GST in India has been implemented since 1st July, 2017. So, within a period of almost three years we are mostly accustomed with the provisions of GST Laws. This article is intended to analyse the basic principle of Levy of GST i.e the Supply. In every taxation statutes, Levy & Collection of tax is the […]
This is in reference to recent Delhi High Court ruling in the writ petitions filed before the court on the issue related to filing issues of Form Tran-1 by various petitioners. The below petitions covered in the said ruling are as follows:- √ Brand Equity Treaties Ltd (WP (C) No.11040/2018) √ Mircromax Informatics Ltd (WP […]
1. Registered person registered under the provisions of the Companies Act, 2013 (18 of 2013) shall, also be allowed to furnish the return under section 39 in FORM GSTR-3B verified through EVC during the period from the 21st day of April, 2020 to the 30th day of June, 2020 I.E THERE IS NO NEED OF […]
Discover the changes in tax rates of domestic companies for F.Y. 2019-20 and A.Y. 2020-21. Learn how Sections 115BAA and 115BAB are revolutionizing taxation.
Article explains Taxability of gift to minor, Taxability of gift to uncle by nephew, Whether gifts received from friends and relatives on the occasion of daughter’s marriage are exempt, Taxability of Gift of Car, Whether interest free loans can be charged to tax as sum of money received without consideration, Taxability of Gift from Mother’s […]
Vide the Finance Act, 2020 the government has finally heard the cries of these companies by re-introducing the conventional system of taxation of dividend. At the same time, we should not be forgetful of the reason behind introducing the DDT system. The administrative defunct and the long process against the simplistic procedure under the DDT definitely made things more smooth and transparent.
The provisions of section 10(35) of the Income Tax Act exempts income received from the specified units. The exemption provisions of section 10(35) are taken up and explained in the current article. Exemption provisions of section 10(35) of Income Tax Act– The provisions of section 10(35) offer exemption towards the following- 1. Any income arising […]
Section 10(37) Exemption Towards Capital Gain Arising on Compulsory Acquisition of Urban Agricultural Land Provisions of section 10(37) of the Income Tax Act lays down certain conditions which need to be satisfied in order to avail exemption towards capital gain arising on account of compulsory acquisition of an urban agricultural land. The present article tries […]
Any person, (other than individual or a Hindu undivided family) who is responsible for paying, to a resident, any income by way of commission (not being insurance commission referred to in section 194D) or brokerage, shall, deduct income-tax thereon.
When does income be taxed as Capital gain or Business income? When the transaction involves transfer of capital asset then that will constitute capital gain, whereas transaction which is entered into normal course of business shall constitute business income. Some Practical Issues Issue – 1 Where agreement for construction of hostel building, agreement for lease […]
