Under GST, the Central Government collects CGST, SGST or IGST which is depend upon if the transaction is intrastate or it is interstate.On the off chance that the inventory of labor and products is being done inside the state then it is called as intra-state supply, and for this situation CGST and SGST will be […]
GST Compliance Calendar October 2021 This post provides GST Compliance Calendar for the month of October 2021. GST compliance has been and will continue to be a challenging task. With many deadlines approaching this month, take note of these dates and stay GST compliant. Below mentioned return forms are to be filed for monthly (Sept’21)/ […]
INCOME TAX QUESTIONS & ANSWERS SERIES PART -V Today we are going to consider problem based on provisions of Sections 2(22)( e) of the Income Tax Act, 1961. PROBLEM :– Mr. X holds 25% voting power in ABC (P)Ltd., he permits his own land to be mortgaged to a bank for enabling the company to […]
With the incremental and intuitive development of digital use, banking and other financial sectors have taken primary role and one gets a local company to become a unicorn with billion-dollar performance. How does fin-tech products transform or intend to revolutionize Indian atmosphere? RBI deputy governor Shri T Rabi Sankar, Deputy Governor, Reserve Bank of India […]
Every Income Tax, GST and any other work related to taxation is done through computer device. Some tax consultants are well versed with their subjects and also known to do the work using computer technology. We all should be known some related terms of Computer language in daily usage. Pen Drive The definition of a […]
Deposits are a means through which companies generally acquire funding. When the Directors are not in the verge to dilute their stake, they may opt for deposits from public at large. Section 73 to 76 of the Companies Act 2013 read with Rules made under Chapter V of the Companies Act, 2013 regulate the invitation […]
Future and Options is a derivative tool which was designed to hedge a portfolio but we all are aware that it has become one of the most traded instrument for regular gains. Hence Income Tax has realized the above and the Income From Future and Options is taxable under the head ‘Income from Business and […]
Labour law also known as employment law is the body of laws, administrative rulings, and precedents which address the legal rights of, and restrictions on, working people and their organizations. The Constitution of India is the main foundation in framing the basis of rights of individuals under labour and employment. The labour and employment laws […]
The CBIC vide Notification No. 06/2021 Central Tax (Rate) dated September 30, 2021 has further amended Notification No. 11/2017-Central Tax (Rate) dated June 28, 2017 , as under- 1. Section 12AB shall be put in addition to 12AA, wherever mentioned in the notification dated 28th June, 2017; 2. A rationalized rate of 18% shall be charged instead of […]
1. Circulars or Clarifications 1.1. Amount of CGST, SGST, or IGST wrongly paid for Intra-State or Inter-State shall be Refunded within 2 years, clarifies CBIC (Circular No. 162/18/2021-GST; Dated 25th Sep 2021) The refund under section 77 of CGST Act! Section 19 of IGST Act, 2017 can be claimed before the expiry of two years […]
