SECTION 8 COMPANY FORMATION- Non-Profit Organization Section 8 Company is Company formed with the objective of promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object. It is established majorly for charitable or not-for-profit purposes. Features Section 8 Company does not require a prescribed minimum […]
1. The option to accelerate the write-off of the cost of acquiring qualifying plant and machinery will be extended to qualifying capital expenditure incurred on the acquisition of plant and machinery in the basis period for YA 2022 i.e. financial year (FY) 2021. 2. Providing an option to accelerate the deduction of qualifying expenditure incurred […]
Blockchain is an evolving technology and it has emerged exponentially because companies are now understanding the benefits of the blockchain. However, many companies are not able to implement blockchain for array of reasons. Block Chain-as-a-Service (BaaS) providers have made it easier for the companies to implement blockchain whose core proficiency is in fields other than […]
The taxpayer had charged GST at the rate of 18% on the supply and installation of furniture in the government department. However, the government department contention is that GST at the rate of 12% should be charged construing it as Work Contract Service
As per Section 56(2)(x) of the Income Tax Act, any person receives any property including shares of a company for a consideration less than the Fair Market Value, the Fair Market Value exceeding the consideration would be taxable in the hands of the person receiving such property. Clause 11 of proviso to Sec 56(2) (x) […]
Double Tax Avoidance Treaty India-Singapore The Double Taxation Avoidance Agreement is a tax accord between two countries to avoid taxing of same income by two countries levying their own tax. Double Taxation unjustly penalizes income flow between the countries and thereby discourages trade & commerce between the countries. To mitigate the above problem and to […]
