Section 6 of the Income-tax Act [Residential Status] In order to determine the residential status under Income-tax Act, number of days of stay in India is to be calculated in previous year for which residential status is to be determined. Following are the scenarios in order to determine the primary residential status of an Individual: […]
1. Definitions a. Legal Service – As per S. No. 2(zm) of Notification No. 12/2017 – Central Tax (Rate), Legal Service means any service provided in relation to advice, consultancy or assistance in any branch of law, in any manner and includes representational services before any court, tribunal or authority. b. Advocate – As per […]
1. Controversy in the past a. Before the amendment in Finance Act 2021, various taxpayers claimed the deduction of employee’s contribution deposited after the due date specified in relevant act but before the due date specified in section 139(1) of the Income-tax Act. b. If tax audit is also applicable on the taxpayer, then the […]
Reporting of Foreign Assets and Income in Income Tax Return 1. In order to report foreign assets and income from a source outside India in Income tax return, firstly you have to determine the residential status of the assessee which is mentioned below in the table along with who is required to report : S […]
1. Applicability of Employees Provident Fund Scheme a. As per section 1 read with section 6 of The Employees Provident Funds and Miscellaneous Provisions Act, 1952, an employer of establishment including factory employing 20 or more persons shall required to contribute 12 percent of the basic wages [including dearness allowance and retaining allowance (if any)] […]
Board Meeting under Companies Act 1. Meetings of Board (Sec 173) a. Every company shall hold its first board meeting within 30 days from the date of incorporation. After the first board meeting, every company shall hold minimum four board meetings in a calendar year. b. In holding board meetings during the year, there shall […]
1. Relevance – Time of supply decides when the supplier or recipient is liable to pay GST for goods or services or both. It is the most crucial part in the GST law. 2. Time of Supply of Goods (Section 12 of CGST Act) a) General Provision – The date of issue of invoice by […]
Understand how interest is calculated on income tax refunds as per section 244A(1) of the Income Tax Act. Learn about the applicable rates and conditions.
Understand the requirements for filing Return of Income under the Income Tax Act. Learn who is mandatorily required to file ROI.
1. What is Dividend ? – As an investor when you invest in an entity, you expect something in return on the value of investment. The amount invested in an entity is used by the entity to expand and grow their business and earn more profits. The profits earned by the entity is distributed to […]
