Dynamic QR Code for B2C Transactions: B2C transaction means all the supplies made to unregistered person or consumers. B2C invoices are those invoices where the end user will not be claiming input tax credit. E-invoicing refers to a method of processing invoices in an electronic format and on a united platform between buyers and suppliers. […]
RULES FOR VALUATION OF ASSETS IN CASE OF SLUMP SALE NOTIFIED: Earlier due to non prescribed rules for the purpose of section 50B, Net assets transferred were valued at the book value. Now CBDT notified Rule 11UAE computation of FMV of capital assets for the purpose of section 50B of the income tax act, 1961 […]
ITR Forms for A.Y. 2021-22: ITR-1 (Sahaj) -Resident Individual (Other than ordinarily resident) -Total income Upto Rs. 50 Lacs -Income from salary, one house property, other sources (interest etc.), family pension income and agriculture income upto Rs. 5,000 ITR-2 -Individual and HUF not having income from profit and gains of business or profession -A director […]
Equalization levy was introduced by the Finance Act,2016 on certain non resident companies and related activities. The levy was applied @6% on certain ‘specified services’ such as online advertisement, any provision for digital advertising space or any other facility or services for the purpose of online advertisement if the aggregate amount of consideration for specified services in a previous year exceeds 1 lakh.
Learn about the new tax rates for companies in India. Understand the key changes to corporate tax rates and the options available for domestic and new manufacturing companies.
TAX COLLECTED AT SOURCE (TCS) MEANING -Every seller shall collect tax from the buyer of any specified goods at the time of receiving the payment or debiting the buyer account whichever is earlier -Section 206C of the Income Tax Act governs the goods on which the seller has to collect tax from the purchaser. CLASSIFICATION […]
This articles is all about the relevant sections and provisions that deals with the Equalisation levy. explains briefly about its changeability, levy, statement required to be furnished along with the due date and all other related provisions.
