I always believed that when it comes to the fact that who is the best nation to produce skilled and mindful entrepreneurs, no doubt it is India but new generation is just weakening my stand on this aspect.
Article deals with treatment of foreign exchange (forex) fluctuations on computation of total income in case of capital assets acquired by using funds borrowed from outside India in the form of ECB, Loans and payment to suppliers (borrowed funds).
The due dates for filing quarterly TDS statements are as follows: 1. Quarter ending of the financial year If deductor is an office of government In case of non-government deductor 2. 30th June 31st July of the financial year 15th July of the financial year
After declaration of economic stimulus package ‘ATMANIRBHAR BHARAT PART 1’ ON 13/05/2020 by finance minister which was largely related to MSME, most of persons are curious about MSME units and it has been one of the most searched words in the web world of Indian sub-continent. To enlighten the public at large on various relevant […]
International taxation in a simple language means the study of Taxation beyond the National Level. Though we all are very much aware about our Indian Taxation Laws but as time is demanding something more so, there is a need to study the taxation at another level.
GST Annual Return – It comprises of details regarding the outward and inward supplies made and received during the relevant FY. It is a consolidation of regular returns/ forms (GSTR-1, GSTR-3B) filed on a monthly / quarterly basis. All registered taxpayers (except for Input service distributor [ISD], composition scheme dealer [GSTR-9A applicable], non-resident taxable person, […]
Evolution of advance pricing agreement concept in India The transfer pricing framework in India has been introduced through Finance Act, 2001 which requires determination of Arm Length Price (ALP) for all the international transaction between associated enterprises. Since then, the ALP determination has been the matter of long aged and numerous disputes between department of […]
Background, Ind AS-116 Leases brings significant changes in accounting requirements for lease accounting, mainly for lessees. The new standard replaces the existing standard i.e. Ind AS-17, Leases with effect from accounting periods beginning on or after 1 April 2019. The new standard requires lessees to recognise “Right-of-use assets” and “Lease Liability” in balance sheet and […]
Section 15- Value of Supply – (CGST Rules 27-35 ) Today I will discuss provisions of Section 15 – At what value GST is to be levied??? 15(1)- The value of a supply of goods or services or both shall be the transaction value, which is the price actually paid or payable for the said […]
1. Section 19 of CGST Act prescribes the provisions relating to taking input tax credit in respect of inputs sent for job work. The procedure for removal of goods for job work without payment of tax is prescribed under section 143 of the CGST Act. Rule 45 of CGST Rules specifies conditions and restrictions in […]
