As per Section 2(16) of the Companies Act, 2013, ‘Charge is defined as an interest or lien created on the property or assets of a company or any of its undertakings or both as security and includes a mortgage‘. Concept of charge is explained under Chapter VI of the Companies Act, 2013 ranging from Section […]
Exemption for amount received from Statutory and Recognized Provident Fund Provisions of section 10(11) of the Income Tax Act exempts any payment received from the ‘Statutory Provident Fund’, whereas, provisions of section 10(12) of the Income Tax Act exempts the accumulated balance payable to an employee participating in the ‘Recognized Provident Fund’. The present article […]
The taxpayers will therefore have to weigh their options carefully before opting for settling their disputes pertaining to reduction in loss/unabsorbed depreciation or MAT credit. Every permutation and combination ought to be examined to determine whether it is advisable to avail the scheme or litigate the matter.
Compliance rating system is one of the new ways of tax administration and as such “KYS” enables every registered person (recipient) to have information about the supplier, in term of compliance, with whom they intend to deal in. Introduction: The Government previously wanted to implement the compliance rating system that gives a rating to the […]
Explains tax on property sale by NRIs, covering TDS rates, long and short term capital gains, refund claims, exemptions, and compliance requirements for buyers and sellers.
In the past we seen that, the GST department endeavours several cases whereas fraudulent input tax credit has been availed and claimed. GST department stated that, in all cases bogus invoices are been obtained by the suppliers and fraudulently claim the ITC taken to reduce tax liability. The bogus invoices has been issued by the […]
The Central Government vide Notification No. 07/2019 -CT( RATE) dated 29.03.2019 specified that the promoters are required to pay tax under Reverse Charge Mechanism ( RCM ) in respect of shortfall from the minimum value of goods or services or both required to be purchased for construction of project. Minimum value for the purpose is […]
The composition scheme is an alternative method of levy of tax designed for small tax payers whose turnover is up to prescribed limit. Small tax payers with an aggregate turnover of Rs 1.5 Cr shall be eligible for composition levy. Advantages of Composition Scheme The biggest advantage of composition levy is suppliers need not worry […]
♦ When an assessee (contractor) is awarded a contract by railways/state government (contractee) for the construction or other related services, the contractor is eligible to receive mobilization/secured advance. The Mobilization advance is primarily received after furnishing of Bank Guarantees in favour of the Payee Customer for the execution of work allotted. The mobilization advance is […]
Article explains Appeal process under GST Act, How to avoid Appeal under GST, Facts about Appeals and Revisions under GST Act and ways to interpret different section of the act along with facts of your case to get the due justice at low cost and efforts and howto avoid the appeals under GST act. Introduction; […]
