The Budget 2020 as introduced by Finance Minister Nirmala Sitharaman brought a new income tax regime for individual taxpayers. The new tax regime 2020 has been proposed with lower income tax slab rates upto Rs. 15 Lakhs but in order to opt for such concessional tax regime requires the taxpayer to forego certain specified deductions…
Table of Content Meaning of Form DPT 3 Aim of DPT 3 Filing of DPT 3 Exempted companies from filling DPT 3 Documents to be submitted Particulars Required to fill form DPT 3 Due date of filling DPT-3 Punishment for noncompliance under various sections Fee for DPT 3 Transactions not considered as deposits Meaning of…
Table of Content Meaning of Investment property Properties covered under Ind AS-40 Recognition of Property Subsequent recognition Transfer of property Meaning of Investment property According to Ind AS-40 investment property means a property which is held for specifically following two purposes: Rental income Capital appreciation Properties covered under Ind AS-40 Ind AS-40 covers two types…
Table of Content Meaning of Inventories Methods for measurement of cost of inventory Future payment Reversal of valuation loss Meaning of Inventories As per Ind AS-2, Inventory means the goods available for sale, raw materials, and goods used for producing goods available for sale. Inventory represents one of the most important current assets of a…
Table of Content What is time and place of supply under GST? Time of supply of Goods (Section 12) Time of supply of Services (Section 13) Place of supply What is time and place of supply under GST? Time of supply means that time when goods/services are considered as supplied When the seller knows the…
Finance minister Nirmala Sitaraman releases second instalment of 20 lakh crore economic relief package of Atma Nirbhar Bharat. This instalment mainly focuses on farmers, migrant labourers and street vendors. Here’s a comprehensive list of the economic relief measures announced by the finance ministry including the package announced on 14 may 2020 Government to extend the…
Table of Content What is reverse charge? Applicability of reverse charge List of Services taxable under reverse charge List of goods Chargeable under RCM What is reverse charge? The Goods and service tax impose liability to be deposited by supplier but there is an exception of this called reverse charge. Reverse charge is a mechanism…
Table of Content Eligibility Who cannot opt for the composition scheme Conditions and restrictions for composition levy (Rule 5) Registration under Composition Scheme Intimation for opting the scheme Validity of Composition Scheme GST rates for composition levy Bill of supply and GST payments Returns to be filed for Composition Scheme Holders On 1 July, 2017…
Modi government announces a big budget package of 20 lakh crore a relief in this COVID-19 pandemic Government took six major steps in MSMEs these are as follows: Step-1 20% top-up loan, to outstanding loan (as on 29.02.2020) Collateral Free Automatic Loan for MSME. Those MSME having Loan up to 25cr and turnover up to…
Table of Content What is meant by cancellation of GST registration? Consequences of cancellation: Who can cancel the GST registration? Reasons for GST registration cancellation: Cancellation by tax officer: Cancellation of GST when turnover is less than 20 lakhs: How to cancel your GST registration online: The steps to cancel GST registration online are: Revocation…