According to the Income-tax Act, regular taxpayers must uphold and audit their books of accounts. Section 44AA outlines the necessity to maintain these accounts. However, the Act does not specifically…
The following information is necessary for the incorporation of WOS (Wholly Owned Subsidiary).Authorized Share CapitalPaid-up CapitalPer share value (Face value)Number of ShareholdersRegistered Office AddressPhone No. & Mail id of the…
Indian citizens should deduct tax on the rent they pay to their landlords in specific circumstances, deposit to the PAN, and give a form to the property manager stating the…
The income derived from selling a capital asset included in the block of assets on which depreciation has been permitted according to the Income Tax Act constitutes a capital gain.The…
DEFINITION OF SEAFARER OR MERCHANT NAVY To begin with, the Income Tax Act, 1961 ('Act') does not explicitly define the terms 'Seafarer' or 'Merchant Navy'. There are no specific provisions within…
Beneficent/strict trusts are the trusts which are shaped with a target of giving help to poor, instruction, clinical alleviation, safeguarding of climate/landmarks , headway of objects of overall population utility,…
India is the biggest maker for generics. In terms of volume and value, the nation's pharmaceutical industry is currently third largest in the world. The demand for better healthcare services…
The transfer of a capital asset is considered a capital gain or loss, depending on the circumstances. The charging section of the Income Tax Act of 1961, Section 45(1), states…
We are aware that the life insurance policy comes with a number of benefits, one of which is a tax benefit. The tax benefit can be taken as a tax…
Background: In accordance with Section 62(1) of the Companies Act of 2013, if the company decides to issue new shares, those shares must be made available to existing shareholders in…
Article Compiles list of 149 Type of Goods which are exempt from Tax under GST with respective HSN Code and Description of Goods as per Notification No. 2/2017-Central Tax (Rate)…
Minimum Alternative Tax (MAT) and its computation of book profit and MAT credit under section 115JB of Income Tax Act, 1961 IntroductionThe Minimum Alternative Tax (MAT) is a provision in…
We have seen a number of changes in the GST Regime, including changes made to returns. The government introduced GSTR-3B, which is a summary return, for a brief time, along…
Cash transactions are not restricted by the CGST Act of 2017, but the Income Tax Act of 1961 periodically imposes restrictions on cash receipts, payments, and withdrawals in order to…