Concept 1 : Meaning of Investment Property As per the provisions of Ind AS 40, An Investment property means Land, Building or both which is held for Rental purpose or for Long term Appreciation. (* Rental Income can be earned from Residential Property, commercial Property or Industrial property. It means that Nature of property does …
Section 206AB and 206CCA of the Income-tax Act, 1961 (effective from 1st July 2021) A new category of “Specified Persons” whose TDS is to be deducted from 1st July 2021 has been mentioned under section 206AB for whom TDS is to be deducted at twice the regular rate or 5 percent, whichever is higher. These …
How to check whether a person is filing ITR or not ? Background Via Finance Act 2021, Section 206AB and 206CCA are inserted in the Income-tax Act, 1961 (effective from 1st July 2021). These sections impose a higher TDS/TCS rate on the “Specified Persons”, as defined in the new sections. In view of the …
How to check whether a person is filing ITR or not for TDS or TCS deduction Read More »
Retail and wholesale trade were left out of the ambit of MSME. Under the revised guidelines, MSME has issued order to include retail and wholesale trade as MSME and extending to them the benefit of priority sector lending under RBI guidelines. The revised guidelines will benefit 2.5 Cr Retail and Wholesale Traders. Minister of MSME …
Government announces inclusion of Retail and Wholesale trades as MSMEs Read More »
What is Formula 72: हर कोई ऐसा निवेश करना चाहता है, जहां अधिक से अधिक रिटर्न मिले। हालांकि, कुछ लोग रिटर्न (How to understand return on investment) को अच्छे से समझ नहीं पाते हैं। ऐसे में आपको परेशान होने की जरूरत नहीं है। आप एक छोटे से फॉर्मूले के जरिए जान सकते हैं कि कितने …
What is Formula 72 : जो चुटकी में बता देगा आपका पैसा कितने दिन में होगा डबल Read More »
Delhi HC Directed the Authority to Accept the Petitioner’s Form SVLDRS-I and Process the Same Under Section 126 Director’s Remuneration Declared as Salaries And subjected to TDS are Not Taxable : AAR GST: Maharashtra’s Confusing Move :A recent trade circular by the Maharashtra tax department has taxpayers worried. The state has done away with a …
Part / Table wise Reporting in Annual Return This form was divided in to 6 Parts and tax payers were expected to report the whole year activities into 19 tables. Sr. No. Details required to be filled Part-I Basic Details Part-II Details of Outward and Inward supplies (RCM) declared during the F.Y. Part-III Details of …
NEGATIVE LIST [Sec 7(2) + Schedule III] Neither goods nor services & thus NO GST. Services provided by Employee to Employer in course of or in relation to his employment Service provided by Casual Workers (daily basis) who are employed by employer treated as services provided by worker in course of employment & …
Neither goods nor services & thus NO GST -NEGATIVE LIST (Schedule III) Read More »
Composite Supply [Sec 2(30)] It comprises two or more taxable supplies of G/&S or any combination thereof naturally bundled & supplied in conjunction with each other in ordinary course of business one of which is a principal supply Tax Treatment treated as a supply of such principal supply. GST Rate Rate applicable …
LEVY & COLLECTION OF CGST & IGST [Sec 9 of CGST Act & Sec 5 of IGST Act] Sec Levy & Collection 9(1) Levy of CGST on Intra-State Supply on the value determined u/s 15 [Max @ 20%] There shall be levied a tax called CGST on all intra-State supplies of G/&S, except …
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