The pandemic situation has led many poor workers to lose their jobs and livelihood and amid this situation donation has played a vital role to meet their daily necessities. So to encourage this and keeping in mind the interest of donors, Income Tax Act, 1961 have introduced Section 80G dealing with deductions related to donations…

In union budget of 2020, the honourable finance minister introduced a major change for granting exemption under section 12AA, 12AB and donation under section 80G to trust, society and other charitable establishments etc. Page Contents Introduction Compliances related to Charitable Trusts Eligibility criteria for registration of Charitable Trusts Registration process of Religious or Charitable Trusts…

This article is regarding higher understanding of treatment of gain or loss from sale of securities. Now, the question arises, whether or not the gains or losses from sale of securities shall be treated as ‘Business Income’ or ‘Capital Gain’. If the assessee desires to treat the sale of securities as ‘Income from Business’ then…

What do you mean by GST registration? GST registration is a process by which a taxpayer gets himself registered under GST. After registering a business successfully, a unique registration number is allotted to them i.e., Goods and Services Tax Identification Number (GSTIN). Table of Content What do you mean by GST registration? Who is eligible…

Table of Content Overview of the GST Return filing structure Regular Taxpayers Composition taxable persons Returns for specific transactions/persons GST Calendar for April 2021 at a glance Overview of the GST Return Filing Structure Regular Taxpayers: The GST returns in forms GSTR-1 and GSTR-3B are to be filed by businesses and professionals registered under GST…

A charge is a right created by any person including a company referred to as “the borrower” on its assets and properties, present and future, in favour of a financial institution or a bank, referred to as “the lender”, which has agreed to extend financial assistance. Table of Content Introduction Definition of Charge as per…

The Managing Director of a company is the most important working director, and is in charge of the way the company is managed. They are responsible for the daily operations of a company, organization, or corporate division. Managing directors have the highest rank within the company and have the authority to fire the executive director….

After applicability of CGST Act, 2018 with an object of transparency in transactions creates an unnecessary burden of compliances on small businessmen who are earning a while and may get frustrated in following these high levels of compliances. So, for those taxpayers a simple and easy scheme is being introduced in the Act that is…

Table of Content Bare Act General Interpretation Certain Arguments regarding the section BARE ACT. 194-IA. (1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall, at…

This section cast an obligation on every person responsible for paying any income chargeable to tax under the head “Salaries” to deduct income tax on the amount payable. Manner of deduction Such income tax is calculated at an average rate of income tax computed on the basis of the slab rates in force for the…

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