Definition Waterfall structure is basically the process or sequence in which a money is distributed in a fund. The waterfall implies that until and unless the first tier is full with the water i.e money will not fall into the next tier. The fund has basically two types of partners: General Partners: Also known as […]
We have developed ourselves during 21st century much more than previous decades. We have become tech savvy and dependent on internet for fulfilling majority of our necessities. The emergence of e-commerce companies has dissolved national boundaries. We are fulfilling our daily needs on these companies. Many MNCs and other companies are conducting business in digital […]
The registration granted under GST can be cancelled for specified reasons. The cancellation can either be initiated by the department or the registered person or the legal heirs in case of death of registered person. In case the registration has been cancelled by the department there is a provision for revocation of the cancellation of […]
‘Advance ruling’ means a decision provided by the Authority or the Appellate Authority to an applicant on matters or on questions specified in sub-section (2) of section 97 or subsection (1) of section 100 of the CGST Act, 2017, in relation to the supply of goods or services or both being undertaken or proposed to […]
There is a lot of confusions amongst the professionals with respect to getting immunity certificate (filing Form CFSS after 1st October) for Form DPT-3 and other Forms whose due date falling between 01st April, 2020 and 30th September, 2020 and filed before 30th September, 2020. In this write up, we discuss and interpret the same. […]
Insurance is a contract, represented by a policy, in which an individual or entity receives finance protection or reimbursement against losses from an insurance company. Insurance companies base their business models around assuming and diversifying risk. The essential insurance model involves pooling risk from individual players and redistributing it across a larger portfolio. However, the […]
Letter of Credit (‘LC’) is a very common document used in international trade. It is a letter issued by the buyer’s bank, guaranteeing payment to the seller upon fulfilment of conditions mentioned therein. Generally, these conditions are with respect to presentation of certain documents evidencing transportation/ shipping of goods. In recent times, due to Covid-19 […]
Scrutiny assessment refers to the examination of a return of income by giving an opportunity to the assessee to substantiate the income declared and the expenses, deductions, losses, exemptions, etc. claimed in the return with the help of evidence.
An assessee is required to file an income tax return under Section 139 or in response to notice under section 142, consisting all the details of income earned during the previous year. Once the return is filed the next step of Income tax department is to examine the return for its correctness. This examination is known as Assessment.
Benami transaction means; a transaction or an arrangement, where the property is transferred to or held by a person, and consideration for such property has been provided or paid by another person.
