· Registration or Approval is required u/s 12/12AA and fill the details in “Details of registration under Income Tax Act” in Part A General. · Return filing section is 139(4A) · Offer the contribution and income in schedule VC and AI. · Amount applied for charitable purpose is required to fill schedule ER, EC.
A careful reading of section 9 of the Central Goods and Services Tax Act, 2017 (CGST Act) reveals that it provides levy of central goods and services tax on intra-State supply of goods or services or both. At the same time, section 11 of the said Act provides that the Government may, by notification, exempt […]
The Insolvency and Bankruptcy Code, 2016 was enacted with a purpose to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals and align Indian law at par with the best practices being followed Internationally.
As per Section 9(1) of CGST ACT 2017 ‘There shall be levied a tax called the central goods and services tax on all intra –state supplies of goods or services both ,except on supply of alcoholic liquor for human consumption, on the value determined under section 15 and at such rates, not exceeding twenty per cent., […]
Interest provisions in GST law are covered under section 50(1) and section 50(3) of Central Goods and Services Tax Act, 2017. Section 50(3) specifies that interest rate should not exceed 24% p.a. and intends to exclusively cover cases of contravention as per section 42 (10) and section 43 (10). Whereas section 50 (1) is a […]
The Hon’ble Supreme Court (SC) in the case of Kolkata West International City Pvt. Ltd. v. Devasis Rudra passed a judgment stating that the homebuyers are allowed to claim refund from the defaulting builders/developers in case there is a prolonged delay in delivery of possession of homes. In the said case, the builder had failed to […]
CA Result out yesterday. I know those who have cleared, there were tremendous happiness and it should be. It’s a life time achievement. However, those who have not cleared yet like mine have number of feelings like sorrow, guilt and many more. Not getting cleared means not a failure at all. Failure happens when you […]
1. Meaning of different terms under Income Tax Act, 1961:- i. Trust : A trust is an obligation in relation to ownership of property & which is arising out of confidence reposed in and accepted by owner or declared and accepted by him, for the benefit of another, or of another and the owner. ii. […]
What is the need of Correction? The following are the some of the reasons behind for TDS corrections. > Wrong PAN Number for Employee or Dedcutee update in TDS Statement > Short Deduction or Excess deduction of TDS amount > Excess or Short utilization of Challan amount > Mentioning Wrong details for LDC Number or […]
After independence struggle when the industrialists were pressurized to show their dedication towards the benefit of the society. Mahatma Gandhi urged to the powerful industrialists to share their wealth for the benefit of underprivileged section of the society.
