Profits and Gains of Business or Profession (PGBP) Additions and Deductions Following things should be added to ‘Net Profit as per books’: 1. Depreciation as per BOOKS 2. Income tax in BOOKS (including duty, cesses, late fee, or any other payments related to income tax liability) 3. 30% sum payable to residents on which TDS […]
N. Srinivasan National MSME Bills Payment (Factoring) Portal (NMBPP) The main problem faced by MSME to-day is collection problem for the bills/Invoices raised for goods and Services. Even though many schemes are introduced like “Mudra” “Samadhan” etc., it will be of very temporary in nature and may not be a long lasting Solution. Liquidity affects […]
Friends, “Commendable work has been done in the year gone by both in the area of facilitation and enforcement with numerous cases of fraudulent dealers and ITC being registered. The enhanced revenue collection in recent months should now be the ‘new normal.”- Hon’ble Finance Minister Nirmala Sitharaman. There are some other relevant changes in GST […]
Addition to income cannot be made merely based on Valuation Report if no defect found in books of assessee If books of accounts are realistic , reliable and without any fault, then and not rejected by the AO then there comes no requirement to call for valuation report from registered Valuer in the case when […]
Practical FAQs on applicability of TDS under section 194Q & TCS under section 206C(1H) w.e.f. 1st July 2021 Sub-section (1H) was inserted in Section 206C by Finance Act, 2020 for collection of tax at source (TCS) by the seller on sale of any goods and was made operative with effect from 1st October 2020. On […]
Consultation Paper on appointment / reappointment of WTD / MD by Listed Entities who fail to get elected at the general meeting ♦ Overview Securities and Exchange Board of India (SEBI) vide report dated 27th January, 2021 has issued and publishes Consultation Paper for public comments on ‘Consultation Paper on introduction of provisions relating to […]
A company is typically financed (or capitalized) through a mixture of debt and equity. Thin capitalization refers to the situation in which a company is financed through a relatively high level of debt compared to equity. Thinly capitalized companies are sometimes referred to as ‘highly leveraged’ or ’highly geared’. As a result of having a […]
1. Finance Act, 2021 inserted a new section 194Q in the Income-tax Act 1961 for deduction of tax at source in case of purchase of goods. The Central Board of Direct Taxes (CBDT) vide circular No. 13 dated 30 June 2021 has issued the guidelines in respect of TDS under Section 194Q of the Income […]
As per Section 5 of the Income Tax Act, Income which is accrued or deemed to accrue and received or deemed to receive in India is only taxable in the hand of non -resident. Therefore, any income of non -resident which is accruing outside India is not taxable until that is deemed to accrue in India. Section 9 of Income tax act creates such deeming fiction.
GST was implemented with two major objectives – To remove the cascading effect and have seamless flow of credit in indirect taxes. In Pre-GST era, indirect taxes were suffering from tax on tax and weak chain of credit. To overcome all these hurdles and bring the indirect taxes into true spirits – GST was introduced […]
