Discover the concept of Deferred Tax and its impact on balance sheets and profit and loss accounts. Explore the two approaches used by companies to calculate deferred tax amounts: AS-22 and IND AS-12. Learn how timing differences, such as depreciation, unabsorbed depreciation, MAT credit, and income received in advance, create deferred tax liabilities or assets.
Navigate the complexities of Reverse Charge Mechanism (RCM) transactions in GST returns with this comprehensive guide. Understand the reporting procedures for both suppliers and recipients, ensuring accurate filing and reconciliation. Learn step-by-step details for reporting RCM transactions in GSTR-1, GSTR-3B, and GSTR-9 for suppliers.
Explore the intricacies of Director’s Remuneration and Sitting Fees under the Reverse Charge Mechanism in GST. Get insights on the notification, criteria for applicability, and a detailed clarification by CBIC. Understand the tax implications on Independent Directors, Non-Executive Directors, and Executive Directors. Discover key considerations for GST on salaries, fees, or commissions, and the distinction between sitting fees for executive and non-executive directors. Stay informed to ensure compliance with GST regulations.
Starting from FY 23-24, take advantage of the ₹ 52,500 or ₹50,000 standard deduction benefit announced in the Union Budget. Learn more!
‘Adani group has acquired 29.18% stake in NDTV and are all set to acquire another 26%.’ How did this happen? Lets understand what unfolded between the Business Giant Adani group and NDTV through some pointers
The last date for linking Aadhaar with PAN as extender earlier is 31st March 2022. Anyone having PAN and Aadhaar, must inform the Income Tax Department by linking PAN to Aadhaar. Failing which your PAN card will become inoperative. Methods to link PAN and Aadhaar Online Linking of Aadhaar and PAN 1. without registering on […]
The common perception among general public tells that Agriculture Income is totally exempt from taxation. Through this article we will analyse into this perception and the provision of taxation on agriculture income What is the meaning of Agriculture Income? As per section 2(1A) of the Income Tax Act, Agriculture income means: 1) Income from sale […]
As we all know, Section 80C of Income tax Act is one of the most used deductions. But the general perception is that to claim any deduction under this section, one needs to invest. But what if I tell you, you do not need any further investments? Yes, It is quite possible. So, In this […]
Surcharge and Marginal Relief Calculation [Individual, HUF, AOP, BOI, Artificial Juridical Person (AJP)] The Article is confined to discuss the calculation of Surcharge and Marginal Relief thereon in case of Individual, HUF, AOP, BOI and Artificial Juridical person for AY 2022-23 and onwards One can refer to the following link of article for applicable rates […]
Understand the rates of surcharge for Individual, HUF, AOP, BOI, AJPs, and surcharge on dividend income and income under section 111A/112A for AY 22-23.
