You have a property in Bangalore and you want to sell it. But, selling a property in Bangalore comes with its own set of problems. Of course, you have to look for a buyer and you have to get your paperwork done. However, there are also taxes included in the sale of a property. Yes,…

You have a property in Bangalore and you want to sell it. But, selling a property in Bangalore comes with its own set of problems. Of course, you have to look for a buyer and you have to get your paperwork done. However, there are also taxes included in the sale of a property. Yes,…

Being a salaried employee has its perks. No, not just your salary, there are also tax benefits that you can enjoy as a salaried employee. Whether you are working for a startup or an MNC, as a salaried employee you can enjoy the following tax benefits: Of course, when we are talking about benefit from…

So, you have been working in a company, for more than a year now. But, you have never come across the term HRA benefits. As a result, you don’t know how to claim it. Before knowing about claiming your HRA benefits, let us know about it. HRA is an allowance that can be claimed by…

Goods Transport Agency has not been defined in GST Act. However, notifications related to provisions regarding GTA services have been issued by Central Tax 2017 on various dates. An attempt has been made to compile these notifications in one place & simplify the provisions   of GTA services in GST regime. GTA (GOODS TRANSPORT AGENCY)…

Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate on turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs. 1.5 crore. Who can opt for Composition Scheme A taxpayer whose…

Relevance of Time of supply: Liable to pay tax shall arise on time of supply. Time of supply in case of goods shall be the earlier of the following dates: i) Date of issue of invoice or the last date on which invoice is required to be issued as per sec 31(1) with respect to supply….

Relevance of Nature of Supply: To determine whether to charge CGST, SGST, or IGST based on the nature of supply. Type of supply: 1) Intrastate Supply: CGST and SGST to be charged on same tax base. 2) Interstate supply: IGST to be charged. Intrastate supply:  Supply to be treated as Intra state supply, if the…

Many foreign companies wish to do business in India. Ever wondered why? Here are some of the advantages: Potential for growth: The growth potential in Indian Market is immense as it is one of the fastest growing economies in the world. Vast Trade Network: India has a vast trade network backed by regional and bilateral…

So, your company falls under the category of “Foreign Company” according to the Indian Companies Act 2013 and you want to start a subsidiary company. However, you know nothing about the documents which are required for the procedure. So, without further ado, here are the documents that are required to start a subsidiary of a…

What can be claimed as Refund: ANY balance amount in electronic ledger so claimed in returns, ANY unutilized input tax credit (weather supply has been made as Zero-rated or Taxable supply but can’t be  claimed if supply is NIL Rated or EXEMPTED) Tax paid by any specified agency (Like UN, Red Cross, Embassies) What procedures…

GST (Goods and Services Tax) was introduced on 1st July 2017 as an indirect tax to replace all other forms of taxes that were previously applicable. As promising as this new taxation system may seem to be, it also has its shortcomings. Let us have a look at the pros and cons of GST, starting…