This new provision is as below: Any person responsible for providing to a resident, any benefit or perquisite, whether convertible into money or not, arising Read More »
Social Media Influencers, Medical Professionals, Celebrities & Stars who were privileged to receive Free Samples, Gifts, Foreign Trips & any sponsors or benefits will be Read More »
In the case of slump sale, the seller shall furnish Form 49 to Income Tax Department along with the Return of Income of said year. Read More »
Section 50B of Income Tax Act, 1961 deals with taxability of transfer of business in the nature of slump sale. 1) Any profits or gains Read More »
What is “Slump Sale”? In simple words, when a business is sold/ transferred by one person to another, as a ‘Going concern’ for a fixed Read More »
AD Code is absolutely essential to the Export process for the following reasons: A Shipping Bill is one of the three mandatory documents required for Read More »
As per the latest amendment to Income Tax Act, 1961, every Trust or Association with 80G recognition shall file Annual “Statement of Donation” with Income Read More »
The following are exception from TDS requirement for Virtual Digital Assets: The consideration is paid by a “specified person” and the aggregate value of the Read More »
Cryptocurrencies, Non-Fungible Tokens (NFTs) and similar virtual tokens or currencies are considered as Virtual Digital Assets (VDAs). In India, presently, any income earned out of Read More »
Under the current GST Law, a registered GST dealer, is a recipient of goods or service and fails to pay consideration to the supplier (whether Read More »
If you are a trader in goods, you can register under Composition Scheme in GST and pay GST at just 1% on your total sales Read More »
If you are a partner in a partnership firm or director in a Company or Trustee of a Trust whose Books of Account are subject Read More »
Any person/ business entity carrying business where the total sales, turnover, or receipts exceeds Rs. 1 crore in a year should have a tax audit Read More »
Wonder what is meant by Tax Audit!? Simple, Audits conducted by independent Audit professionals like CAs under the various Tax Statutes in India are generally Read More »
Startup India also encourages research and innovation among those, who have an aspiration to be an entrepreneur. Seven new Research Parks are set up across Read More »
Generally, to apply for Government Tenders (Public procurement), the eligible Vendor is required to have ‘prior experience’ or a ‘requisite turnover’. This would put Startups Read More »
In general, Patent Registration is a cumbersome & time-consuming process. However, to ease this process protecting their valuable intellectual property for Startups, a fast-track examination Read More »
One of the key benefit of ‘Startup India’ scheme is the option provided to eligible companies to register themselves through a single form. This can Read More »
The startups registered under the Startup India scheme & recognized by DPIIT are eligible for Tax Exemption. This exemption is provided for a period of Read More »
There are many labour law compliances that a business entity is required to comply with, as per the existing legal frameworks in India. Non-compliance with Read More »
To encourage saving by citizens, the government has provided certain tax deductions on the amounts invested in specified instruments under section 80C of the Income Read More »
In case of a salaried individual, one can evaluate the salary structure offered by the employer and opt for those salary components which help maximise Read More »
Salaried individuals can look at making additional contribution towards ‘Voluntary Provident Fund’ in addition to EPF. However, if employee’s own contribution to EPF and VPF Read More »
Income Tax Returns (ITRs) are considered as an important proof for various purposes like applying for immigration documents, Housing loans, Carry forward of losses, Certain Read More »
Subject to certain conditions, an individual or HUF will have the option to pay taxes at reduced slab rates, but, without certain exemptions and deductions. Read More »
A new subsection is introduced in the Income Tax Act which allows the taxpayers to file an updated Income Tax Return for any errors or Read More »
You can claim both HRA exemption, as well as, tax benefits on the interest paid on a home loan. The logic is that HRA is Read More »
If you have more than one house, then any one is deemed to be rented out. So, the interest income on the home loan for Read More »
If a taxpayer suffers from a disability, he/ she can claim deductions up to Rs 1,00,000 Under Section 80U. The dependent could include the taxpayer’s Read More »
If a parent or legal guardian takes a loan, he/ she can claim deduction for the interest paid, for up to eight successive years, starting Read More »
Any amount contributed to a recognized political party can be claimed as a deduction under Section 80GGC. The donation can also be made to the Read More »
The Income tax Act allows a taxpayer to claim a deduction of Rs 40,000 if he/ she has a dependent who suffers from any of Read More »
The house rent allowance is exempt from tax to a certain limit. But what if your salary does not include an HRA component or you Read More »
If you have made any long-term capital gains from sale of property, gold or debt funds, you can set them off against short-term capital losses Read More »