ACCOUNTING & TAXATION: Concept of Time of Supply under GST GST is payable on supply of goods or services. A supply consists of elements that can be separated in time, like purchase order / agreement, despatch (of goods), delivery (of goods) or provision or performance of service, entry in the records, payment, and entry of … Read More →
ACCOUNTING & TAXATION Impact of reduction in TDS/TCS Rate As we all know that the government has recently decreased tax deduction at source (TDS) and tax collection at source (TCS) rates for interest, dividend, professionals, rent payments and other non-salaried payments by 25 per cent with effect from May 14, 2020 for the current financial … Read More →
ACCOUNTING & TAXATION: Tax Treatment of Capital Gain/Loss Arising on Transfer of Perpetual Bonds As per the section 2(14) a Perpetual Bond is a Capital Asset as the Assessee (i.e. your client in this case) is holding property in the bond. As per the proviso to section 2(42A) a security (which also includes perpetual bond) … Read More →
Covid-19 has complicated India’s economic slowdown throwing new challenges for both the government and citizens. Cash strapped government has increases taxes on petrol and liquor. People face uncertain job future. As India walks on the exit route from coronavirus lockdown, taxes have started soaring. With the second duty hike – two of the steepest hikes … Read More →
ACCOUNTING & TAXATION: Reduced TDS / TCS Rate Chart for FY 2020-21 Pre & Post 14th May 2020 Reduction in rate of Tax Deduction at Source (TDS) & Tax Collection at Source (TCS) In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 … Read More →
ACCOUNTING & TAXATION GST – Denying Refund of ITC not reflected in GSTR-2A- is it valid? Introduction: The spread of Corona Virus (COVID-19) has caused immense loss to the lives of people and impacted the trade and industry very badly in unprecedent manner. Government has announced various relief measures relating to statutory and regulatory compliance … Read More →
ACCOUNTING & TAXATION Case Studies on Full Value of Consideration- Sec. 50C & Reference to Valuation Officer Sec. 55A SECTION 50C – SPECIAL PROVISION FOR FULL VALUE OF CONSIDERATION IN CERTAIN CASES Applicability of Section 50C As per Sec 50C, where the consideration received or accruing as a result of the transfer of land and/or … Read More →
The Novel Coronavirus (COVID-19) has been declared a global pandemic by the World Health Organization (WHO) and its rapid spread is causing severe economic disruption. To contain the spread of COVID 19, India is in lockdown mode like many other countries and this has been impacting individual taxpayers. In response, the Government of India has … Read More →
ACCOUNTING & TAXATION: E-Commerce Operator as Per GST Provisions Starting From Definitions To Get Understanding of The Terms Electronic Commerce – Means Supply of Goods or Services or Both, Including digital products over digital or Electronic Network. Electronic Commerce Operator – Means Any Person Who owns, operates or Manages Digital or Electronic Facility Or Platform For … Read More →
ACCOUNTING & TAXATION Detailed Analysis of Implications of GST on Real Estate Sector Article explains Implications of GST on Real Estate Sector. It explains GST when Builder Purchases a Land and Constructs flats for the purpose of Sale, Joint Development Agreement, Supply of Constructed Flats by Promoter to Land Owner, Supply of constructed Flat by … Read More →