Seth & AssociatesApr 13, 20202 minEqualization Levy under Income TaxCHARGE OF EQUALISATION LEVY ➢ Rate: 6 % of the amount of consideration received or receivable. ➢ Service Provider: Any non-resident...
Seth & AssociatesApr 13, 20202 minGST on Goods Transport AgencyWHO IS A GTA As per Section 65B (26) of the Finance Act, 1994; “Goods Transport Agency means any person who provides service in relation...
Seth & AssociatesApr 13, 20203 minSection 50-C of the Income Tax Act, 1961INTRODUCTION TO SEC 50C In order to plug the prevailing black money in real estate transactions the government vide finance Act 2002,...
Seth & AssociatesApr 13, 20202 minCompany Fresh Start Scheme 2020The Corporate Affairs Ministry (MCA) has come up with the ‘Companies Fresh Start Scheme 2020’ to enable companies make good of any...
Seth & AssociatesApr 13, 20201 minReverse Charge Mechanism in GSTWHAT IS REVERSE CHARGE MECHANISM In general GST is collected by the supplier from the recipient and remitted to the government. However,...
Seth & AssociatesApr 13, 20202 minBudgets & Budgetary ControlWHAT IS A BUDGET AND BUDGETARY CONTROL? A. Budget is an estimation/statement of financial resources set aside for carrying out specific...
Seth & AssociatesApr 13, 20203 minImportant Disallowances under Income Tax Act (Sec 40A)WHAT IS SEC 40A Under the Income tax Act,1961 profit or gain from business or profession is considered income and such income is...
Seth & AssociatesApr 9, 20203 minSec 271AAD of the Income Tax w.e.f. 1st April 2020WHAT IS SEC 271AAD Finance Act 2020 has inserted a new section 271AAD in the Income-tax Act relating to penalty for false or omission of...
Dhruv SethSep 5, 20182 minInput Tax Credit wrongly availed under GSTInput Tax Credit mechanism allows registered person under GST to set-off their GST tax liability. Since GST is a consumption-based tax,...
GST @ Seth & AssociatesJul 21, 20171 minGST impact on E-Commerce Operators#Indirecttax #DhruvSeth #GST
GST @ Seth & AssociatesJul 5, 20171 minGST - Invoice and Voucher typesWe are attaching various voucher and invoice types which would need to be issued under GST. We have also attached a brief writeup when...
Seth & AssociatesJun 7, 20172 minGST - Availability and Restrictions in Input Tax CreditThe entire foundation of GST has been proposed to be seamless transfer of credit till the end consumer to ensure optimum pricing....
Dhruv SethJun 1, 20176 minGST - Foreseeable IssuesTill date we have been sending various articles and writeups about what the law states. However with this writeup we wish to inform you...
Dhruv SethMay 31, 20173 minGST Rates ready reckoner - 18th May council meetingOn the 18th of May, 2017, the GST council convened to fix and finalise the much awaited GST rates for 1211 goods across 98 categories....
Dhruv SethApr 16, 20172 minImportant Income Tax amendments w.e.f 1st April, 2017Please take note of the following very important changes in income tax Laws that come into effect from 1st April 2017. The limit of Rs...
Seth & AssociatesApr 16, 20172 minE-Way Bills as Per New GST RulesE-Way Bills as Per New GST Rules 1) E-Way Bill will be required for movement of all goods, whether within the state or across states....
Dhruv SethJul 17, 20163 minTime of taxation of Joint Development agreementsAccording to the law of Income tax in India there are three very critical limbs of taxing a person. :- i. There should be income deemed...
Seth & AssociatesJun 10, 20161 minIndia BPO Promotion SchemeThe scheme initiated under Digital India Programme is detailed as below: Objective: IBPS envisaged under digital India Programme, seeks...
Seth & AssociatesJun 8, 20164 minAnalysis of the Delhi HC judgment striking down Service Tax auditDelhi HC strikes down Rule 5A(2) of Service Tax Rules, 1994 Mega Cabs Pvt. Ltd. v. Union of India & Ors. In a major battle we have been...
Seth & AssociatesJun 6, 20162 minIndia Ranks 2nd in Ease of doing business as per GRDI 2016India has jumped 13 positions from 2015 to rank second among 30 developing countries in 2016 on ease of doing business, according to a...