Taxblock

NATIONAL PENSION SCHEME AND BENEFITS AROUND IT

NATIONAL PENSION SCHEME AND BENEFITS AROUND IT

The National Pension Scheme is a national social security initiative launched by the Central Government with a motive to encourage ...
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RECENT NOTICES ON FOREIGN RELIEF DISALLOWANCE (FCRA)

RECENT NOTICES ON FOREIGN RELIEF DISALLOWANCE (FCRA)

The FCRA license is a mandatory registration granted to an NGO or any other nonprofit making organization which allows them ...
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LISTING A COMPANY ON STOCK EXCHANGE & IPO APPLICATION PROCESS

LISTING A COMPANY ON STOCK EXCHANGE AND IPO APPLICATION PROCESS

How to ISSUE IPO IN NSE OR BSE The year 2021 so far has been the best year for the ...
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COMPLIANCE BURDEN ON FOOD DELIVERY APPLICATIONS & RESTAURANTS

COMPLIANCE BURDEN ON FOOD DELIVERY APPLICATIONS AND RESTAURANTS

COMPLIANCE BURDEN ON FOOD DELIVERY APPLICATIONS & RESTAURANTS From January 1, 2022, Food delivery apps will primarily collect5% GST with ...
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HOW TO START AN E-COMMERCE COMPANY AND FINANCIAL/TAX COMPLIANCES AROUND IT

HOW TO START AN E COMMERCE COMPANY AND FINANCIAL OR TAX COMPLIANCES AROUND IT

HOW TO START? India is growing in the e-commerce industry. It is because of the increase in the penetration of ...
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HOW TO SAVE MONEY WITHOUT INVESTMENT

HOW TO SAVE MONEY WITHOUT INVESTMENT

The income tax department has provided various deductions and exemptions to the taxpayers that can be subtracted from the taxable ...
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HOW ARE WINNINGS FROM FANTASY GAMES ARE TAXABLE IN INDIA

HOW ARE WINNINGS FROM FANTASY GAMES TAXABLE IN INDIA

In India, there is massive popularity of IPL and with that there is huge growth in low cost data plans, ...
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ALL ABOUT 26AS UNDER INCOME TAX ACT

ALL ABOUT 26AS UNDER INCOME TAX ACT

Form 26AS is an important tax filing as it is Tax Credit Statement. On 9th September 2021, CBDT has announced ...
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SHORT TERM CAPITAL LOSS

SHORT TERM CAPITAL LOSS

SHORT TERM CAPITAL LOSS When the amount received from the sale of capital asset is less than cost of acquisition ...
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AMENDMENT IN GST ON COMPLETION OF ITS FIVE YEARS ANNIVERSARY

GST will complete its five years anniversary on 1st July 2022 next year when compensation to states is set to ...
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WHAT IS ANNUAL INFORMATION STATEMENT (AIS) AND TAXPAYER INFORMATION STATEMENT (TIS)

The AIS is a comprehensive statement containing details of all the financial transactions undertaken by you in a financial year ...
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WHAT IS TAX PLANNING AND WHY IT IS SO IMPORTANT FOR INDIVIDUALS OR BUSINESSES

A tax is a mandatory charge levied by the government on an individual’s or a business’s hard-earned income during any ...
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STEPS TAKEN UNDER 45TH GST MEETING FOR EASE OF DOING BUSINESS

The meeting was held on 17th September 2021 Friday, it was a physical meeting after a gap of two years ...
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Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP)

Scheme for Remission of Duties and Taxes on Exported Products (RODTEP) was launched in 2020 from 1st January 2021 through ...
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ROC COMPLIANCES UNDER THE COMPANIES ACT

ROC COMPLIANCE: Companies Act, 2013 provides for compulsory annual filing for all the company which are incorporated under Companies Act, ...
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OVERVIEW OF VIRTUAL MEETING A meeting held totally by means of either Video conferencing or other audio-visual means is known as Virtual Meeting. In virtual meeting there is no physical presence of participants and there is no specified venue for the purpose of meetings. Participants that are located at different places can participate in the meeting either by teleconference or video conference or combination of them at time decided. The potential gains are in terms of reduced travel costs, timesaving, efficiency improvements, and less environmental impact in terms of savings on fuel and transport. The Commonly used software for Virtual meeting are Microsoft's Skype for Business, Adobe's Connect, Google's Hangouts, or WebEx to name a few. The development of new technologies such as Voice over Internet Protocol telephony for an example of which is Skype and shared computer screens. REQUIREMENTS: Meeting rooms Software, which can be either purchased or can be provided by vendor for a fee on yearly rental basis. Hardware equipment such as Monitor or LED screen, Webcams. High quality mike system. Projectors. Document scanners. Leased Lines. High speed wireless internet Recording & Storage Equipment for recording the proceeding and Proper storage for future reference as many be required under law. Have trial run before the meeting to make sure that all the systems for virtual meeting are working properly. Make sure that the proper arrangements are made in the Meeting room to conduct virtual meeting. VIRTUAL ANNUAL GENERAL MEETINGS OR EXTRA-ORDNIARY GENERAL MEETINGS: Section 108 of the Companies Act, 2013 provides for Voting through electronic means. The Central Government may prescribe the class or classes of companies and manner in which a member may exercise his right to vote by the electronic means. ADVANTAGES: Increase shareholder participation in meetings, Encourages more participation by investors across the world. If due to distance a shareholder is not able to attend the meeting then the company provides virtual meeting to them. Enables institutional investors to attend more than one meeting in a day and protect shareholders interest. Reduce the cost of holding and conducting shareholder meeting, including the costs of the venue, stationary, transport and refreshments. Saves time of the Company’s personal. DISADVANTAGES: Security of the systems used. Streaming with quality without interruption. Provide the shareholders with secure login and authentication for attendance, with ease of access for shareholders, and provide the facility of remote voting. Combined registration, voting and reporting software. Customized instant results screen and detailed audit reporting. Data Security of Logins and Passwords. Allowing the shareholders to choice of the device. The technology used must give all shareholders a reasonable opportunity to participate. As of today, holding of total virtual shareholder meeting is not allowed, at present Hybrid meeting are permitted. “Hybrid” refers to those meetings are combination of online participation as well as option of attending the meeting in-person. “Virtual meetings” are those conducted wholly online with no physical meeting of shareholders.

VIRTUAL MEETING AS PER COMPANIES ACT

A meeting held totally by means of either Video conferencing or other audio-visual means is known as Virtual Meeting.In virtual ...
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OVERVIEW OF RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS AS PER COMPANNIES ACT

SECTION 188: The meaning of the word ‘Related Party’ is given under Section 188 of the Companies Act, 2013 and ...
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OVERVIEW OF LIMITED LIABILITY PARTNERSHIP

UNDERSTANDING LIMITED LIABILITY PARTNERSHIP

DEFINITION: LLP is a corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, ...
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OVERVIEW OF AN INTERCORPORATE LOANS

INTERCORPORATE LOANS AS PER COMPANIES ACT

SECTION 186: Section 186 of the Companies Act, 2013 deals with the loans and investments by the companies: No company ...
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OPPRESSION AND MISMANAGEMENT UNDER COMPANIES ACT

OPPRESSION AND MISMANAGEMENT UNDER COMPANIES ACT

MEANING OF OPPRESSION AND MISMANAGEMENT: The word ‘Oppression’ is not defined under the Companies Act, 2013. Oppression is the movement ...
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LOAN TO AND FROM DIRECTORS

LOAN TO AND FROM DIRECTORS

SECTION 185: Section 185 of the Companies Act, 2013 states that no company is allowed to make, advance any loan, ...
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LIQUIDATION AND WINDING UP UNDER COMPANIES ACT

LIQUIDATION AND WINDING UP UNDER COMPANIES ACT

LIQUIDATION PROCESS: Liquidation process is the last stage where a creditors can recover their money from the company.First, the company ...
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GEOGRAPHICAL INDICATION IN INDIA

GEOGRAPHICAL INDICATION OF GOODS (REGISTRATION AND PROTECTION) ACT 1999

Until recently, people were not able to register Geographical indications in India and as there was an absence of statutory ...
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DOCTRINE OF ULTRAVIRES, INDOOR MANAGEMNET AND CONSTRUCTIVE NOTICE

DOCTRINE OF ULTRAVIRES, INDOOR MANAGEMNET AND CONSTRUCTIVE NOTICE

DOCTRINE OF ULTRAVIRES: In the case of a company objects or powers which is not stated in the memorandum is ...
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OVERVIEW OF GENERAL MEETING

ANNUAL GENERAL MEETING AS PER COMPANIES ACT

INTRODUCTION: A meeting may be generally defined as a gathering or assembly or getting together of a number of persons ...
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OVERVIEW OF FUNDING IN STARTUPS

STARTUP FUNDING AND ITS TYPES

Funding is an extremely important consideration for meeting the preliminary expenses for start-ups at initial stage. The first round of ...
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TIME, VALUE & PLACE OF TAXABLE SUPPLY

TIME VALUE AND PLACE OF TAXABLE SUPPLY

TIME, VALUE & PLACE OF TAXABLE SUPPLY TIME OF SUPPLY: It means the point of time when it is considered ...
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OVERVIEW OF DIRECTORS IN A COMPANY

MEANING OF DIRECTORS AS PER COMPANIES ACT

MEANING: According to Section 2(34) of the Companies Act, 2013 a director is director who is appointed to the Board ...
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MEANING OF BOARD MEETINGS AS PER COMPANIES ACT

SECTION 173: 1. First Board Meeting of the Company shall be held within 30 days of the date of incorporation ...
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OVERVIEW OF BOARD COMMITTEE

TYPES OF BOARD COMMITTEE AS PER COMPANIES ACT

AUDIT COMMITTEE: Section 177 of the Companies Act, 2013 The Audit Committee is required to be formed by the following ...
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MOA AND AOA OF A COMPANY UNDER COMPANIES ACT

MEMORANDUM OF ASSOCIATION AND ARTICLE OF ASSOCIATION OF A COMPANY AS PER COMPANIES ACT(CHARTERED DOCUMENTS OF A COMPANY)

MEMORANDUM OF ASSOCIATION: “THE MEMORANDUM OF ASSOCIATION”, as observed by Palmer, “is a document of great importance in relation to ...
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COPYRIGHTS IN INDIA

COPYRIGHTS APPLICATION PROCESS IN INDIA

Copyrights protect original works of authorship, such as literary works, music, dramatic works, pantomimes and choreographic works, sculptural, pictorial, and ...
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CONSTITUTION, RESTRICTIONS AND POWERS OF THE BOARD

CONSTITUTION OF THE BOARD RESTRICTIONS AND POWERS OF THE BOARD

SECTION 149: Section 149 of the Companies Act, 2013 states minimum and maximum number of the director that shall be ...
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APPOINTMENTS, ROLES, RESPONSIBILITIES OF COMPANY SECRETARIES IN INDIA AND ITS REMOVAL

APPOINTMENTS ROLES AND RESPONSIBILITIES OF COMPANY SECRETARY IN INDIA AND PROCEDURE TO REMOVE A COMPANY SECRETARY

A Company Secretary is a key managerial personal in the organisation who is entrusted with all the legal aspects of ...
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ALTERATION IN CHARTER DOCUMENTS OF THE COMPANY

ALTERATION IN MEMORANDUM OF ASSOCIATION AND ARTICLE OF ASSOCIATION(CHARTER DOCUMENTS) OF THE COMPANY

ALTERATION OF MEMORANDUM OF ASSOCIATION: Change in Name clause: The name of the company can be changed by passing special ...
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ALTERNATE MINIMUM TAX

ALTERNATE MINIMUM TAX

MEANING: Alternate Minimum Tax or AMT was came into existence for non-corporate taxpayers who works on same principles. Though, applicability, ...
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DIVIDEND DISTRIBUTION TAX

DIVIDEND DISTRIBUTION TAX

If a company is earning profit then they provide it to the shareholders of the company which is known as ...
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MINIMUMALTERNATE TAX

MINIMUMALTERNATE TAX

MEANING: Minimum Alternate Tax or MAT is a provision that is in direct tax laws which is for companies, it ...
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NOTICES, APPEAL, REVISIONS, SEARCH & SEIZURE UNDER INCOME TAX

NOTICES APPEAL REVISIONS SEARCH AND SEIZURE UNDER INCOME TAX ACT

NOTICE: If any person is receiving notice then they need to act on the notice. Recently CBDT which is known ...
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SET OFF AND CARRY FORWARD OF LOSSES

There can be profit and also losses in every type of business, where losses are difficult to digest. Though Income ...
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INCOME FROM BUSINESS AND PROFESSION

INCOME FROM BUSINESS AND PROFESSION

INTRODUCTION: WHAT DO YOU MEAN BY ‘BUSINESS’? Business is an activity which is done by any person for the purpose ...
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Who should file Income Tax Return and what are the advantages of filing an Income Tax Return

Any person as described under to section 2(31) of Income tax act are required to file Income tax return if ...
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WHAT IS TDS AND TCS IN INCOME TAX?

WHAT IS TDS AND TCS IN INCOME TAX

TAX DEDUCTED AT SOURCE (TDS): TDS is known as Tax Deducted at Source, it is the income tax which is ...
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WHAT IS PAN AND TAN

WHAT IS PAN AND TAN

PERMANENT ACCOUNT NUMBER (PAN): PAN is assigned to all the taxpayers in India as an identification number. PAN number is ...
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WHAT IS INCOME AND WHAT ARE THE DIFFERENT SOURCES OF INCOME

WHAT IS INCOME AND WHAT ARE THE DIFFERENT SOURCES OF INCOME

Income is the money received by a person (individuals or business) periodically on daily, weekly, monthly, or yearly basis. Income ...
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VARIOUS OFFENCES UNDER INCOME TAX AND PENALTY APPLICABLE TO IT

VARIOUS OFFENCES UNDER INCOME TAX AND PENALTY APPLICABLE TO IT

An assessee who contravene any provision of Income Tax Act, 1961 will be liable to pay the penalty. The penalty ...
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HOW TO CALCULATE YOUR NET TOTAL INCOME UNDER INCOME TAX ACT

WHAT IS NET TOTAL INCOME? Net Total Income or Total Income means an income which the taxpayer gets after calculating ...
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HOW TO PREPARE AND E-FILE YOUR INCOME TAX RETURN

HOW TO PREPARE AND E-FILE YOUR INCOME TAX RETURN

DOCUMENTS REQUIRED TO FILE INCOME TAX RETURN, THE PROCESS TO SET OFF THE TAX LIABILITY AND TO CLAIM THE TAX ...
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TYPES OF ASSESSMENT IN INCOME TAX

TYPES OF ASSESSMENT UNDER INCOME TAX

Every person who is earning more than the basic exemption limit in a single financial year have to file a ...
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SELF-ASSESSMENT TAX

SELF ASSESSMENT TAX

MEANING: Every individual who earns income shall have to pay the tax to Government of India. If the tax is ...
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OLD AND NEW TAX REGIME (TAX RATES AS PER THE REGIME),

TAX RATES UNDER OLD TAX REGIME AND TAX RATES UNDER NEW TAX REGIME

MEANING OF INCOME TAX SLAB: Income Tax Act, 1961 levies the tax on individual based on the slab system. In ...
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ADVANCE TAX

ADVANCE TAX

MEANING: Advance Tax means it is the amount of income tax which shall be paid in advance in comparison to ...
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INCOME FROM SALARY

INCOME FROM SALARY

Income from salary is the remuneration which is received by an individual who is rendering services under any contract which ...
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REBATE AND RELIEFS UNDER INCOME TAX REBATE UNDER SECTION 87A:

REBATE AND RELIEFS UNDER INCOME TAX AS PER SECTION 87A

REBATE AND RELIEFS UNDER INCOME TAX REBATE UNDER SECTION 87A: Rebate under section 87A of Income Tax Act is a ...
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INCOME FROM OTHER SOURCES

INCOME FROM OTHER SOURCES

Incomes which does not fall under any of the other head will fall under the head of ‘Income from Other ...
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INCOME FROM HOUSE PROPERTY

INCOME FROM CAPITAL GAINS

Any profit or gain which is earned by transferring the capital assets which was held for investment will be taxable ...
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INCOME FROM HOUSE PROPERTY

A house property can be anything which is attached to the land and it can be your house, your office, ...
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DEDUCTION UNDER INCOME TAX

DEDUCTION UNDER INCOME TAX

• SECTION 80C – DEDUCTION ON INVESTMENT: Section 80C is the most favorite section of all the income tax payer ...
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CLUBBING OF INCOME

CLUBBING OF INCOME

Clubbing of Income as the term suggests it means adding the income of other person’s income in the income of ...
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No ITR is required for senior citizen from AY 2022 – 2023

NO ITR IS REQUIRED FOR SENIOR CITIZENS FROM AY 2022 AND 2023

With an amendment in section 194P via Finance Act,2021, any person who is above the age of 75 is not ...
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STEPS TAKEN UNDER 45 TH GST MEETING FOR EASE OF DOING BUSINESS

STEPS TAKEN UNDER 45TH GST MEETING FOR EASE OF DOING BUSINESS

The meeting was held on 17 th September, 2021 Friday, it was a physical meeting after a gap of two ...
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NATIONAL SINGLE WINDOW SYSTEM

NATIONAL SINGLE WINDOW SYSTEM

Commerce and Industry Minister Piyush Goyal on Wednesday launched National Single Window System. The system was launched for investors and ...
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REFUND UNDER GST AND WHAT IS THE PROCEDURES UNDER REFUND

REFUND UNDER GST AND WHAT IS THE PROCESS FOR REFUND APPLICATION

REFUND UNDER GST: Refund can be claimed under GST when the taxpayer person pays the tax more than the tax ...
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COMPOSITION SCHEME UNDER GST

COMPOSITION SCHEME UNDER GST

COMPOSITION SCHEME UNDER GST Composition Scheme is uncomplicated and simple scheme under GST for small taxpayer. They can get relaxation ...
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GST AUDIT

GST AUDIT

MEANING OF GST AUDIT: Audit under GST involve the scrutiny of records, returns and audit of all the other documents ...
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GST RETURN FILING

GST RETURN FILING

INTRODUCTION: GST Return Filing is a compulsory process for every person who has a business and registered under the GST ...
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NOTICES AND APPEAL UNDER GST

NOTICES AND APPEAL UNDER GST

NOTICE UNDER GST:Notices under GST are conveyed by the GST authorities. The notices are sent to thetaxpayers to remind or ...
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WHAT IS A GST RETURN

WHAT IS A GST RETURN

All the registered person who runs a business has to file monthly or quarterly return and it is based on ...
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What is GSTIN

What is GSTIN

Before GST, there were state VAT and the person who were registered under the scheme wasallotted with the TIN number ...
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WHO NEEDS A GST REGISTRATION & MANDATORY DOCUMENTS FOR ONLINE GST REGISTRATION?

WHO NEEDS A GST REGISTRATION AND MANDATORY DOCUMENTS FOR ONLINE GST REGISTRATION

WHO NEEDS A GST REGISTRATION?Any person who is engaged in the taxable intra state supply of goods or services whoseaggregate ...
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What is Income Tax Audit & what does different section indicates

What is Income Tax Audit and what does different section under income tax audit indicates

What is Income Tax Audit & what does different section indicates under Income Tax Audit (Section like 44AB OR 44AD ...
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Section 194N: TDS on Heavy Cash Withdrawal from Banks/ Post Offices

Section 194N TDS on Heavy Cash Withdrawal from Banks or Post Offices

With the amendment in Finance Act, section 194N was amended by substituting 83A which imposes 2% TDS on withdrawal of sum exceeding ...
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Basic Overview of CGST, SGST, IGST and UTGST

Basic Overview of CGST SGST IGST and UTGST

Under GST, the Central Government collects CGST, SGST or IGST which is depend upon if the transaction is intrastate or ...
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Taxability on Gifts, Rewards and Rewards Given to Sportsperson/Olympic Participants

Taxability on Gifts and Rewards Given to Sportsperson or Olympic Participants

TAX ON GIFTS IN INDIA: In India, gift is exempted up to Rs. 50,000 and gifts from specific relatives such ...
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Understanding the LTA & its benefits

Understanding the LEAVE TRAVEL ALLOWANCE(LTA) and its benefits

Leave Travel Allowance (LTA) First, we need to understand the concept of Leave Travel Allowance Related Rules and Exemption Guide ...
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VLOGGING A NEW INDUSTRY AND TAX APPLICABLE ON IT

The recent generation has been inclined towards a completely new area ofprofessions where people follows their hobbies to make their ...
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SUKANYA SAMRIDDHI YOJANA AND TAX BENEFITS AROUND IT

SUKANYA SAMRIDDHI YOJANA AND TAX BENEFITS AROUND IT

Our Prime Minister, Narendra Modi launched the scheme named ‘Sukanya SamriddhiYojana’ as a part of Beti Bachao Beti Padhao campaign ...
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DEFINATION OF PERSONS UNDER INCOME TAX ACT, 1961

DEFINITION OF PERSONS UNDER INCOME TAX ACT 1961

According to section 2(31) of the Income-tax Act, a person includes:(i) Individuals(ii) Partnership Firms(iii) HUF(iv) Company(v) Association of person or ...
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How to determine the residential status and what are the different residential statuses

How to determine the residential status and what are the different residential statuses

The tax structure of India is very complex in nature. It depends upon the nature of persons, age,residential status, nature ...
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DEFINATION OF PERSONS UNDER INCOME TAX ACT, 1961

REVERSE CHARGE MECHANISM UNDER GST

REVERSE CHARGE MECHANISM UNDER GST Reverse charge mechanism (RCM) is the mechanism where GST is collected by the buyer instead ...
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INCOME TAX PORTAL AND BENEFITS AROUND IT

INCOME TAX PORTAL AND BENEFITS AROUND IT

The new income tax portal was launched by CBDT on 7th June 2021. The portal has been redesigned so as ...
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DIFFERENCE BETWEEN EPF, PPF & NPS AND TAX BENEFITS AROUND IT

DIFFERENCE BETWEEN EPF PPF and NPS AND TAX BENEFITS AROUND IT

EMPLOYEE PROVIDENT FUND:The scheme was initiated under the Employee’s Provident Fund and Miscellaneous Act,1952, for the benefit of an employee ...
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UNDERSTANDING DIFFERENT DEPOSITS AND APPLICABLE TAX BENEFITS AROUND IT

DIFFERENT TYPES OF DEPOSITS AND TAX BENEFITS AROUND IT

UNDERSTANDING DIFFERENT DEPOSITS AND APPLICABLE TAX BENEFITS AROUND IT Firstly if we talk about banks, we all are about the ...
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TYPES OF LOANS FOR INDIVIDUALS AND BUSINESSES AND TAX BENEFITS AROUND THEM

WHAT IS A LOAN? One day you think to have a house and for that, you don’t have enough money ...
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WHAT IS AN AUDIT AND WHAT ARE THE DIFFERENT TYPES OF AUDITS

WHAT IS AN AUDIT AND DIFFERENT TYPES OF AUDITS

WHAT IS AUDIT An audit is the activity of evolution and determining the financial, operational, and strategic goals and exercise ...
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WHAT IS E-INVOICING AND WHICH ALL BUSINESSES ARE REQUIRED TO GENERATE E-INVOICING

WHAT IS E INVOICING AND WHICH ALL BUSINESSES ARE REQUIRED TO GENERATE E INVOICING

The e-invoicing was introduced on 1st October 2020, for taxpayers with an aggregate turnover exceeding Rs. 500 crore. This was ...
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WHAT IS GST - UNDERSTANDING FROM THE IMPLEMENTATION PHASE

WHAT IS GST – UNDERSTANDING FROM THE IMPLEMENTATION PHASE

WHAT IS GST? GST is called Goods and Service Tax which is an indirect tax and passed in the parliament ...
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Understanding the Taxability of ESOP Gains

Employees stock option schemes (ESOP) and tax benefits around it

According to Section 2(37) of Companies Act, 2013, Employees stock option schemes is an option given to the directors, employees, ...
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FORM 16 – A PRACTICAL GUIDE FOR FILING THE FORM

FORM 16 A PRACTICAL GUIDE FOR FILING THE FORM

FORM 16 – A PRACTICAL GUIDE FOR FILING THE FORM Form 16 is a certificate  issued by the employer to ...
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Features of New Income Tax Portal

Features of New Income Tax Portal

INTRODUCTION: New Income Tax Portal was launched on 7th June, 2021 by CBDT (Central Board of Direct Tax). New Income ...
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GST on Restaurants Hotels Fine Dining Restaurants and Cloud Kitchens

Applicability of GST on Restaurants, Hotels, Fine-Dining Restaurants And Cloud-Kitchens In this article we will talk about how GST affected ...
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Retrospective Taxation in India

Retrospective Taxation in India

The finance amendment Act, 2012 introduced retrospective taxation in India with a objective to impose tax on deals executed after ...
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Transfer of Shares without Providing Pre-Emptive Right to Existing Shareholders Amounts To Oppression and Mismanagement

Transfer of Shares without Providing Pre-Emptive Right to Existing Shareholders Amounts To Oppression and Mismanagement MEANING OF OPPRESSION: In the ...
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GSTInterestPenalty cannot be collected without Section 74(1) notice

GST or Interest or Penalty cannot be collected without Section 74(1) notice

GST Department Not Allowed Collecting Any Tax/Interest/Penalty without Issuance of Notice U/s. 74(1) Telangana High Court gave a decision in ...
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Penalty of Rs 10000 on ATM Soon For Non Replenishment with Cash

The RBI has concerned as the most of the ATM does not have sufficient funds and it creates nuisance for ...
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Understanding Mismatch Concept under GST

Understanding Mismatch Concept under GST

Mismatch in context of GST refers to the amount of disparity disclosed in GSTR – 3B with the details given ...
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GST Amnesty Scheme

GST Amnesty Scheme

The finance ministry scheme vide notification number 19/ 2021 have passed GST amnesty scheme on 1 st June, 2021 under ...
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Trust under Indian trust Act, 1882

Trust under Indian trust Act, 1882

A trust is a relationship in which a person or entity is bound by a fiduciary relationship to exercise that ...
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Mistakes one should avoid while filing Income Tax Return (ITR)

Mistakes one should avoid while filing Income Tax Return (ITR)

With the increased reliability of income tax on e- mode a large number of individuals opt to file their return ...
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Taxability of Agricultural Income In India

Taxability of Agricultural Income

According to Section 10 (1) of the Income Tax Act, any income arising from the agricultural lands, buildings, or any ...
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Tax Exemptions Available For Startups In India

Tax Exemptions Available For Startups In India

According to Section 2(40) of the companies act, 2013, startup means (i) A private company registered under companies act, 2013 or ...
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Cryptocurrencies & Taxation of Cryptocurrencies under Income Tax

Cryptocurrencies and Taxation of Cryptocurrencies under Income Tax

A cryptocurrency is digital, decentralized currencies that are issued by a private enterprise to work as a consideration of transaction ...
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What Is Foreign Account Tax Compliance Act and CRS

What Is Foreign Account Tax Compliance Act and CRS

The foreign account compliance tax account (FATCA) is the tax mechanism that compels U.S. citizens at home or abroad to ...
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CONCEPT OF ITC UNDER GST

CONCEPT OF ITC UNDER GST

According to Section 2(62) of CGST Act, Input tax credit means “Central Tax (CGST), State tax, Integrated Tax (IGST), union ...
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Rate of Tax Under GST

Rate of Tax Under GST

Goods and Service Tax is an indirect tax levied in India on the supply of goods and services. This tax ...
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TDS AND TCS ON PURCHASE OF GOODS UNDER INCOME TAX

TDS AND TCS ON PURCHASE OF GOODS UNDER INCOME TAX

With effect of 1. 07.2021 Finance Act, 2021 had inserted section 194Q in Income Tax Act, 1961 to provide deduction ...
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GUIDE ON AADHAR CARD

Guides related to Aadhaar Card What is the role of Enrolment Number in Aadhar Card? To understand the role of ...
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Section 115BA

SECTION 115BA – 25% TAX ON CERTAIN DOMESTIC COMPANIES. CONDITIONS – The assesse should be a “domestic company”. The company ...
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E-Verify Your Return India 2021

How to EVerify your income tax return in ITRV

How to E-Verify Your Return-E-Verify your Income Tax Return. OPTION 1: VIA AADHAR OTP: Link your Aadhar Number with PAN ...
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Relief Measures Announced By Finance Minister DUE TO COVID-19 Outbreak India 2021

Relief Measures Announced By Finance Minister DUE TO COVID19 Outbreak in India 2021

INCOME TAX – For following delayed payments, the interest rate will be reduced from 12%/18% to 9% if the payments ...
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new tax regime india 2021

New Tax Regime Under Income Tax Act

NEW TAX REGIME UNDER SECTION 115BAC Finance Bill 2020, gives an opportunity to Individuals, HUF, Business owners and/or Professionals for ...
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Aadhaar-PAN Linking

How To Link PAN with Aadhaar

How to Link Aadhar with PAN -Aadhaar -PAN Linking As per Section 139AA of the Income Tax Act, every person ...
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