Documents to be maintained by NGo or trust
The Central Board of Direct Taxes introduced Rule 17AA through Income Tax Notification No. 94/2022 dated August 10, 2022. This rule outlines the specific books of account and other necessary…
CBDT notifies books & other documents to be maintained
CBDT notifies books & other documents to be maintained According to the Income-tax Act, regular taxpayers must uphold and audit their books of accounts. Section 44AA outlines the necessity…
Checklist for Incorporation of Foreign Subsidiary/WOS in India
Checklist For Incorporation Of Foreign Subsidiary/WOS In India The following information is necessary for the incorporation of WOS (Wholly Owned Subsidiary). Authorized Share Capital Paid-up Capital Per share value (Face…
TDS Deduction on rental property owned by NRI
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…
Section 50 – Capital Gain on sale of depreciable assets
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.…
Taxation of Seafarer/Merchant Navy in India
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…
Taxation of Charitable/Religious Trust
Taxation of Charitable/Religious Trust
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,…
Taxability
Taxability of Health Care services under GST
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…
Taxability on Sale of Agriculture Land under Income Tax Law
Taxability on Sale of Agriculture Land under Income Tax Law
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…
Life Insurance Policy
Section 10(10D) Exemption towards amount received under a Life Insurance Policy
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…
Companies Act
Right Issue of Shares under Companies Act,2013
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…
GOODS AND SERVICES TAX
List of Exempted Goods under GST with HSN Code
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)…
MAT credit
Computation of book profit & MAT credit U/S 115JB
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…
/amendment of GST Returns
Correction/rectification/amendment of GST Returns (GSTR 3B & GSTR 1)
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…
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