Articles

Capital Gains Tax & GST on sale of Gold, Jewellery, Sovereign Gold Bonds & Gold ETF

Capital Gains Tax and GST on sale of Gold, Jewellery, Sovereign Gold Bonds and Gold Exchange Traded fund (ETT) Thinking of selling gold during Novel Coronavirus pandemic to meet day to day expenses? check Capital Gains and GST implications on such sale. Before I jump into the topic, let me first explain, why investing in […]...

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Posted Under: Income Tax |

Composite & Mixed Supply | Section 8 | CGST Act, 2017

Taxability of composite supply and mixed supply Composite supply (Section 2(30) of the CGST Act, 2017) 1) What is composite supply? Composite supply is defined under 2(30) of CGST Act, which means a supply made by a taxable person to a recipient consisting of two or more taxable supplies of goods or services or both, […]...

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Posted Under: Income Tax |

Director remuneration: Applicability of GST amid controversial rulings of AAR

I am analyzing the applicability of the GST provisions under the current regime on Director remuneration with a reference to the erstwhile Service Tax regime, Companies Act, 2013, Income-tax Act, 1961 and other relevant laws and case laws cited....

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Posted Under: Income Tax |

Impact of tax on long-term capital gains, grandfathering & assessment of revised / concessional tax rate

Impact of tax on long-term capital gains (LTCGs) , grandfathering & assessment of revised / concessional tax rate The article illustrates taxation on long term capital gains of equity shares under the grandfathering provisions aligned with change in tax rate under the Taxation (Amendment) Ordinance, 2019: I. Tax on Long-term capital g...

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Posted Under: Income Tax |

CFSS-2020 – Company Fresh Start Scheme, 2020

Brief overview of the Company Fresh Start Scheme, 2020 : -In addition to circular 11/2020 dated 24th march, 2020. -One time opportunity of filing of forms without additional fee and immunity for prosecution and proceeding for penalty on account of such delayed filings. -Only normal fees are required to be paid. -It also gives an […...

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Posted Under: Income Tax |

CESTAT adopts new appellate procedure for online filing & hearing

We are all aware that the entire world is reeling under severe pandemic, COVID 2019 or Corona virus and India too has been badly affected causing social disruption, economic shut down and health concerns. The economy is at a virtual standstill and entire nation is under lockdown since 25th March, 2020 resulting in shutdown of […]...

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Posted Under: Income Tax |

Private Placement | Section 42 | Companies Act, 2013 & Rules

Private Placement As Per Section 42 Read With Rules Made Thereunder of The Chapter III, Part II of The Companies Act, 2013 Meaning of Private Placement: A Private Placement means an issue of securities to a selected group of identified persons whose number shall not exceed 200 (excluding the qualified institutional buyers and employees of...

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Posted Under: Income Tax |

Why Partnership Firm is better suited for Practicing CA, CS & CMA?

If you want to walk fast, walk alone. But if you want to walk far, walk together. – Ratan Tata Let us first go through this data published Professional Development Committee ICAI  February-2019 edition, where almost 70% CA practicing as a Proprietorship firm and around only 3% partnership firm having more than 6 partners. There [&h...

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Posted Under: Income Tax |

Taxes on Supply of goods or services through social media

With the emergence of SOCIAL MEDIA not only the world has become a small global village but also people have turned their hobbies into business. Since social media is a large platform where people interact on daily basis which has not only increased the network of a person but has also given wider stage for […]...

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Posted Under: Income Tax |

GST Series Part 7 | Time of Supply | Section 12 to 14 of CGST Act

1. The concept of Time of Supply is an important pillar of GST as it determines, the date when the liability to payment arises. Section 12 and 13 govern the determination of time of supply of goods and services respectively and Section 14 determines the time of supply for goods and services in case there […]...

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Posted Under: Income Tax |

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