Section 80DD
Understanding Section 80DD: An Overview Section 80DD is introduced to providethe tax benefits to the caretakers of disabled dependents. The disabilities covered under the act include blindness, low vision, leprosy-cured, loco motor disability, hearing impairment and mental retardation. Deduction Limits Under Section 80DD Any individual or HUF can claim the benefits of section 80DD. Section […]
Levy Of Interset On Inadmissible ITC in GST
Understanding the Levy of Interest on Inadmissible (ITC) in GST Levy Of Interset On Inadmissible ITC in GST: Almost every taxpayer at some point has taken excess input tax credit in GST filling and as it was a disputable topic till now there was no interest liability as per experts but now CBIC has clarified all […]
Annual Information Statement
Understanding the Annual Information Statement: A Detailed Guide Annual Information Statement: The AIS is basically a tool in an income tax portal that provides comprehensive information about the income received and transactions carried out by the taxpayer in a particular financial year from various sources. This information is available in the annual information statement or […]
Audits of Companies
Audits of Companies: Uncovering Insights for Success Audits of Companies: In this article/blog, An audit refers to an examination of the financial statements of a company it’s provide confidence to investors and other stakeholders that company’s financial reports are accurate. It is mandatory for all the companies registered in India to maintain books of accounts […]
HIGHER ADDITIONAL FEES IN MCA FORMS FILLINGS
HIGHER ADDITIONAL FEES IN MCA FORMS FILLINGS: The Ministry of corporate affairs has issued the notification dated 11-01-2022 in which they have amended the company’s (registration offices and fees) rules 2014. These rules may be called the companies (registration offices and fees) rules 2022. And will be Effective From 1st July-2022. In this notification applicability […]
TDS ON CASH WITHDRAWAL 194N
TDS on Cash Withdrawal 194N: Applicability and Scope TDS ON CASH WITHDRAWAL 194N: To demolish the cash transaction system and to promote the digital economy The Finance Ministry of India in finance bill 2019 comes with new section of TDS which is TDS 194N for deduction of tax on cash withdrawal exceeding Rs 1 crore in […]
RCM Under Real Estate Sector
RCM Under Real Estate Sector: The term RCM in GST is reverse charge mechanism which is a method of paying tax by the receiver instead of supplier. As per section 2(98) of CGST Act 2017, Reverse charge means the liability to pay the tax by the recipient/receiver of the supply of goods and services or […]
CANCELLATION & REVOCATION OF GST REGISTRATION
Cancellation & Revocation of GST Registration: Important Procedures Cancellation of GST Registration CANCELLATION & REVOCATION OF GST REGISTRATION: The GST Registration is mandatory to every person/business with an annual turnover of 20 lakhs or more and the person making inter-state transaction of taxable goods/service however the person who is already registered can opt for […]
GST Applicable on Sale of OLD Vehicles
GST Applicable on Sale of OLD Vehicles: Understanding the Tax Implications GST Applicable on Sale of OLD Vehicles: Since Registration of GST, there were confusion regarding rate of GST applicable on supply of motor vehicles. Sale of used and old vehicles were taxed at the same rate as applicable on new vehicles which was 28% […]
Quaterly Compliances Under RERA
Quaterly Compliances Under RERA: Key Steps for Regulatory Compliance What Are the Compliances Under RERA? Quaterly Compliances Under RERA: Promoters are compulsorily required to update their project quarterly. They should ensure Real Estate (Regulation and Development) Act 2016. The Maharashtra Real Estate Authority (MahaRERA) vide its Order No. 18/2021 dated 28th July 2021 has made QUARTERLY UPDATES […]