The Central Government is looking to overhaul the return filing system with a view to provide some relief to taxpayers with aggregate turnover under GST less than Rs. 5 crores. In this regard, it has released certain notifications to lay down a new scheme of return filing for such taxpayers. We have tried to summarise […]
Income Tax Act of India specifies that profit from sale of gold bars, jewelry, coins or utensils or any other form of precious metal will attract tax under capital gains. The profit on sale of your gold holding is taxable under the head “Capital Gains” of Income Tax. Only exception to this is in case […]
Issue of Debentures [Under Section 71 & Rule 18 of Companies (Share Capital & Debenture) Rules, 2014] The debentures issued by a company is an acknowledgment that the company has borrowed an amount of money from the public, which it promises to repay at a future date. Debenture holders are, therefore, creditors of the company. […]
What is e-invoicing under GST? e-invoicing refers as per Rule 48(4) of CGST Rules, notified class of registered persons have to prepare invoice by uploading specified particulars of invoice (in FORM GST INV-01) on Invoice Registration Portal (IRP) and obtain an Invoice Reference Number (IRN) Notified persons: A registered person, other than an SEZ unit*, […]
Find out how to file income tax return of a deceased person. Understand the process and requirements for legal representatives.
The Indian economy is under severe stress due to COVID-19. The government is taking all measures to revive the economy. This is the reason they came up with Company Fresh Start Scheme 2020. Under this scheme, the owners of a company which is struck off from RoC can apply for its revival without paying heavy […]
Understanding tax provisions related to receipt and forfeiture of earnest money in the Income-tax Act. Learn about the impact on cost of acquisition and taxation.
Introduction The Indian Economy has suffered heavily due to COVID-19 Pandemic, The Government had provided stimulus package in form of ATMANIRBHAR BHARAT PACKAGE 1.0 and ATMANIRBHAR BHARAT PACKAGE 2.0 in order to review the industry. The government on 12th November 2020 announced Atmanirbhar Bharat 3.0 packages to provide further relief to the industry which is […]
Income Tax relief for Developers & Home Buyers in Atmanirbhar Bharat Package 3.0 Differential between circle rate and agreement value in real estate income tax under Section 43 CA of IT Act has been increased from 10% to 20%. This is for primary sale of residential units up to ₹ 2 Crore (from date of […]
One of my friends, who had already decided to invest his retirement savings in such a way so that he does not have to pay any tax after his retirement and so wanted to invest in tax free bonds, had called me to know about the tax-free bonds available. I discussed the matter threadbare with […]
