About CA Vimal Kumar Sharma

CA Vimal Kumar Sharma has expertise is in the field of Accounting, Budgeting, Management Reporting, Statutory Reporting, Regulatory Compliance, Working Capital Management, Taxation, Statutory and Tax Audit and posses experience of almost 5 years.

A scheme for presumptive taxation got introduced which is Section 44ADA which provides an easy as well as simple method of taxation for small professionals. The section offers a scheme of presumptive taxation of both profits and gains from professions which are mentioned under Section 44AA(1) of the Income Tax Act, 1961. There was a…

Income tax is one of the most important aspects of financial planning. To save taxes, you must keep track of your income and investments and prepare ahead of time to get life insurance, a term plan, or any other tax-saving investment. The Income Tax is not the only source of revenue for the government. It…

The provision of two or more commodities or services might be classified as a ‘composite supply’ or a ‘mixed supply.’  This is a new GST concept that will encompass supplies manufactured together whether they are connected or not. In the GST framework, the idea of composite supply is akin to the concept of organically bundled…

One of the most crucial components of financial planning is Income Tax. To save tax, you must maintain track of your income and investments and strategically plan to purchase life insurance, a term plan, or any other tax-saving investment. The Income Tax is not the government’s only source of revenue. It also collects indirect taxes…

TDS on payments made to non-residents is always a difficult matter. The income tax regulations for residents and non-residents (NRIs) differ slightly. Section 195 of the Income Tax Act, 1961 (the Act) specifies tax breaks for non-resident Indians (NRIs). This section discusses the tax rates and deductions applicable to everyday commercial transactions with a non-resident. In…

All losses incurred as a result of exempted sources of income cannot be set off against taxable income. If an income source is exempt, the loss cannot be set off against taxable income. In this article we’ll discuss about the Set-off and Carry Forward of Losses for Five Heads of Income. Before we move ahead let us…

From 1st July 2017, goods and services taxes were implemented in India. GST simplifies the tax system and its procedural aspects, which is one of its primary advantages. With the GST law, a variety of tax schemes have been established to simplify taxes. Margin schemes are among them. Let’s explore this tax scheme in detail. …

In today’s environment, doing business has changed to the point where concentrating and focusing on one area is no longer sufficient. Most medium and large enterprises have become so diverse that they now run many businesses in different industries.  As a result, a single company could contain multiple parts or undertakings. In which, each with…

The Union Budget for 2022 took place just as the Indian economy was preparing for the next phase of expansion. Despite the fact that the economy is still recovering from the pandemic; the administration expects it to grow at a rate of 8 to 8.5 percent in the coming fiscal year. This would maintain India’s…

The implementation of GST has been hailed as a major tax reform that will unify the entire country for taxation. While this has benefited a variety of industries, the implementation of the GST will have societal ramifications for charities and non-profit organisations. Let’s have a look at the impact of the GST on Renting of…

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