What is House Rent Allowance: – HRA is an allowance (Salary Component paid to employees by an employer towards payment of rent for residence of the employee. Taxability of House Rent Allowance: – As House rent Allowance (HRA) granted by Employer to Employee is part of Salary. It will be taxable under the head “Income […]
There comes a day in everyone’s life which gives immense joy and that is a day when you have in your hand first day salary. It is a day which gives you feeling of confidence as you have stood up on your own feet. However, after few months if you have not trained yourself in […]
Changes in Mines and Minerals (Development and Regulation) Act, 1957 vide Mines & Minerals (Development & Regulation) Amendment Act, 2021 Primary Sector – Mines & Minerals Industry Facts of Mining Industry – 1. Contributes less than 2% of India’s GDP. 2. Import of Minerals nearly INR 2.5 trillion per annum. 3. Barely 10% of Obvious […]
Accounting for Import Transactions of Goods – GST viz a viz Accounting Standard AS 11 This Article deals with the nuances of the GST framework for Import Trade viz a viz the challenges laid down while adhering to the Accounting Standard AS 11 – The Effects of Changes in Foreign Exchange Rates Lets understand a […]
Mandatory Re-Registration Under Section 12A and 80G of Income Tax Act by Existing NGO before 30.06.2021 -FAQ’s Dear friends, NGOs are an integral part of our Society. There are many NGOs in India like The Earth Saviours Foundation, The Akshaya Patra Foundation, Iskcon, etc which are providing food and shelter to the needy peoples. To […]
GST Compliance Due dates as amended by Notifications 9/2021, 12/2021, 13/2021-Central Tax issued by CBIC on 1st May 2021 Due Dates for March 2021 and April 2021 For Part 1 states Due Dates for March 2021 and April 2021 For Part 2 states Turnover > 5crores in preceding financial year Turnover > 5crores in preceding […]
1.1. INTRODUCTION TO DUAL GST MODEL Many countries in the world have a single unified GST system i.e. a single tax applicable throughout the country. However, in federal countries like Brazil and Canada, a dual GST system is prevalent whereby GST is levied by both the federal and state or provincial governments. India is a […]
2nd Edition- NCLAT Judgement Summary for the Month of April’ 2021 on IBC, 2016 It gives us immense pleasure to share our 2nd Edition of NCLAT Judgement Summary for the month of April’ 2021 covering summary/ gist of finding of the Hon’ble NCLAT. The Judgement summary prepared by us is for the purpose of understanding […]
Initiation of Proceedings against a Government Company: Shattering the questionable Conundrum under IBC Introduction Section 238 of the Code is a non-obstante clause in the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as ‘the code’) which does not incorporate any distinct limitation from the Constitution to impose a complete bar on the resolution of government […]
Why LLP is Advantageous? Forming and maintaining LLP has always been a preferred option for small Enterpreneurs due to its structure, compliance and operational advantages. Salient features of LLP • LLP can be formed with minimum of 2 partners. • LLP shall have at least two designated partners who are individuals. • LLP is a […]
