Merchandise Exports from India Scheme (MEIS) is introduced in the Foreign Trade Policy of India 2015-20, as a part of the Exports from India Scheme. The Government of India has brought in the Merchandise Exports Incentive Scheme (MEIS), replacing five other similar incentive schemes present in the earlier Foreign Trade Policy 2009-14. The schemes that […]
An Insight into Disqualification of Directors under Section 164 of Companies Act, 2013 With the implementation of the Companies Act 2013, the Government of India bought many changes compared to the previous Act of 1956. The new Act had strict provisions for non-complying companies and their directors. If any organisation fails to meet the compliance […]
As per the Income Tax Act 1961, an AOP/BOI is a Separate Assessee. When two or more than two persons or individuals join together to do some activity to produce income by their efforts in common without forming a Partnership firm or Private/Public Limited Company then we call it AOP/BOI.
Under indirect tax laws, concept of tax deduction could be traced in erstwhile State level VAT enactments also. Now, post GST implementation, the concept has also been made applicable effective from October 01, 2018 which is in addition to obligation of deduction of tax at source under direct tax laws.
Different countries adopt different principles to tax the Income of an Individual. There are three main principles adopted globally to tax the Income of an Individual – Residence principles, Source principles, and Citizenship principles. In India, An individual’s income is taxed based on its residential status for any particular financial year, not based on citizenship. […]
The role of Co-operative banks and the Credit Co-operative societies in fulfilling the credit requirements of Indian economy can hardly be overemphasized. They have catered to the credit needs of deserving borrowers. Sec 194A which provides for deduction of interest other than interest on securities has been subject to constant amendment leading to Pandora’s Box […]
So, finally a long wait is over as SEBI has come out with the Circular just a Week before the applicability of the new regulations. A Circular was expected from SEBI since the notification of new IA Regulations on 3rd July, 2020 to provide clarifications on certain points. Hence, SEBI has issued the Circular No. […]
Depreciation allowance for use at any time: Depreciation for assets ‘owned’ by assessee and ‘used’ by him in the business can be claimed and allowed if the asset is purchased and used or if it is kept ready for use at any time during the previous year. Therefore, if an asset is purchased and put […]
Here is the procedure to register the Digital Signature with Income Tax department website for eFiling of Income Tax Returns. STEP 1: Open I.T website -https://incometaxindiaefiling.gov.in/portal/index.doin Internet Explorer Click on the “ Login” tab to continue. Step 2: Registered Users should enter their User ID (usually PAN No.) and password and click Login. Step-3 On the Login Page, click on My Account and select Update Digital Certificate. Step-4 : Click YES , then tick the “Always trust content from the publisher” and then click on RUN on the following prompts: STEP 5: Choose the option “ Upload your USB token ” and click on Select your USB TOKEN Certificate button STEP 6: Click on Browse button and locate the file “C:WINDOWSsystem32eTPKCS11.dll” from your PC and then enter eToken password and click sign
CGST and IGST acts provides that every registered person is liable to pay tax on all intra state and inter state supplies of good and services and he shall accordingly collect and pay tax on such supplies as per provisions of act and rules, at notified rates. Sometimes, due to confusion, ambiguity regarding correct rate of tax applicable on supplies, a registered person with abundant precaution collect tax on supplies at higher rate and pay it in Government tresury.
