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, …
Prohibition on acceptance of deposits from public: Section 73. (1) On and after the commencement of this Act, no company shall invite, accept or renew deposits under this Act from the public except in a manner provided under this Chapter: Provided that nothing in this sub-section shall apply to a banking company and non-banking financial company …
So if you are having a co owned House property, and you are looking for benefits which you will get in the form of deduction U/s 24 and 80C ? In this article we will discuss about benefits which you shall get from co owning the property: 1. Double Benefit for Deduction U/s 80C: Both the …
So you are an NRI and similar to many NRIs you are also having NRE/NRO account, In this article we will discuss about taxability of Interest earned on money kept in such accounts and basic difference between NRE/NRO Account. On first note let’s discuss about basic meaning of accounts: Non-Resident Rupee (NRE) Account The NRE …
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 …
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 …
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 …