Santhosh Gupta's Posts - Page 2

Presumptive Taxation Scheme | Eligible Profession | Section 44ADA

Presumptive Taxation Scheme for Assessees Engaged in Eligible Profession [Section 44ADA] (1) Introduction:- Scheme for presumptive taxation was introduced under section 44ADA from the F.Y.2016-17. Section 44ADA provides a simple method of taxation for Specified Small professionals. Earlier, the presumptive scheme of tax was applicable onl...

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Posted Under: Income Tax |

Special Provisions for Computing Profits & Gains of Business on Presumptive Basis [Section 44AD]

Special Provisions For Computing Profits And Gains of Business On Presumptive Basis [Section 44AD] (1) Introduction: – To reduce the tax burden and to provide relief from tedious work to small tax assesses, the government of India has incorporated a scheme of presumptive taxation. Businesses adopting the presumptive taxation scheme ...

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Posted Under: Income Tax |

Blocked Credit under GST | Section 17(5) | CGST Act, 2017

Blocked Credit {Sec.17 (5) of CGST Act, 2017} Introduction:- Though the idea behind implementation of GST is free flow of tax credit, input tax credit is not available in respect of certain inward supply of goods or services as per Section 17(5) of the CGST Act, 2017. {Sec.17 (5)} Cases where ITC is not available:- […]...

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Posted Under: Income Tax |

Statement of Financial Transactions or Reportable Account-Section 285BA

Obligation to furnish statement of financial transaction or reportable account {Sec – 285BA, Income-tax Act, 1961}. 1. Any person, being:- a) An Assesse, b) The prescribed person in the case of an office of Government, c) Local authority or other public body or association, g) Registrar or Sub-Registrar appointed under section 6 of ...

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Posted Under: Income Tax |

Who are required to get registered under GST

GST Registration Persons Liable for Registration {Sec.22 of CGST Act, 2017}:- 1. Every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a financial year […]...

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Posted Under: Income Tax |

Measures to discourage Cash Transactions by CBDT

Measures taken to discourage Cash Transactions and to promote Digital Economy by CBDT Introduction:- a) Sections 269SS and 269T which deals with cash payment and repayment of loans and deposits. b) Both the sections were introduced to curb the black money. Tax evasion is one of the serious problems in India causing economic disparities. c...

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Posted Under: Income Tax |

Transformation from Taxation of Business Income to Taxation of Business Transactions by CBDT

Equalization Levy Background of Equalization Levy:- Equalization Levy was introduced in India in 2016, with the intention of taxing the digital transactions i.e. the income accruing to foreign e-commerce companies from India. It is aimed at taxing business to business transactions. To bring in clarity in this regard, the government introd...

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Posted Under: Income Tax |

GST Composition Scheme for Small Tax payers | Section 10

Composition Scheme under section 10 of CGST Act, 2017- Great Initiative for Small Tax payers under GST Act Composition Scheme {Section 10 of CGST Act, 2017} -Composition Scheme is a simple and easy scheme under GST for taxpayers. -Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of […]...

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Posted Under: Income Tax |

Summary of Ind AS 41 Agriculture

Objective of the Standard:- ♦ Ind AS 41, Agriculture is the first standard that specifically covers the Accounting and Reporting requirements for the Primary sector. Prior to this standard, there were no established guidance on Agriculture and Allied Industry. ♦ This standard introduces a Fair Value model to Agriculture accounting whi...

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Posted Under: Income Tax |

Concept of Job Work under CGST Act, 2017

Job Work under CGST Act, 2017 Introduction:- In the age of outsourcing, it is common to get certain operations done from another person. This latter person may carry out either a part of the process allowing its completion by another person or by the person sending the goods or May himself complete the goods.  Such […]...

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Posted Under: Income Tax |

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