GST on Casual Taxable Person

1. Meaning of Casual Taxable Person: “Casual taxable person” means a person who occasionally undertakes transactions involving supply of goods or services or both in the course or furtherance of business, whether as principal, agent or in any other capacity, in a State or a Union territory where he has no fixed place of business.[…..]

Are directors of company employees under the ESI act?

The Bench of Justices Abhay Manohar Sapre and Dinesh Maheshwari delivered this judgment while considering the question of whether or not Directors who receive remuneration from a Company fall within the definition of “employee” under the ESI Act. The company was covered under the ESI act and deposited regular contribution but they did not deposit contribution of remuneration paid[…..]

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 issue come up with guidelines in one week. Department of Industrial Policy and Promotion (DIPP) on 16th January 2019 issued a notification, which exempt the Startups from Angel tax. Few conditions were laid down in[…..]

Prohibition on Issue of Shares at Discount

Often Shares are issued at Premium. Sometime the situation arises where we decide to issue shares at discount. Discounted prices may be offered when company is not able to pay its debts and offering it share to its creditors. Company Act 2013 strictly prohibited the companies to issue shares at discounted price. It invites penalty[…..]

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 business. The company cannot have any revenue for the Indian Liaison office; It has to meet all its expenses of Indian office through remittances from the Head office. The Liaison office is not allowed to earn[…..]

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 source of collection of direct tax is salaried employees.  Salaried employees used say they are paying more tax than business class person. So Budget 2019 gifted them few tax benefits. Let’s understand the benefits and how we can exempt[…..]

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 Act) Standard deduction raised to Rs 50,000 from Rs 40,000 Direct tax proposals to provide Rs 23,000 cr relief to 3 crore taxpayers Capital Gains exemption under Section 54 to be available[…..]

How Bad debts are treated in Income tax act?

In spite of efforts made, few debtors refuse to pay either intentionally of unintentionally.  Bad debts are common in each and every business and there is a separate treatment of Bad Debts under the income tax act. Few years back when we used to written off the bad debts in books of accounts, onus was[…..]