CHARGE OF EQUALISATION LEVY ➢ Rate: 6 % of the amount of consideration received or receivable. ➢ Service Provider: Any non-resident person ➢ Service Receiver...

WHO IS A GTA As per Section 65B (26) of the Finance Act, 1994; “Goods Transport Agency means any person who provides service in relation to transport of good...

INTRODUCTION TO SEC 50C In order to plug the prevailing black money in real estate transactions the government vide finance Act 2002, introduced section 50C w...

The Corporate Affairs Ministry (MCA) has come up with the ‘Companies Fresh Start Scheme 2020’ to enable companies make good of any filing-related defaults, i...

WHAT IS SEC 40A Under the Income tax Act,1961 profit or gain from business or profession is considered income and such income is chargeable to tax. The expen...

WHAT 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 entry in books of ac...

Input Tax Credit mechanism allows registered person under GST to set-off their GST tax liability. Since GST is a consumption-based tax, the input tax credit ...

We are attaching various voucher and invoice types which would need to be issued under GST. We have also attached a brief writeup when each one would be appl...

The entire foundation of GST has been proposed to be seamless transfer of credit till the end consumer to ensure optimum pricing. However, under the current ...

Till date we have been sending various articles and writeups about what the law states. However with this writeup we wish to inform you the possible pitfalls...

On the 18th of May, 2017, the GST council convened to fix and finalise the much awaited GST rates for 1211 goods across 98 categories. The very next day, the...

Please take note of the following very important changes in income tax Laws that come into effect from 1st April 2017. The limit of Rs 20,000/- for allowabil...

E-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. E-way bills is even req...

According to the law of Income tax in India there are three very critical limbs of taxing a person. :- i. There should be income deemed to accrue or arise in...

The scheme initiated under Digital India Programme is detailed as below: Objective: IBPS envisaged under digital India Programme, seeks to incentivize estab...

Delhi 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 waging for many years...

India has jumped 13 positions from 2015 to rank second among 30 developing countries in 2016 on ease of doing business, according to a study topped by China....