ACCOUNTING & TAXITION Retirement Benefits and Tax Liabilities: Retired life begins with liquidation of retirement benefits such as Provident Fund, Gratuity, Leave Encashment, Superannuation Fund & Pension. These retirement benefits, which have been built over decades of discipline savings are meant for enjoying post retired life without any financial worries. A person on the verge … Read More →
ACCOUNTING & TAXATION Income-tax on buyback of shares by unlisted companies: As we all aware that in simple terms, buy-back of shares means the situation when the company repurchases its own shares. Buy back of shares is one way to distribute companies’ surplus profit, the another way to disburse its surplus profit is to declare … Read More →
ACCOUNTING & TAXATION Share premium in excess of fair market value to be treated as income: As we all know that the interpretation of section 56(2) (viib) has been the topic of numerous debates amongst the user of this section and certain aspects remained unclear, leading to controversies. Therefore, today I am covering this topic … Read More →
ACCOUNTING & TAXATION Tax on Capital gain on sale of Assets by Charitable Trust/NGO BACKGROUND 01 The definition of income under section 2(24) includes Capital Gains and therefore for the purposes of section 11, Capital Gains should form part of the income and consequently it should be treated at par with any other income under … Read More →
ACCOUNTING & TAXATION GST on Real Estate Transaction Post and Pre 01.04.2019 GST on transactions under Real Estate Sector Outright Purchase of Land/Plots without tenants: – Situation where the promoter/builder purchase the plot/land on which they wish to construct their schemes, but this situation is very rare as this involves lot of working capital blocked … Read More →
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 AND TAXATION: Article explains Taxation of Partnership Firms /LLP which includes Income Tax Rate applicable, Provisions related to Interest and Remuneration to Partners/Designated Partners, Conditions for assessment as a firm, Partners’ assessments, Losses of the firm, Due dates for filing return of firm, Allowability of remuneration and interest vis-a-vis presumptive taxation, Due dates for filing return … 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 →