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Ca Santhosh Gupta Kethepalli

Latest Posts by Ca Santhosh Gupta Kethepalli

Quarterly GST Return Monthly GST Payment Scheme

January 7, 2021 6975 Views 0 comment Print

Quarterly Return filing & Monthly Payment of Taxes (QRMP) scheme is been launched by Government for small taxpayers under GST system. In thie article we will discuss the Applicability of this Scheme, Salient Features of QRMP scheme, What Registered Person means for this Scheme, When to Register or Opt for this Scheme, When to file […]

Deduction in Respect of Employment of New Employees [Section 80JJAA]

September 28, 2020 6582 Views 0 comment Print

I. Applicability of Section 80JJAA:- In order to promote Employee generation, deduction under section 80JJAA is given to all Assesses, whose books of accounts are required to get audited u/s.44AB. II. Quantum and Duration of Deduction under Section 80JJAA:- Where the gross total income of an assesse to whom section 44AB applies, includes any profits […]

Section 80D Deduction – Medical Insurance Premium

September 21, 2020 27672 Views 3 comments Print

In the present scenario, due to arise of Covid-19, many people are purchasing Health Insurance policies. Premiums paid on such policies are eligible for deduction u/s.80D of Income Tax Act, which is discussed in detail below:- In Case of Individual:- (i) Deduction in respect of insurance premium paid for family:- Deduction to the extent of […]

When Income of Previous Year assessed in Previous Year itself

September 13, 2020 137559 Views 2 comments Print

Cases where Income of a Previous Year will be assessed in the Previous Year itself under Income Tax Act, 1961. General Rule:- Income of a previous year is assessed in the assessment year following the previous year. Exception to this rule:- Cases where income of a previous year is assessed in the previous year itself:- […]

Taxability of Gifts

September 7, 2020 31560 Views 1 comment Print

Taxability of Gifts {Section 56(2)(x) of Income Tax Act, 1961} To prevent the practice of receiving sum of money or the property without consideration or for inadequate consideration, section 56(2)(x) brings to tax any sum of money or the value of any property received by any person without consideration or the value of any property […]

Credit and debit notes [section 34 of CGST Act, 2017

August 31, 2020 109197 Views 5 comments Print

Article explains about Credit Note and Debit Note under GST, Purpose of GST Credit/Debit Note, Conditions for issuing GST Credit/Debit Notes, Implications on issue of GST Credit/Debit Note, Time Limit for issuance of GST Credit/Debit Note and When to issue Financial Credit/Debit Note. 1) Credit Note under GST:- I. Purpose of GST Credit Note:- During […]

Claiming Input Tax Credit under GST Regime

August 26, 2020 11109 Views 1 comment Print

1) Introduction:- ITC means reducing the taxes paid on inputs from taxes to be paid on output. When any supply of services or goods is supplied to a taxable person, the GST charged is termed as Input Tax. The concept isn’t entirely new because it already existed under the pre-GST indirect taxes regime (service tax, […]

Conversion or treatment of a capital asset as stock-in-trade [Section 45(2)]

August 17, 2020 7536 Views 0 comment Print

(1) General Provision [Section 45(1)]:- Any profits or gains arising from the transfer of a capital asset effected in the previous year, shall be chargeable to Income-tax under this head in the previous year in which the transfer took place. (2) Special Case [Section 45(2)]:- A person who is the owner of a capital asset […]

Tax Implications of Trading in Securities

August 11, 2020 16926 Views 6 comments Print

Article explains provisions related to Treatment of Income from trading of Securities(Business Income/ or Capital Gain?), Securities Transaction Tax (STT) Treatment, Taxation of Capital Gains in case of Shares held for the Purpose of Investment, Taxation of Gains in case of Shares held for the Purpose other than for Investment and Advance tax when you […]

Section 44AE – Presumptive Income Provisions for Transporters

August 3, 2020 13752 Views 0 comment Print

SPECIAL PROVISIONS FOR COMPUTING PROFITS AND GAINS OF BUSINESS OF PLYING, HIRING OR LEASING GOODS CARRIAGES [SECTION 44AE] 1. Eligible Business: – Section provides for estimating business income of an owner of goods carriages from the plying, hire or leasing of such goods carriages; 2. Eligible Assesse: – Scheme applies to persons owning not more […]

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