Tax Collected at Source – TCS Section 206C: Seller shall collect tax from Buyer at the time of Debiting the amount or Receipt of amount, whichever is earlier. Exception: In two cases, Tax Collection at Source (TCS) shall be collected on receipt of payment: 206C (1F) Sale of Motor Vehicle 206C (1H) Sale of Goods […]
As per Section 56(1) any income/receipt shall be taxable under this head if it is not taxable under any other heads of income be it salary, profit and gains from business and profession, house property or capital gains. Income from other sources includes the following: DIVIDENDS Dividends are covered under the head Income from other […]
Business Income is the profit that is earned from the business. It is nothing but Total Revenue/Total turnover minus Total Expense. The profit from the business is the taxable income/business income.
INTRODUCTION ‘Public revenue’ (or Government revenue) is concerned with the Income of the Government through various sources. The Government collects/earns money through various forms of tax and non-tax revenue, and use this money to meet its administrative and other expenditures. Tax revenue are the ones which are derived by the process of direct and indirect […]
Over the period of time, a business grows and expands itself. Companies can either internally restructure the company, or amalgamate with some other company, in order to bring about a change. This growth can be organic or inorganic depending on the way the business chooses to grow.
A cross border merger is a merger of two companies which are located in different countries resulting in a third company. It could involve an Indian company merging with a foreign company or vice versa. The local company can be private, public, or state-owned company. Earlier only those cross-border mergers were allowed, where the transferee company was an Indian company and the transferor company was a foreign as per Indian law.
Mergers and acquisitions involve huge financial recourses so it becomes important to evaluate the viability of the deal. Therefore, buyers undertake a process known as due diligence, though it is not an insurance but it provides assurance against the bad deal. The term more commonly applies to voluntary investigation but in some cases, it is used to mean a required legal obligation.
Fraud can be defined as, ‘a deliberate act of omission or commission by any person, which has been carried out in the course of a banking transaction or in the books of accounts maintained manually or under computer system in banks, thereby resulting into wrongful gain to any person for a temporary period with or without any monetary loss to the bank’.
Globalization can be defined as the mixture of individual national economies into the international economic environment via different participation means. Globalization spurred two other revolutions– low-cost mass-transit facilities and international telecommunications (i.e., the Internet).
Summary of all the notifications issued in GST in Year 2021 upto 25.06.2021 Notification No. 1/2021: Amendment in CGST Rules 1. These rules are CGST (Amendment) Rules, 2021. 2. Sub rule 6 is added in Rule 59: a) A person required to file monthly GSTR-1 cannot file the same if 3B of previous 2 months […]
