A Partnership Firm is nothing but an organization of two or more person having mutual understanding to run business and earned profit. Partnership firms are governed by Indian Partnership Act, 1932 in India. Individual are known are partners and collectively as partnership firm. Characteristics of Partnership Firm Here are the characteristics of Partnership Firm business: […]
Background GST Council, in its 39th Meeting held on March 14, 2020, recommended linking the data available in GSTN viz. linking outward supply data in Form GSTR-1 and Form GSTR-3B and Input Tax Credit (‘ITC’) data between Form GSTR-2A and Form GSTR-3B. It was also stated that the present return system (GSTR-1, GSTR-2A & GSTR-3B) […]
In view of the pandemic of Covid-19, the RBI had, vide a Circular dated 27th March 2020, permitted the lenders to allow a moratorium for three months of EMI (Equated Monthly Instalments), falling due between 1st March 2020 and 31st May 2020, for various categories of loans. Since the pandemic accompanied with lockdown was bound […]
Procedure in faceless assessment- The procedure for e-assessment is as below: NEC will issue notice under section 143(2) online by uploading the digitally signed copy on the registered income tax account or by sending notice to the assessee’s registered email address or uploading the copy on a mobile app. A real time alert will be sent through SMS or the mobile app.
Equalisation Levy was introduced via the Finance Act 2016 with effect from 1st June 2016. The EL was levied at 6% on consideration received or receivable by a non-resident for specified services from (i) any person resident in India carrying on business or profession in India or (ii) a non-resident having a PE in India.
Where individual pays any amount for medical treatment of disease for himself or his dependant being spouse, children, parents, brothers and sisters, than deduction up to Rs. 40,000/- from total income is allowed while calculating taxable income.
The Finance act, 2020, amended with section.194N with an intention of curb black money and track the persons those having huge cash withdrawal from bank and not filed their return of income as per the requirement under income tax act. Section.194N requires to TDS on some specified conditions and specified amount, the detailed implication of […]
GST on Intermediary, its Constitutional validity & proposed changes to term intermediary as exports Background Under GST, tax is levied on the taxable supply of goods/services. Tax is applicable on the taxable services supplied in India. In the GST regime, intermediary services by Indian suppliers to foreign principals are taxed to GST. In common parlance, […]
In India, CBDT first time introduced the e-tds return by electronic filing of returns of Tax Deducted at Source Scheme, 2003 in the FY 2004-05. This was the time when Income-tax Department started to collect the assesses’ data in the digital form.
The concept of Annual General Meeting (AGM) has been defined under Section 96 of the Companies Act, 2013. It can be considered as an annual gathering of Directors and Shareholders / members of the Company to discuss the future of the Company and also company’s overall performance is analyzed. > Provisions of Section 96 of […]
