Table of Content What is Tax collected at source (TCS) Eligibility  Exemptions from TCS Detailed Description Key provisions What is Tax collected at source (TCS) TCS is the tax payable by a seller which he collects from the buyer at the time of sale. Eligibility If sale of any type of goods above Rs. 50…

Aadhaar Authentication process has been introduced, for the persons applying for GST registration as Normal Taxpayer/ Composition/ Casual Taxable Person/ Input Service Distributor (ISD)/ SEZ Developer/ SEZ unit etc., in Form GST REG 01 (refer Notification No 62/2020- CT dated 20.08.2020) Under this, Individuals, Authorised signatory of all types of businesses, Managing and Authorised partners…

Table of Content Introduction of section 115BAA Introduction of section 115BAB Reduction in MAT rate Exemption from income tax to individuals earning upto Rs 5 lakh Abolition of Dividend Distribution Tax(DDT) Expansion of scope of TDS/TCS and reduction in TDS rates Extension of Due Dates Extension of time limit in Capital tax savings Instruments In…

Sale of land is out of the ambit of GST Act as it is an entry in the schedule III but there are some services related with the land are liable to GST. These services include: Construction services wherein consideration is received prior to completion certificate. Leasing services associated with the land. Now the latest…

Content What do you mean by Corporate Social Responsibility? Which company need to constitute a Corporate Social Responsibility Committee Minimum amount of expenditure on Corporate Social Responsibility Accounting treatment of Corporate Social Responsibility expenditure What do you mean by Corporate Social Responsibility? Corporate Social Responsibility means various social activities carried out by medium to big…

There are so many queries asked regarding whether all types of advances are exempt under Goods and Service Tax or not. Here the clarification regarding this doubt by taking the help of various provisions of the law. The provisions for the time of supply under GST play an important role in ascertaining that whether a…

Content What is input tax credit? AAR (Maharashtra) in case of M/s Nikhil Comforts Question raised by applicant Explanation by the applicant Report of concerned officer Conclusion What is input tax credit? Input tax credit means credit of the input tax. It could be claimed of any goods and services intended to be used in…

Content Ways of striking off of Limited Liability Partnership Conditions for filing an application for closing a Limited Liability Partnership Procedure for winding up of LLP  According to the Limited Liability Partnership Rules, 2009 LLP form 24 has been introduced by the MCA and with the introduction of LLP (Amendment) Rules, 2017; it is now…

Content What do you mean by NRE account What do you mean by NRO account Difference between NRO and NRE accounts Why is it important to have a NRE/NRO account for an NRI?  What do you mean by NRE account? Non-resident Indian Account is that account where an NRI can remit the foreign currency through…

Table of Content Provisions for holding an annual general meeting of a company In case of first AGM In case of subsequent AGM What is Proviso 3 of section 96: Reasons for extension of holding AGM Procedure to file application for extension of time for holding AGM Penalty in case of default by the company/directors…

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