Residential status of Indian and Foreign company

11 Jun, 2022

Residential status of Indian and Foreign company

The residential status of the company is determined as per section 6(3) of the income tax act 1961....

All about the LUT under GST

11 Jun, 2022

All about the LUT under GST

Export of goods and services is the focus area of the government. India is a member of the World tr...

GST on Export of Services

11 Jun, 2022

GST on Export of Services

The service sector is the fastest and largest growing sector in India. India is among the top 10 se...

GST on Export of Goods

8 Jun, 2022

GST on Export of Goods

This article is not industry specific. The article has been written considering the present situati...

Income tax on Freelancer

7 Jun, 2022

Income tax on Freelancer

Freelancing is a particular assignment done by an individual of a company. You may call it a self-e...

GST applicability on Non-Resident

6 Jun, 2022

GST applicability on Non-Resident

In the current scenario, no borders or boundaries limit a person to do business with India and othe...

Cases where GST registration is mandatory and non-mandatory

4 Jun, 2022

Cases where GST registration is mandatory and non-mandatory

GST registration is first and most important step for a person starting business. There are common ...

How to determine the residential status of an individual and some Important untouched points for Non-residents

3 Jun, 2022

How to determine the residential status of an individual ...

Income tax provisions for the non-resident are not straightforward. There are many provisions which...

How to claim TDS credit if TDS is deducted but not deposited by employer

1 Jun, 2022

How to claim TDS credit if TDS is deducted but not deposi...

Tax deduction at source (TDS) is an income tax liability that is deducted from salary of the employ...

TDS is not deductible on Web Hosting and Promotion Services

31 May, 2022

TDS is not deductible on Web Hosting and Promotion Services

TDS on digital payment has always been a contentious issue. Taxpayers and income tax department hav...

HRA is a tax planning tool for salaried taxpayer

23 May, 2022

HRA is a tax planning tool for salaried taxpayer

A salaried person knows that House rent allowance (HRA) is a tax planning/tax saving tool. For sala...

Income tax on sale of Listed Equity Shares (Section 111A)

21 May, 2022

Income tax on sale of Listed Equity Shares (Section 111A)

Section 111A of the income tax act has specific rate of tax on short term capital gain. This se...

What is Advance Tax?

21 May, 2022

What is Advance Tax?

Advance tax is an Income tax. As the name suggests advance tax is paid much before the period of fi...

Procedure to remittance/transfer of money out of India

20 May, 2022

Procedure to remittance/transfer of money out of India

There has been substantially increase in foreign remittance since when ecommerce activities and imp...

How NRI can file Income tax return?

19 May, 2022

How NRI can file Income tax return?

Filing income tax return is a one-time job in a year that every person should do. Every year we all...

Exemption of long-term capital gain other than a residential house property- section 54F

18 May, 2022

Exemption of long-term capital gain other than a resident...

Do you know that you can avoid income tax on sale of Long-Term Capital assets? Income tax act d...

Exemption of long-term capital gain on sale of residential house property- section 54

17 May, 2022

Exemption of long-term capital gain on sale of residentia...

Do you know that you can avoid income tax on sale of residential house property? Income tax act has...

File Income Tax Return Using Form ITR 1

16 May, 2022

File Income Tax Return Using Form ITR 1

Income tax return (ITR) for the financial year 2021-22 i.e assessment year 2022-23 are open. Income...

What is Tax Clearance Certificate?

16 May, 2022

What is Tax Clearance Certificate?

Income tax act requires that before leaving India a person should pay all taxes on the income earne...

Income tax rates for different person for the assessment year 2022-23 and 2023-24

16 May, 2022

Income tax rates for different person for the assessment ...

Every year finance minister comes with the income tax rate that are applicable for the relevant ass...

All about TDS on salary under section 192

13 May, 2022

All about TDS on salary under section 192

Every employer responsible for paying any sum chargeable under the head ‘Salaries’ is liable to...

13 May, 2022

How business is defined under the income tax law

The word ‘business’ connotes some real, substantive and systematic or organized course of activ...

12 May, 2022

Deduction of Interest on borrowed capital under the Incom...

Interest on home loan taken to acquire or construct the property often confuses the taxpayer about ...

11 May, 2022

How to compute Income from Self occupied property under t...

If you are using house property for own residential purpose or business purpose, then this article ...

9 May, 2022

Maintenance of Books of Accounts Under the Income Tax Act

Taxpayers often get confused about the maintenance of books of accounts and the period for which bo...

9 May, 2022

Calculation of ‘’Income from House Property’’ under the I...

What is House property income is a question that taxpayer wants while filing his income tax return....

9 May, 2022

Allowance Exempted under the income tax act 1961

What are allowances? Allowances are the monetary support that is permitted within the permissib...

6 May, 2022

Due dates for filing income tax returns for financial yea...

Income tax department has released all forms for filing income tax returns for the financial year 2...

5 May, 2022

All about Income tax saving sections

Income tax is a hot topic for every high paying taxpayer. Every time we meet with our associates, w...

4 May, 2022

Frequently asked questions on TDS

What is Tax Deduction at source (TDS) In order to collect quick and frequent collection of tax g...

2 May, 2022

What are the benefits of filing income tax return?

Income tax return is a declaration of income by a person who is earning more than the amount of inc...

2 May, 2022

Frequently asked questions by Salaried Employee

What is definition of term ‘Salary’ under the income tax act 1961? Section 17 income tax act...

2 May, 2022

ITR Forms for Assessment year 2022-22

Income tax return is a form in which taxpayer must file information in relation to income earned du...

2 May, 2022

Why NRI should file Income tax return?

As per the income tax act 1961, every person being a person other than company and firm should file...

23 Apr, 2022

Salary earned in Japan will not be taxable in India on re...

Facts of the case: The assessee is an individual. He is a former employee of Motorola India. Dur...

23 Apr, 2022

Frequently Asked Questions about Income tax return

What is Income tax return ITR stands for income tax return. As the name suggests that it is a de...

23 Apr, 2022

Filing of Income tax return (ITR) is mandatory under the ...

The CENTRAL BOARD OF DIRECT TAXES on 21st April 2022 notified a new rule under the income tax...

20 Apr, 2022

What are the specified financial transactions in which qu...

As per rule 114B​​, following are the transactions in which quoting of PAN is mandatory by...

17 Apr, 2022

Taxability of Export Commission paid to Non-resident

Taxability of Export Commission paid to Non-resident has always been a question. It looks non-taxab...

16 Apr, 2022

Minimum amount upto which TDS is not deducted

​​The Income-tax Act has prescribed a different threshold limit for deduction of tax at source ...

16 Apr, 2022

Payments covered under the TDS mechanism and the rates fo...

​​​​​​​​​​​Tax is deductible at source at the rates given in table (infra)....

16 Apr, 2022

FAQs on Salary Income

What is considered as salary income?​​​​​​​​​ section 17​​ of the Income...

16 Apr, 2022

FAQs > Suo Moto Cancellation

1. Under which circumstances can a Tax Official initiate for cancellation of GST registration? ...

14 Apr, 2022

Exemption under section 54 is avaliable even if residenti...

Rachna sold her residential property and invested the entire amount in the purchase of a new reside...

Central Govt relaxes provisions of TCS under Section 206C(1G) of Income Tax Act,1961 in respect of non-resident individuals visiting India.

13 Apr, 2022

Central Govt relaxes provisions of TCS under Section 206C...

Central Govt relaxes provisions of TCS under Section 206C(1G) of Income tax Act,1961 in respect of ...

CBDT enters into 62 Advanced Pricing Agreements (APA) in FY 2021-22 with Indian taxpayers including 13 Bilateral & 49 Unilateral APAs.

13 Apr, 2022

CBDT enters into 62 Advanced Pricing Agreements (APA) in ...

Central Board of Direct Taxes (CBDT) enters into 62 Advanced Pricing Agreements (APA) in FY 2021...

13 Apr, 2022

CBDT extends the last date for filing of Form No.10AB for...

Central Board of Direct Taxes ( CBDT ) extends the last date for filing of Form No.10AB for seekin...

24 Mar, 2022

A payment was reflected in Form-26AS and was shown to hav...

It has been seen that Tax Officers make addition on the basis of Form-26AS the transaction not be...

6 Jul, 2019

KEY TO BUDGET DOCUMENTS – BUDGET 2019-2020 .

The list of Budget documents presented to the Parliament, besides the Finance Minister’s Budget S...

24 Jun, 2019

Documents That Should be Up-To-Dated and Handy for Filing...

Income tax return (ITR) filling time has begun for financial Year 2021-22. All forms are open and u...

22 Jun, 2019

How to Revocation of Cancelled GST Registration. – ...

The GST enrollment can be canceled for certain reasons. so you can go CA in Gurgaon. The crossin...

3 Apr, 2019

FEMA and Companies act Compliances for a Foreign Company ...

As per section 2(42) of Companies act 2013 "foreign company" means any company or body corporat...

8 Mar, 2019

Your working capital requirement may increase from 1st Fe...

Working capital play vital role in business as it covers company’s short term expenses, including ...

7 Mar, 2019

CBDT Issues SOP Regarding Handling Of Cash Deposit Cases

Central Board of Direct tax (CBDT) has issued Standard Operating Procedure  (SOP) for hading of...

6 Mar, 2019

Here is why Credit-worthiness of Investor and genuineness...

Section 68 of Income tax act attract when Investor invest in your company. This section describes th...

5 Mar, 2019

Compliances YouTubers fails to do

  YouTube is a platform where YouTubers uploads the videos and earns revenue when their vide...

1 Mar, 2019

Who should register under the GST Act?

Every supplier shall be liable to be registered under the Act but government has given exemption t...

28 Feb, 2019

Why Singapore is a Hub for Indian Startups?

The economies that rank highest in the ease of doing business are those that have consistently wel...

27 Feb, 2019

GST on Employee Services

GST is applicable on the transaction made for consideration. In many cases transactions become tax...

25 Feb, 2019

Recommendations of the 33rd GST Council meeting

Real estate sector is one of the largest contributors to the national GDP and provides employment op...

25 Feb, 2019

Merger of Proprietorship firm into Private Limited Compan...

Selling of Goods and Services always attract GST if it is taxable supply. Does transfer of business ...

24 Feb, 2019

One more Compliance for Private Limited Company

Now companies has to file its registered office details in Form INC-22A on or before 25.04.2019 to r...

18 Feb, 2019

Should Startups go for Private Limited Company? or Should...

These questions confuse every startup and all we get confused when we think of it. It’s a dream ...

14 Feb, 2019

GST on Casual Taxable Person

1. Meaning of Casual Taxable Person: “Casual taxable person” means a person who occasionally ...

6 Feb, 2019

Are directors of company employees under the ESI act?

The Bench of Justices Abhay Manohar Sapre and Dinesh Maheshwari delivered this judgment while co...

5 Feb, 2019

Government may relax you from Angel tax

On Monday a committee of 5 members has been set up by the government to look into the Angel Tax issu...

5 Feb, 2019

Why income tax levy when Loans are waived and Payables ar...

Every business has Loans and Liabilities and everyone wants to pay it on time. Sometime situation ar...

3 Feb, 2019

Prohibition on Issue of Shares at Discount

Often Shares are issued at Premium. Sometime the situation arises where we decide to issue shares at...

3 Feb, 2019

Set up a Liaison Office in India

Liaison office is set up by a foreign company in India to carry out the liaison activity for its bus...

2 Feb, 2019

Post budget your salary would be exempted upto Rs.7.85 Lakh

Yesterday interim budget was presented. It was the budget for salaried employees. Till now the major...

2 Feb, 2019

Key Budget 2019 Highlights

No income tax for income up to Rs 6.5 lakh (Rs 5 lakh + Rs 1.5 lakh under 80C of the Income Tax ...

28 Jan, 2019

How Bad debts are treated in Income tax act?

In spite of efforts made, few debtors refuse to pay either intentionally of unintentionally.  Bad d...

28 Jan, 2019

Guiding Principles for determination of Place of Effectiv...

Section 6(3) of the Income-tax Act, 1961 (the Act), prior to its amendment by the Finance Act, 2015,...

27 Jan, 2019

What is Form 15CA and 15CB?

The person responsible for paying to a non-resident, not being a company, or to a foreign compan...

26 Jan, 2019

Exemption from capital gain on sale of property used for ...

Who can claim benefit of Section 54? Benefit is available to an Individual or a Hindu und...

26 Jan, 2019

One more compliance added for Private Limited Company

Private Limited Company will have to file detail of Loans standing in their books of accounts. ...

23 Jan, 2019

Capital gain not to be charged on investment in NHAI and ...

 1. Applicability of Section 54EC: Long-term capital gain arises from the transfer of a capital...

23 Jan, 2019

Buyer shall be liable to pay interest to the seller if pa...

Government has enacted’’ The Micro, Small and Medium Enterprises Development Act, 2006’’...

22 Jan, 2019

Guidance Note on Audit of Banks 2019 edition

Guidance note in audit of banks has been issued by Institute of Chartered Accountant of India (ICAI)...

18 Jan, 2019

Now Investor needs to have sufficient income and net wort...

Have you ever thought raising money from investors would be easier than convincing income tax offici...

18 Jan, 2019

Soon you will get Income Tax Refund in a day.

Now delay in processing of income tax return and refund could soon become a thing of past. The un...

17 Jan, 2019

Composition Levy Scheme in GST (Goods & Services Tax)

Introduction The Composition levy scheme is a very simple scheme for small taxpayers. It is a volu...

14 Jan, 2019

Importance of maintaining proof of Investment

It’s mid of January and Employers has started asking their employees to submit proof of Invest...

11 Jan, 2019

A relief for Small Service Provider under the GST announc...

GST council yesterday recommended a ‘’Composition Scheme’’ for the small Service Provide...

3 Jan, 2019

Various representations from Exporter of Services were re...

Exporter of services raised issue that, what would be tax treatment if Exporter of services outs...

2 Jan, 2019

Employee can also take Tax Credit If TDS from salary is d...

The biggest problem faced by employees is the mismatch between the TDS shown in Form 26AS and TD...

31 Dec, 2018

One more compliance which Founder of Private Limited Comp...

We all borrow funds either from Non-banking financial Company (NBFC) to grow our business and pay In...

28 Dec, 2018

You know when your incomes are taxed thrice.

Government always try to make affords to avoid double taxation in India but their efforts is useless...

27 Dec, 2018

Income tax exemption for Startups

The government of India has launched ‘Startup india’ initiative on 2016 to build strong entr...

26 Dec, 2018

Private Limited Company has one of the best methods for d...

  Purchasing of own shares (Buyback of shares) at higher value is a popular method of di...

25 Dec, 2018

Hindustan Unilever (HUL) was not passing on benefit of GS...

The GST anti-profiteering watchdog, National Anti-profiteering Authority (NAA), on Monday imposed a ...

24 Dec, 2018

Genuine startups will not be taxed

On Wednesday government said startups would not be harassed if they receive consideration more t...

18 Dec, 2018

Gifts from relatives are not taxable but in certain situa...

We all know, if value of gifts received is more than Rs.50,000 a year, then such amount is taxable i...

18 Dec, 2018

Do you pay Rent to your parents to claim House Rent Allow...

Most of you must be aware that if you are residing in a rented accommodation and your company is giv...

18 Dec, 2018

Situation when Income of Wife is clubbed with income of H...

By proper planning you can file separate income tax return of both Husband and Wife. Under the incom...

15 Dec, 2018

When bank can share your financial details with Income ta...

It often said that how income tax department (ITD) came to know about my transactions done through b...

15 Dec, 2018

Share valuation methods as per Income Tax Act

Before getting funds from Angel investors, either you need to get your business valuation done or in...

14 Dec, 2018

Paying Salary to Partner is not always business expense

Being an employee everyone wants consideration for their efforts; similarly partners want remune...

13 Dec, 2018

Loan & Advances paid to shareholders are considered ...

Dividend is a sum of money paid by company out of its profits to its shareholders. Dividends are dec...

12 Dec, 2018

Tax planning through Hindu undivided family (HUF)

This might sound to be impracticable in real life, but it is not so, as this is made possible in act...

12 Dec, 2018

What is the main compliance which most of the Founders fa...

Today lots of websites are there to incorporate your company. They take required documents over the ...

12 Dec, 2018

Using Co-Working Space? Let’s see how GST has benef...

Initially freelancers and startups are worried for their fixed cost. Which are Office Rent, Employee...

12 Dec, 2018

Do you pay Income tax for advertisement services received?

In 2016 Finance Act has introduced a tax called ‘’Equalisation Levy” in Income tax act mainly ...