by Sinewave Team | May 22, 2021 | SMEs, Taxation
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: Special provision...
by Sinewave Team | May 22, 2021 | SMEs, Taxation
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 business before...
by Sinewave Team | May 22, 2021 | SMEs, Taxation, TDS
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 undertaking for...
by Sinewave Team | May 22, 2021 | SMEs, Taxation
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 insertion of new section...
by Sinewave Team | May 22, 2021 | GST, SMEs, Taxation
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 preparation of Balance Sheet....
by Sinewave Team | May 22, 2021 | SMEs, Taxation
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 continue paying taxes,...
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