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Archive: 12 June 2023

Posts in 12 June 2023

Only supplier of Goods/services can file Application for Advance Ruling

June 12, 2023 609 Views 0 comment Print

We find that Applicant M/S Uttar Pradesh Metro Rail Corporation Limited is receiver of the Goods/Services provided by the KESCO. In light of point (a) provided under Section 95 of CGST Act 2017, only supplier of the services can file Application for Advance Ruling. In this case the supplier of service is KESCO.

Manufactured chewing tobacco classifiable under CTH 24039910

June 12, 2023 747 Views 0 comment Print

Mixing scent in raw unmanufactured tobacco dust by Pandey Traders changes its character to manufactured tobacco, classifiable under CTH 24039910 as “Chewing Tobacco”, per GST AAR Uttar Pradesh ruling.

Services rendered under contract with SUDA for PMAY-U are exempt from GST

June 12, 2023 618 Views 0 comment Print

Services provided by Rudrabhishek Enterprises Limited to SUDA under PMAY-U qualify as activities related to functions entrusted to Panchayats and Municipalities, thus exempt from GST as per Notification No. 12/2017- Central Tax (Rate).

Few terms explained in layman’s language as per Income Tax Act in India

June 12, 2023 2004 Views 0 comment Print

Demystify complex taxation terms under the Income Tax Act in India with simplified explanations. Understand key concepts like income, taxable income, deductions, exemptions, assessment year, advance tax, TDS, tax return, tax credit, penalties, tax residency, capital gain, tax audit, tax evasion, tax planning, APA, tax deductible, and GST. Gain insights into the layman’s language definitions to navigate the tax landscape effectively. For personalized advice on tax matters, consult with a Chartered Accountant with over 5 years of experience.

Tax Implications of Gifts Received during Weddings in India

June 12, 2023 4806 Views 1 comment Print

Unravel the tax implications of gifts received during weddings in India. Explore the Income Tax Act’s provisions on gift taxability, exemptions, and specific categories like gifts from relatives and non-relatives. Gain insights into case studies illustrating tax exemption scenarios for gifts during weddings. Learn the importance of documentation and compliance to navigate the tax landscape confidently. Connect with a Chartered Accountant for personalized advice on managing tax implications for gifts during weddings.

One Person Company (OPC) vs. Sole Proprietorship

June 12, 2023 2898 Views 0 comment Print

Discover the advantages of One Person Company (OPC) compared to Sole Proprietorship in India. Explore limited liability, separate legal entity, continuity, and compliance requirements. FAQs on OPC formation, directors, capital, conversions, and fundraising. Learn about the unique features that make OPC a preferred choice for entrepreneurs. Get insights from a Chartered Accountant with expertise in Company Law, Audits, and Taxation. Connect with the author for personalized business advisory services.

Section 185 of Companies Act, 2013: Exemptions and Examples

June 12, 2023 27861 Views 0 comment Print

Explore Section 185 of the Companies Act, 2013, its exemptions, and practical examples. Learn when Section 185 is not applicable, including loans to managing directors, loans for employee welfare, transactions between holding companies and subsidiaries, and transactions with shareholder approval. Understand the specific conditions for private limited companies to be exempt from Section 185 and explore a detailed example illustrating the exemptions. Stay informed to ensure compliance and make informed financial decisions for your company.

Repo Rates in India: Significance, Effects and Current Outlook

June 12, 2023 999 Views 0 comment Print

Explore the significance, effects, and current outlook of repo rates in India. The Reserve Bank of India’s (RBI) recent decision to keep the repo rate unchanged at 6.5% has implications for interest rates, credit availability, and economic activity. Understand how changes in repo rates impact individuals, businesses, loans, and deposits. Stay informed about the current scenario and the potential future outlook.

Expenses cannot be treated as bogus merely for accounting subsequent to date of search

June 12, 2023 576 Views 0 comment Print

ITAT Mumbai held that expenses booked upto the date of survey cannot be treated as bogus only for the reason that the expenses were accounted in the books of account subsequent to the date of search.

E-Invoicing under GST: Process, Benefits and Exemptions Explained

June 12, 2023 7317 Views 2 comments Print

Learn about e-invoicing under the Goods and Services Tax (GST) regime in India. Discover the process to generate e-invoices, benefits of e-invoicing, and exemptions for certain taxpayers. Streamline your invoicing system and simplify GST compliance with this comprehensive guide.

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