ACCOUNTING & TAXATION Real Estate Services – ITC Reversal GST structure on Real Estate Services relating to residential and commercial apartments has drastically changed w.e.f. 01.04.2019. The nature of Real Estate services is different from normal supply of services. For example, A builder intend to construct a complex or building and sale it to a buyer. It is … Read More →
The COVID-19 pandemic has produced a ‘black swan’ set of events. With countries banning international travel, stock markets crashing every day and lockdown across the globe, there is an unticked box of income-tax which is also impacted by COVID-19. Set out below are some key Indian income-tax aspects which can get impacted due to this unfortunate … Read More →
ACCOUNTING & TAXATION Section 10(34A) Exemption towards income received by a shareholder on buy back of shares Provisions of section 10(34A) exempt any income arisen to the shareholder on account of buy back of shares as referred under section 115QA of the Income Tax Act. The exemption provisions of section 10(34A) of the Income Tax … Read More →
ACCOUNTING & TAXATION Income Tax Audit – Recent Changes & Key Areas Income Tax Audit Focusing on Recent Changes and Key Areas with Practical Examples This Article explains the Provisions of Income Tax Audit governed by Section 44AB of Income Tax Act, 1961 including the recent amendments in Budget 2020. Income Tax Audit Meaning: Tax … Read More →
ACCOUNTING & TAXATION GST on Individual Advocates including Senior Advocates and Firm of Advocates Advocates has privilege of not to pay GST on their output supply, while the taxes on their supplies has to be paid by recipient under Reverse Charge Mechanism (RCM). In this write up, I made a try to answer the questions … Read More →
ACCOUNTING & TAXATION GST & Indian Economy The growth of Indian economy & growth in collection of GST both are positively correlated to each other. Goods and Services Tax is defined as the giant indirect tax structure designed to support and enhance the economic growth of a country. GST is consumption-based tax and therefore, it … Read More →
ACCOUNTING & TAXATION Exemption under Section 54 and Section 54F There is always a doubt and confusion in the industry among professionals as well as tax payers regarding availment of exemption under section 54 and 54F against capital gains. Whether investment is allowed to be made only in one residential property or more than one … Read More →
ACCOUNTING & TAXATION Relief for Compliance Related to GST in Tax Audit Report The Government vide CBDT circular No. 10/2020 Dated 24 April 2020 deferred reporting of Compliance related to Goods and Service Tax (GST) in the income tax audit reports by a year. The move is a major relief to businesses struggling to cope … Read More →
ACCOUNTING & TAXATION Check List for Making Form 15CA & 15CB by Professionals Nowadays Form 15CA and 15CB are of a lot importance. We professional atleast have to issue one Form 15CB every day and form 15CA is also to be made by the professional on behalf of the client. Form 15CA is a Declaration … Read More →
ACCOUNTING & TAXATION TDS on Salary for FY: 2020-21 & Format to Opt Tax Regime Finance Act, 2020 has introduced optional based filing for individual and HUF whereby these types of assesses have to choose option amongst new and old tax slab rates at the time of filing of ITR. This type of filing is … Read More →