Introduction As per section 2(42C) of Income -tax Act 1961, ‘slump sale’ means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales Computation of Capital Gain Incase of Slump Sale Provided that any profit or …

The Government of India presented one of the most awaited budgets in recent times to the parliament on July 5, 2019. The budget, presented by the Finance Minister Nirmala Sitharaman, outlined the government’s plan to boost the economy and spur growth with several incentives for individuals and corporates. She also summarized the government’s ten-year vision …

Section 80D of Income Tax Act, 1961. This section is related to Deduction from income for Medical insurance premium paid and Preventive health check up taken.  Section 80D Applicability Only Individual or HUF can claim deduction under Section 80D. 1. Medical Insurance Maximum Deduction An Individual can claim Maximum deduction of Rs. 25,000/- for the insurance of …

The ITR forms have undergone some changes when compared to previous year ITR forms as notified by the government. These changes were made keeping in mind the changes made in income tax laws and Budget 2018 for FY 2018-19 and onwards. Here are nine changes in ITR forms 1 and 2 that you must aware …

Exports From India Schemes In order to encourage exports in India the Government provides certain benefits to exports to offset infrastructural inefficiencies and associated costs. These benefits are provided to both service providers and export of goods. There are two schemes to avail benefits namely Merchandise Exports from India Scheme (MEIS). Service Exports from India …

“Director Identification Number” (DIN) means an identification number allotted by the Central Government to any individual, intending to be appointed as director or to any existing director of a company, for the purpose of his identification as a director of a company: Provided further that “Director Identification Number” (DIN) includes the Designated Partnership Identification Number …

Deduction under section 80EE can be claimed by first-time home buyers for the amount they pay as interest on home loan. Taxpayer can claim a deduction of up to Rs. 50,000 per FY as per Section 80EE.This deduction can be claimed over and above the deduction of Section 24 which is Rs. 2,00,000. Eligibility: The …

A DTAA is a TAX treaty signed between two or more countries. Treaty– A tax treaty is a bilateral agreement made by two countries to resolve issues involving double taxation on income. Agreement generally determine the amount of tax that a country can apply to a taxpayer’s income, capital, estate, and wealth. Objective: It’s main …

TDS under GST law TDS is to be deducted if the total value of individual contract exceeds 2.5 lakhs at the rate of 2 percent on payments made to the supplier of taxable goods and/or services. No need of deduction of Tax is required when the location of supplier and place of supply is different …

Introduction A foreign company means any company or body corporate incorporated outside India which, has a place of business in India whether by itself or through an agent, physically or through electronic mode; and conducts any business activity in India in any other manner. Purpose of the eForm As per Sec 380(3) of the Companies …

Apostillation: An Apostille is a stamp of approval to authenticate the signature of the public official who has certified that the documents presented are true and correct. The Apostille then validates that the signature originates from an individual who has the authority to certify the original documents. The Apostilled documents can then be considered as legal …

The concept of “Perpetual Existence” is not a common feature of a Sole Proprietorship concern. Once the proprietor dies, the business is over! So one might ask, “is there no way a sole proprietorship business can achieve continuity?” Let’s say the proprietor willed his business concern to his legal heir and this heir continues it. …

Project Insight is an initiative by the Income-Tax Department to mine big data from social media to scrutinize potential tax evaders. For example if you flaunt photos or videos of your recent exotic vacation trip or of a new expensive car that costs an arm on Facebook, Twitter or Instagram the IT Department will check …

Letter of Undertaking (LUT) According to the Notification no. 37/2017 Central Tax, any registered person who intends to supply goods /services to outside India or units covered under SEZ (Special Economic Zone) or developer of SEZ without payment of integrated tax (IGST) is required to furnish Letter of Undertaking (LUT) in FORM GST RFD-11 Applicability- …

Transfer of shares between two residents (of India) involves payment of consideration (buyer to the seller) and execution of share transfer deed. Share transfer deed to be duly stamped @ 0.25% of the consideration amount. When the transaction is between a resident and a non-resident, there are regulations concerning inward and outward remittance of funds, …

An Act to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of plot, apartment or building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate …