The import of goods has been defined in the IGST Act, 2017 as bringing goods into India from a place outside India. All imports shall be deemed as inter-State supplies and accordingly Integrated tax shall be levied in addition to the applicable Custom duties.
What is Due Diligence & Need for Due Diligence Due diligence is the investigation or exercise of care that is normally expected to take before entering into an agreement or contract with another party so as to ensure that all risks have been disclosed and all opportunities are on the table before the commercial deal […]
There is an earnest desire among many members of the public to do charity, welfare and social good. This leads to flow of money without consideration from one individual to another or from one entity to another. Such flow of money is termed as donation in common as well as legal parlance. Unlike in commercial […]
I. Introduction What qualifies as a “Start-up” under the Start-up India Scheme? An entity shall be eligible to apply for Start-up Registration if: 1. It is incorporated as a Pvt Ltd Company or registered partnership firm or LLP. 2. Up to ten years from the date of its incorporation/registration 3. Turnover for any of the […]
Enterprise Resource Planning (ERP) is a business management software that allows an organization to leverage a suite of integrated applications by streamlining and automating processes, creating a leaner, more accurate and an efficient operation along with providing complete visibility into core business processes.
Under law, identity or recognition of a person is established by relevant documents mentioned under those laws. For example passport establishes citizenship; Aadhar Card establishes residency for the purpose of government subsidies and benefits. In the same way, residency under direct tax laws is established by ‘Tax Residency Certificate’ also known as ‘TRC’. In one […]
♦ INTRODUCTION Assessment means determination of tax liability. There are several types of assessments in the GST regime i.e., self-assessment, provisional assessment, summary assessment and best judgment assessment. Under GST, an assessee is first required to self- assess his tax liability and furnish returns for declaring the taxable turnover, tax payable or refundable, input tax […]
I. Introduction In the previous article ‘IFC Reporting- Fresh Perspective beyond Compliance’, we have covered when the IFC will be applicable, the Responsibility of Management and Auditor while implementing IFC, advantages,and importance of IFC along with a case study. In this article, we are going to cover how the implementation of IFC will lead to […]
♦ Introduction: When a Company’s business activities are distributed evenly across various states both on input side and output side, then the company shall be able to utilise the input-tax credit on inward supplies in each such state while offsetting it against tax on outward supplies made from each such state. However, in many cases, […]
Gifts are usually capital receipts by nature. The Income Tax Act, 1961 (‘Act’) which is levies tax on incomes, that is revenue receipts, carves out certain exceptions and levies tax on capital receipts as well. Gifts are one such receipt. The Act defines gifts as any asset received without consideration like money or money’s worth (in kind).
