due to federal nature of India, a supply of goods, or services, or both may be any supply of goods, or services, or both which takes place- (i) inside a State; or (ii) inside a Union Territory; […]...

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Posted Under: Income Tax |

Receipt of Gifts and Inheritances by NRI

An NRI can have the interest in the following assets in India, which he receives by Gift or by inheritance- i. Money or Liquid funds ii. Immovable properties iii. Jewellery, painting, art piece or other valuable goods iv. Shares in companies registered in India v. Interest in Limited Liability Partnerships (LLPs) Any such receipt through ...

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Posted Under: Income Tax |

Refund of GST TCS for Online Sellers of E-Commerce Operators

. TCS: Tax collected at source: The online portal like Flipkart, Amazon, Snapdeal, Myntra etc. would collect GST at 1% of taxable value of goods / services sold through them, where the payment is also collected by them on behalf of the sellers. TCS will not be expenses for seller but an asset which can be set-off against their GST tax lia...

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Posted Under: Income Tax |

Taxability of Expatriate Salary

Taxability of Expatriate Salary: Salary paid to Expats deputed in India engaged by an employer of the other Contracting State is taxable in India and the primary liability to pay tax vests with those expatriate employees working in India. Certain relaxation is provided in the relevant Articles under the head ‘Dependent Personal Serv...

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Posted Under: Income Tax |

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