As per CGST Act, input tax credit for following goods and services are not available or is ineligible: 1. Motor Vehicles or Conveyances ITC cannot be claimed on motor vehicles if they are used for self-consumption by companies or individuals. However, ITC can be claimed on motor vehicles in the following conditions: – When vehicles are…

In our daily life we focus on arranging our finances for immediate needs like paying school fee, arranging funds for EMI on car or home loan, buying clothing, and the list is endless. In order to improve the quality of our daily life, we need to take control of our finances. But most people feel…

Section 80TTA Section 80TTA provides a deduction on Income earned from Savings Account. Applicability 1.Individual 2.HUF Limit Maximum Deduction allowed is Rs. 10,000/-. It is not applicable on Interest earned from Fixed Deposit, Recurring deposit and any other Time Deposit. If the interest earned during the year is less than 10,000/- the whole of the…

Introduction to INC 32 – SPICe Simplified Proforma for Incorporating Company Electronically Company is a type of entity wherein the liability of its shareholders is limited to their shareholding in the Company. Companies in India are governed by the Company Act, 2013 (including rules and notifications) along with the rules and regulations stated in the…

Introduction: A new section has been inserted in Income Tax Act, 1961 with effect from Assessment Year 2018-19 (Financial Year 2017-18). Under this section, fee (penalty) is levied if the Income-tax return is not filed within due date. Earlier penalty for delay in filing of return was levied at the discretion of Assessing Officer. But…

Ministry of Corporate Affairs Notification dated 22nd February 2019 made it mandatory to fill Form INC-22A by every Indian company. Now, let us have brief discussion about the Form INC-22A. Introduction This form is said to be filed for doing Company KYC. This will help MCA to detect Shell Companies and update information of all the active companies….

So, you are planning to make payment or money transfer outside of India, we need to follow certain rules and compliances for such transactions and transfers. Certain Foreign remittances have tax implications which sometimes are missed out by the tax payers. As per the Income Tax Act, tax is required to be deducted for any…

An assessee, being an individual resident in India, whose total income does not exceed Rs. 500,000/-, shall be entitled to a deduction, from the amount of income-tax computed on his Taxable Total Income, ie, after Chapter VIA deduction, an amount of income tax computed or Rs. 12,500/-, whichever is less. Previously for AY 2018-19, the…

Form 15G and Form 15H are used for avoiding the TDS deductions at source if deductee expects his Income to be lower than the taxable limit. In this article we are discussing important points to remember while submitting the Form 15G and Form 15H to the deductor. Form 15G This is the Declaration under sub-sections (1) and (1A) of section 197A of the Income-tax Act,…

Cases Where Input Tax Credit under GST Cannot Be Availed ·        Motor vehicles & conveyance ITC is not available for Motor vehicles used to transport persons, having a seating capacity of less than or equal to 13 persons (including the driver). Further, ITC is not available on vessels and aircraft. For example, XYZ & Co….

Taking cognizance of the gravity of the public health situation, the Government in the Ministry of Corporate Affairs has relaxed the rules with respect to meetings of the board and dispensed with the necessity of holding physical meetings on matters relating approval of financial statements, board report, restructuring, etc. up to 30th June 2020 and also…

Introduction: In pursuance of the Government of India’s efforts to provide relief to law abiding companies in the wake of COVID 19, the Ministry of Corporate Affairs (MCA), has introduced the “Companies Fresh Start Scheme, 2020” to provide opportunity to companies to make good any filing related defaults, irrespective of duration of default, and make a…