ACCOUNTING & TAXATION Guide to Set Off & Carry Forward of Losses under each head of Income This article focuses on provisions of The Income Tax Act, 1961 and rules made thereunder relating to Set Off and Carry Forward of Losses. This is a complete guide to set off and carry forward the losses including … Read More →
ACCOUNTING & TAXATION Finance Act 2020 Analysis of International Taxation related amendments World Moving Towards Multilateral Instrument (MLI) Intending to eliminate double taxation with respect to the taxes covered by this agreement without creating opportunities for non-taxation or reduced taxation through tax evasion or avoidance (including through treaty-shopping arrangements aimed at obtaining reliefs provided in … Read More →
ACCOUNTING & TXATION When GST Refund not available for Exporters Under section 16 of IGST Act 2017, exports are considered as zero rated supplies. Zero rated supplies mean where the GST burden on both inputs and outputs is zero. This is mainly to make Indian Goods and Services competitive in the international market. GST Act … Read More →
ACCOUNTING & TAXATION 54F Exemption if house construction not completed within 3 Years? Allowability of exemption u/s. 54F if builder does not complete construction of house within three Years? Realty has been one of the major investment options during the last decade. The investments in realty have grown by leaps and bounds during the last … Read More →
ACCOUNTING & TAXATION Measures related to various Statutory & Compliance Matters- Covid-19 Update on Relief measures announced on 24th March, 20 by Finance Minister relating to various Statutory and Compliance Matters across Sectors – Covid-19 outbreak The Corona Virus (Covid-19) outbreak has not only impacted lives of general citizens, it has also severely impacted the … Read More →
ACCOUNTING & TAXATION 14 Tax-saving investment options beyond Section 80C limit: Most people are aware of claiming tax deduction of Rs 1.5 lakh under Section 80C of the Income Tax Act, 1961. Now let’s take a look at the tax-saving options other than Section 80C to turn you into a smart tax saver. Most … Read More →
Accounting & Taxation Purpose: Needed, GST, not another alphabet soup The Cabinet Committee on Economic Affairs (CCEA) approved last week a new Remission of Duties or Taxes on Export Products (RoDTEP) scheme that will reimburse central and state taxes, duties and cess on petroleum products and electricity and levies other than the goods and … Read More →
ACCOUNTING & TAXATION A Preliminary Framework for Product Impact-Weighted Accounts: Although there is growing interest in environmental, social, and governance measurement, the impact of company operations is emphasized over product use. A framework like this one that captures a product’s reach, accessibility, quality, optionality, environmental use emissions, and end of life recyclability allows for a … Read More →
ACCOUNTING Accrual Basis of Accounting On the other hand, accrual basis of accounting, recognized income when it is earned and recognizes expenses when they are incurred: The firm will expense raw materials consistently as they are used and not in one single charge when they are paid for. The firm will record income when all … Read More →