In the previous article on HUF, we had discussed about the meaning of HUF, its formation, creation of corpus of HUF and how it can be used as a legal tax saving tool. In one of the ways the corpus of Hindu undivided family can be created by receiving gifts from relatives.
1. Recently (mainly December 2020) spate of show-cause notices (SCN) have been issued seeking to demand the service tax on the differential amounts as determined based on the values reported in the service tax returns (nil if not filed) and the values reported in Form 26AS filed under the Income Tax Act reflecting the TDS […]
Conversion of One Person Company (OPC) Into Private Limited or Public Limited Company Introduction: One Person Company (OPC) means a company, which has only one person as a member. OPC can be converted into Private / public limited Company either by voluntarily or compulsory. Compulsory Conversion: Under below mentioned scenario, it is compulsory to convert […]
Financial emergencies come without warning. And the best way to tackle such an urgent financial need is to avail of a low-interest personal loan. From funding your child’s education to booking your ultimate dream holiday, a personal loan will help you fulfill your needs.
The Union Budget 2021 has come up with important amendments with regard to the filing of annual return and reconciliation statement under Goods and Services Tax (i.e., GST). As per the amendment, GST annual return and reconciliation statement can be submitted on a self-certification basis. Accordingly, post Budget approval, certification of chartered accountant/ cost accountant […]
A home loan is one of the most popular ways for young homeowners to own homes. With the soaring costs of houses across the country, a home loan is the best way for people to buy their dream homes.
Financial technology (also known as FinTech) is the use of innovative technology to provide a wide range of financial products and services. It aims to facilitate the multi-channel, convenient and fast payment experience for the consumer. This type of technology is effective in many different business segments, such as mobile payments, investment management, money transfer, […]
One of the fundamental legal principles is that an element of certainty must be brought to the legal proceedings. The law of limitation is based on this principle. Any action under any law has to be taken within the limitation period prescribed otherwise uncertainty would prevail eternally. The provisions of limitation period gain all the […]
Before diving into whether you need your books to be audited under Section 44AB, let’s understand the meaning of Tax Audit. Tax audit refers to the examination of a taxpayer’s accounts. This examination of books of accounts is conducted for ensuring that such taxpayer has maintained his books of accounts as well as other records […]
Lately we have been hearing a lot about banning of cryptocurrencies in India. Many people fear that the BAN would actually happen soon and this has made the market volatile for the traders in India. In order to understand this, let us first rewind to understand the earlier steps taken by regulatory bodies and when […]
