Difference between Professional & technical services in the preview of section 194J of Income tax act, 1961 Section 194J of Income tax act, 1961 speaks about the applicability of TDS provisions on Professional and Technical services. Before understanding the difference between both these services, below is key highlights of this section 194J. Applicability – This section is […]
Decoding – CBIC Circular No: 140/10/2020 – GST dt. 10.06.2020 – Clarification in respect of levy of GST on Director’s remuneration Point of Doubt: – Whether the remuneration paid by companies to their directors 1. falls under the ambit of entry in Schedule III of the Central Goods and Services Tax Act, 2017 (hereinafter referred […]
Taxability of Share premium under Section 56(2)(viib) of Income Tax Act, 1961 Section 56(2)(viib) of the Income Tax Act,1961 was introduced in the Finance Act 2012 which requires a Company (issuer), not being a company in which the public are substantially interested, to issue shares at Fair Market Value (FMV). Any consideration received by such issuing […]
Exemption to Start Ups from the provisions of Sec 56(2)(viib) of IT Act,1961 Exemption has been given to Start Ups for the purpose of clause (viib) of sub-section (2) of section 56 of the Act. CBDT through Notification No. 13/2019 granted exemption to startup companies from angel tax w.e.f. 19.02.2019 if such companies fulfill the […]
In today’s time, neither Goods and Services Tax (‘GST’) nor accounting under IND AS is novel and though most of the principles under both the concepts are aligned but still there are notable differences. The said differences if not understood and addressed properly will lead to uninvited litigations
Income is Agricultural only if it is from the following 3 sources: Any rent or revenue derived from land which is situated in India and is used for agricultural purposes.
Section 7(1)(c) of the CGST Act states that ‘supply’ includes the activities specified in Schedule I, made or agreed to be made without a consideration; As per entry 2 of the Schedule I, Supply of goods or services or both between related persons or between distinct persons as specified in section 25, when made in the course or furtherance of business is to be treated as ‘Supply’.
How Consumer Mindset Will Change And How & Which Industries Affected Due To Corona Pandemic This article will not only focus on How & which industries have been/ will be affected due to this corona Pandemic but also It will focus on how consumer mind-set has changed due to Corona Pandemic. I would like to […]
All Assessees are now required to file their Returns online except Super Senior Citizens are given option to submit Return in paper mode provided the Computation does not have any income chargeable under head of Profits and Gains from Business or Profession. Changes in the ITR Requirements The New ITR Forms have been notified vide […]
Section 115BAC is inserted in order to provide the benefit of significant reduction in income tax slab rates. However, The new and optional income tax regime comes with the consequential surrender of specified deductions/ incentives.
