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Introduction : In the Finance Act, 2020; it has specified three new provisions in reference to Tax Collection at Source; in this article we will see, to whom provisions are applicable, whether there is any exemption, what will be rate of deduction, and what are the compliance that are required to be carried out by…
Introduction : Whenever any movable or immovable property is given in form of gift the first question arises in mind of receiver is taxability of such gift under Income Tax Act, 1961; There are certain exemption which are provided to assessee in respect of gift received by him and there is also specific monetary limit…
Interest on Late Payment of GST – Notification no 63/2020 It is well settled position of law by virtue of section 50 of CGST Act, 2017 that Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made thereunder, but fails to pay the tax or…
Introduction:Auditmeans the examination of records maintained by the registered person. The audit aims to verify the correctness of information declared and to assess compliance with the provisions of the CGST Act. Types of Audit under GST:There are three types of Audit under the GST Act 2017. Details are as indicated below:- Sr. No. Statutory Provision…
Introduction:In current choice of investment avenue can make or break the realisation of financial dreams. It is because of the forces of inflation and taxes. These tend to reduce the purchasing power of your money and impede faster wealth accumulation. Along with percentage of return one needs to understand what will be the taxability of…
What is Section 194N According to Finance Act, 2020 read with various notification issued from time to time new section i.e. 194N is applicable in case of cash withdrawals of more than Rs 1 croreduring a financial year. Further this limit will be reduced to Rs. 20 Lahks in case where ITR for immediately three…
Remedy available with Suppliers in case of default in payment by debtor When it can be said that there is default in payment? Default is the failure to repay a debt including interest or principal on a loan or security. A default can occur when a borrower is unable to make timely payments, misses payments,…
Transparent Taxation Scheme Details: Recently government had initiated a concept of Maximum Governance and Minimum Government for honoring taxpayers. Our Honorable Prime Minister has stated that our Tax system will be sseamless, painless and faceless and there will be new reforms such as face-less assessment, faceless appeal & taxpayers charter. Accordingly, Faceless Assessment along with…
What is Initial public offer? An initial public offering (IPO) refers to the process of offering shares of a private corporation to the public in a new stock issuance. Public share issuance allows a company to raise capital from public investors. The transition from a private to a public company can be an important time for private…
1. Optimum salary structure is a tool to attract the right talent or good employees for the Company. Good Companies always try to structure their CTC in such a way that their employees have option to claim maximum Tax benefits. 2. Component of salary should be structured in such a way that it becomes symbiotic…