Applicability of Clause 44 The ‘Tax Audit’ limit under Section 44AB is Rs 5 crore (the threshold limit is Rs 10 crore where minimum 95% of business transactions are done in digital mode). If the taxpayer is subject to audit, then this process is even more elaborate as one not only has to submit a […]
Recent Amendments of GTA As per Notification No. 11/2017-Central Tax (Rate) dated 28th June, 2017, “goods transport agency” or GTA means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called. This means, while others might also hire out vehicles for goods transportation, only
SECTION 115BAB: TAX ON INCOME OF CERTAIN NEW DOMESTIC MANUFACTURING COMPANIES The government has introduced a favourable tax regime for new manufacturing companies. The Taxation Laws (Amendment) Ordinance, 2019 passed on 20 September 2019 has inserted Section 115BAB offering a low tax rate of 15% (plus surcharge and cess) to new manufacturing companies. This is
Books maintained by Charitable Institutions Charity is a voluntary help either in money or kind to the needy. Collective efforts are always more fruitful. Hence, there are various Non-Governmental Organizations (NGOs) and non-profit entities constantly working on charitable activities by raising funds all over the world by forming either an institution or trust. Efforts of
Determination of Income of AOP UNDER INCOME TAX ACT An Association of Persons (AOP) or a Body of Individuals (BOI), whether incorporated is treated as a person u/s 2(31) of the Income Tax Act, 1961. It is important to note that an AOP or BOI shall be deemed to be a person, whether or not, it was formed
ATAL PENSION YOJANA: TAXPAYERS CANNOT JOIN THIS SCHEME W.E.F 1st OCTOBER 2022 Atal Pension Yojana, launched on 9th May 2015, is a Government of India pension scheme. The Atal Pension Yojana, basically, focuses on the unorganized sector workers. The Yojana encourages and enables the applicant to save for their retirement. Notably, the Atal Pension Yojana
SECTION 194R: TDS ON BENEFITS OR PERQUISITE The government has recently introduced the section 194R. In the Finance Act 2022, a new TDS section 194R, has been inserted in the Income Tax Act, and which has been made applicable w.e.f. 1.7.2022. What is the eligibility criteria for Tax Deductor? Any person (Resident or Non Resident)
APPLICABILITY OF RERA ACT RERA stands for Real Estate Regulatory Authority (“RERA”) which is established under the Real Estate (Regulation & Development) Act (“Act”). This Act was introduced in the year 2016 to regularise the problems existing in the real estate sector. The Act will be implemented at the State level, and the governing authorities
ANALYSIS OF UAE CORPORATE TAX The Government of UAE announced on 31st January 2022 that UAE would be promulgating legislation for levying federal Corporate Tax (C T) on business profits and the same shall be effective for the tax period commencing on or after 1st June, 2023. For years UAE has been considered as a
Compliance Calendar For The Month Of August 2022 Compliances under Income Tax: Due date of depositing TDS/TCS liabilities under Income Tax Act, 1961 for the previous month is 07.08.2022. Due date for furnishing of form 24G by an office of the government where TDS/TCS for the month of July 2022 has been paid without the
Filing of Non-Preferential Certificate of Origin is Extended till march 2023 What is Certificate of Origin? A Certificate of Origin is a certificate ial that is used to identify the country of manufacturing of any goods or commodity. The Certificate of Origin carries many other points of information such as what the product is, its
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CBIC Reduces Limit for E-invoice from Rs. 20 Crore to Rs. 10 Crore w.e.f 1ST OCT 2022 What is E-invoice? E-Invoicing/E-Invoice is a form of electronic billing which is increasingly mandated by Governments across the World due to tax evasion. A. E-invoicing shall not be applicable to the following categories of registered persons irrespective of
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