Specified Business under section 35AD of the Income Tax Act: Section 35AD of the Income Tax Act provides for an investment-linked incentive to the assessee carrying on the specified business. Section 35AD provides deduction to the extent of 100% to assessee carrying on “Specified Business” as specified under the act. Set off and carry forward […]
In recent times, blogging has become one of the trending professions in the market. One of the major reasons behind it is income generating capacity of this profession. Bloggers can earn lakhs of rupees per month but most of the time they are unaware about the tax implications on their income. Hence today we are […]
I have tried my level best to cover all the applicable provisions of GST on e-commerce transaction, today we are living in 21st century and day by day e-commerce transaction is increasing rapidly in the view of this even government introduced some new provisions through GST which was not there before the commencement of GST […]
1. Situation arises: 1.1 Assessee found; invoices given by some suppliers are not appearing in GSTR-2A during verification of GSTR-2A for filling GSTR-3B return as per notification No. 49/2019-CT, dated 9th October, 2019 and circular 123/42/2019-GST, dated 11th November, 2019. 1.2 Further Assessee verified GSTN of those suppliers in GST portal to check the return […]
Registration under GST : The registration requirements have undergone various changes since the inception of the Goods and Services Tax on 1st July, 2017. There are numerous amendments and also notifications and circulars issued in this regards Section Description 22 Persons liable for registration 23 Persons not liable for registration 24 Compulsory registration in certain […]
Refund of Unutilized Input Tax Credit (ITC) on Zero Rated Outward Supply of Exempted Goods As per Section 17(2) of CGST Act, 2017– ’Where the goods or services or both are used by the registered person partly for effecting taxable supplies including zero-rated supplies under this Act or under the IGST, and partly for effecting […]
ITC of GST paid on works contract services – Significance of nature of property ‘permanent or movable’ and related accounting treatment Pursuant to Covid-19, the business across the globe has undergone various changes which not only includes changes in the working methodologies and IT processes but also includes changes in the physical working environment. The […]
The Income Tax Act, 1961 does not contain specific provisions relating to Alimony. Analogous provisions along with relevant case laws must be studied for taxation of alimony. Under circumstances where there is NO divorce; when an asset is transferred by one spouse to another, for inadequate consideration, the same shall be a gift exempt from […]
In the recent years, the Indian Startup ecosystem and Small Business Ecosystem has taken off and is on the verge to get mature. In a young country like India, with the population of around 1.3 Billion out of which around 30% are youth between the age of 15-24 years, these startups and small businesses emerged […]
Over the decade, use of technology has drastically changed the global business structure by creating immense transformations in the way companies globally conduct their businesses. Technology has expanded the outreach and connectivity of the businesses and with the use of digital space, companies located outside India are able to run their businesses in digital domain […]
