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Archive: 26 May 2021

Posts in 26 May 2021

END OF THE LIFE PLANNING : Before & After

May 26, 2021 2022 Views 1 comment Print

1. Tomorrow is not promised : None of us know how long we are going to live for? Discussing death can feel scary. But if you are to die or were otherwise incapacitated, would your loved ones be able to quickly locate your important information or know how to handle your affairs. We get so […]

Income Tax E-Filing Portal will not be Working from June 1 to 6

May 26, 2021 1821 Views 0 comment Print

The Income Tax Department’s E-Filing Web Portal Will Not Be Working from June 1 to 6, Finish Your Tax-Related Work in Advance The Income Tax Department is preparing to launch a new e-filing web portal for taxpayers in June second week. Therefore, the existing income tax department’s e-filling web portal will be closed from June […]

Taxability of Provident fund (PF)

May 26, 2021 35991 Views 3 comments Print

The budget 2021 brings major changes in taxability of provident fund. Earlier income from provident fund i.e. contribution from employee contribution from employer and interest part is fully exempt from tax. Now government brings some changes to the earlier provision. In broad view there are two types of provident fund the first one is public […]

Confusion on definition 2(62) ” Input Tax”

May 26, 2021 3141 Views 2 comments Print

After 1 month on 01/07/2021 ” GST Act , 2017″ will celebrate its 4th anniversary, but after being most complicated and confused taxation system still dependent on plethora of department rulings due to lack of technical and theoretical intricacies. Among all of the complication, the Input Tax Credit on supply of goods & services to […]

Conversion of Company into LLP – Taxation involved?

May 26, 2021 5685 Views 0 comment Print

The following won’t be recognized as ‘transfer’, and hence, no capital gain to be arise on the same: -Any transfer of a capital asset or intangible asset by a private company or unlisted public company to a limited liability partnership. -Any transfer of a share or shares held in the company by a shareholder as […]

SOP-Revocation of cancellation of GST registration -Reg.

May 26, 2021 3543 Views 0 comment Print

1. Standard Operating procedures for implementation of the provisions of extension of time limit to apply for the revocation of cancellation of registration As per the Circular no 148/04/2021-GST, where the person applies for the revocation of cancellation of the registration beyond a period of 30 days from the date of order of revocation of […]

Gift given by HUF to its Member is Considered as Income of Member?

May 26, 2021 75516 Views 1 comment Print

We all know that Gift Tax Act which was introduced from 1st April, 1958 in our country as direct tax, which was repealed from 1st October, 1998. Any person receives Gift from any other person, would be consider as income of the recipient as per section 56(2)(x) with certain exemptions. Section 56(2)(x) was inserted by […]

No need to do reversal of ITC in case Zero rated supplies even if final product is nil rated supplies

May 26, 2021 19707 Views 2 comments Print

No need to do reversal of ITC in case Zero rated supplies even if final product is nil rated supplies As we all know that under section 17 (2) of the CGST Act, where the goods or services or both are used by the registered person partly for the purpose of effecting taxable supplies including […]

Test of Residency for Individuals under Income Tax – A quick recap

May 26, 2021 1026 Views 0 comment Print

Test of Residency for Individuals under Income Tax – A quick recap Basic Condition to be fulfilled: Under Section 6(1) of the Income-tax Act, an individual is said to be resident in India in any previous year if he: (a) is in India in the previous year for a period or periods amounting in all […]

Producer Company Incorporation through SPICE+

May 26, 2021 5976 Views 11 comments Print

Producer Company– A Producer Company is a form of an organization that consists of producers / farmers / agriculturalists as its members with primary objective of procurement, production, harvesting, etc of agricultural produce. It is basically a combination of a Cooperative Society and a Private Limited Company which instills the essence of Cooperative Society in […]

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