Applicability Any person who Pays money to a non-resident sportsman (including an athlete) or an entertainer (who is not an Indian citizen); or Payment of money to a sports institution or an association will be referred u/s 115BBA is required to deduct tax u/s 194E. Contributes articles or advertisements relating to any game in india…

This scheme seeks to eliminate the interface between the taxpayer and the income tax department. Structure of E-Assessment A. Notice assigned directly to the assessee  by E-Assessment Centre. Notice Under Sec 143(2) would be served by the Income Tax Department to the taxpayer. Within a period of 15 days, the response needs to be given to…

Capital Asset: Capital Asset includes property of any kind, whether movable or immovable, tangible or intangible, fixed or circulating. Some of the examples of Capital assets are land, building, plant and machinery, motor car, jewelry, furniture, patent, trademarks, share, debentures, etc. Capital Asset does not include the following:- Stock in Trade, consumable stores, the raw…

In India, we have a definite law that covers all aspects and functioning of a Partnership. Two or more people, when come together with a common idea of business by infusing the sources and funds together with the common goal of earning profit is termed as Partnership. Partnership Firm is one of the common forms…

Introduction: There are various forms of business entities in India, like the formation of a sole proprietorship, HUF, Partnership Firm, Limited Liability Partnership, One Person Company, Private Limited Company, Public Limited Company, etc. LLP is a corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in a flexible, innovative and efficient manner, as a…

As per Sec 16(1) of CGST act, it has put forth that every registered person is eligible to take credit of input tax charged on any supply of goods and services or both to him which are used or intended to be used in the course of business or furtherance of business. Whatever amount he…

In 1952, the PF or EPF scheme was introduced under the Employee’s Provident Fund and Miscellaneous Act. All the rules and regulations are defined by the Employee Provident Fund Organisation. The EPFO’s activities are managed by the Ministry of Labour and Employment. In this process, the employer will collect an amount by deducting it from…

RCM on Security Service– Before entering into this topic let us understand what RCM i.e, Reverse charge mechanism means and how it works. Reverse Charge: Normally in GST, supplier of the good/services collects the tax from recipient and deposits to government. Whereas under Reverse Charge, Recipient (if registered) of good/services is under obligation to discharge the…

ponsorship means that company paying money to sponsor individual or some group, some event or an activity, usually for advertising or space at the event or as a part of publicity for an event which cannot communicate specific product attributes.    TDS applicability: Circular Number 715 dated 8-8-1995 cleared that the agreement of sponsorship of debates, seminars…

From 1st April 2020 a new invoicing system is going to be implemented in the GST era to help business and to reduce the difficulty faced by various business stake holders. In this new system an e-invoice need to be raised by a trader which can be read by computer systems using dynamic QR code…

Introduction: To keep vigilance on high – value transactions entered by the taxpayers, The Income tax department has brought a new mechanism to furnish statement of financial transactions in the prescribed form 61A. Also known as Annual information return (AIR). It helps the department to curb the chances of tax evasion. Form 61A is a…

Profession tax is levied and collected by the State Governments in India and it is a Direct tax. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, lawyer, doctor, etc or any person who are into business such as service provider, manufacturer, trader, etc. are required…