The Section 2(13) of the Income Tax Act, 1961, contains an inclusive definition of the term business. There are differences between the meaning of words business & profession in various English dictionaries. Also as per the terminology of income-tax difference has been made in the above words yet no demarcating line has been drawn in respect of these.
CA Sudeep Chhallani Introduction Due to high-sky increase in land prices and avoiding outright purchase of land by making heavy investment today real estate developers often enter into the Joint Development Agreement (JDA) with the land owners wherein the real estate developers are entrusted with the task of developing land. Similarly the land owners also […]
A registered person under GST may seek cancellation of the registration for numerous reasons including the closure of business or the turnover falling below the threshold limits. Now on the date of such cancellation, the concerned person may have goods in stocks as well as even capital goods.
Taxation of cross border e-commerce transactions has been a challenge for the whole world, including India due to location of the supplier, absence of physical presence, characterizing the nature of transaction (goods or service), administrative challenges in tracking and collecting taxes and taxing jurisdiction.
Effect of Notification 49/2020-Central Tax dated 24th June, 2020– Central Government appoints 30th June, 2020 as the date on which the amendment in Section 2(114), Section 109(6), Section 168(2) and Section 172(1) of of CGST Act, 2017 i.e. Section 118, 125,129 and 130 of the Finance Act, 2020 shall come into force. These amendments were […]
The process of preparing and filing of annual return in GSTR 9 for FY 2018-19 under GST has started and there have been a number of doubts arising as to how to reconcile the output tax liability under various tables pertaining to the FY 2018-19, because the GSTR 3B filed for 2018-19 contains rectifications for […]
Avoid legal trouble when selling or buying used vehicles. Learn about the importance of changing records after a vehicle sale.
[MCA General Circular No. 23/2020 dated 17 June, 2020] You are well aware that Ministry of Corporate Affairs (MCA), vide General Circular No. 12/2020, dated 30/03/2020, has come out with a Companies Fresh Start Scheme, 2020 forproviding relaxation in time for several forms. However, the benefit of waiver of additional fees, under the Companies Fresh […]
After the spread of pandemic ‘COVID-19’, GOI has announced many relief packages for MSME sector to boost industry as well as economy of the country. Government initiatives include ease of doing business, Digital India, start-ups, easy loans , Make in India, subsidies, moratorium for loans, reduced rate of interest, simple tax compliances & transparency in […]
Transportation of Goods by road and tax implications associated with it becomes an important area of discussion in today’s scenario since a major share of goods in India(around 60%) are moved from one place to another via roads. Goods Transport Agency is majorly involved in providing the service of transportation of goods from one place […]
