Taxation of Business Trust and Unit Holders
1. Section 2(13A) - Definition of Business Trust: Business Trust means a trust registered as, i) An Infrastructure Investment Trust under the SEBI regulations, 2014; orii) A Real Estate Investment Trust under the SEBI regulations, 2014, and...
Taxation on Non-Residents
1. Non-Resident Indian means an individual being a citizen of India or a person of Indian origin who is not a resident.2. Foreign Exchange Asset means any specified asset which the assesse has acquired or purchased with or subscribed to in...
Slump Sale
1. Section 2(42C): Definition of Slump Sale: 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. 2. Section 50B:...
Income from manufacture of Tea, coffee and Rubber Section 33AB – Tea development account, coffee development account and rubber development account.
1.Eligible assesse – All assesse engaged in the business of growing and manufacturing tea, coffee or rubber in India. 2.Quantum of deduction – Lower of the following a. Amount deposited in NABARD or deposit accountb. 40% of PGBP of such...
Section 32AD – Investment if new plant or machinery in notified backward areas in certain states
1. Eligible assessee – Any assesse i.e. Company or non – corporates 2. Quantum of deduction – Deduction @ 15% of the actual cost of the new asset installed. 3. Condition of setting up new undertaking – Assessee should set up an...
Direct Tax provisions – Budget 2020
Income Tax The new Direct Tax regime proposed by our finance minister Smt. Nirmal Sitaraman is an optional scheme. However, a few taxpayers may not be able to switch back to the existing tax slab once they opt to follow the new one. As per the...
Precautions for GST Audit while finalizing balance sheet
Every business organization is engaged in finalizing books of accounts and preparation of Balance Sheet for each financial year. It becomes important to understand the legal provisions under GST law while finalizing books of accounts and...
While choosing between old Vs new Tax regime
The new Direct Tax regime proposed in Budget 2020 is an option to continue existing or choosing the new tax regime. There may be confusion as to which regime is more beneficial than other. Under the old tax regime, the salaried individuals can...
Change in tax audit limit
The Finance Bill, 2020 has brought a major amendment to section 44AB of the income tax act. After insertion of such changes, Tax Audit limit has been increased from Rs 1 crore to 5 crores provided the taxpayer has Cash receipts which is...
Advantages Of Having Tax, Payroll and WFM Software For SMEs
Any organization, small or big may have several business processes that may require lot of manual efforts and workforce. This calls for paying out hefty salaries and other employee benefits. The software developers have come up with handy solutions...
GST Software and its Advantages to Businesses in Calculation and Filing
What is GST? Term GST stands for the Goods and Services Tax. GST bill was passed on 6th May 2015 in Lok Sabha. Once the bill is implemented it can give some major advantages to businesses. GST is basically a value-added Tax which is taxed at...
GST gets a facelift, E-Invoicing mandatory from April 1st, 2020
During the last few months there were several media reports relating to the electronic invoice (‘e-invoice’) in the GST law. The e-invoice system will first be rolled out, on a voluntary basis, from January 1st 2020 for the business houses with an...