CA SRIYANS

Section 194LBA | TDS on Certain Income from Units of a Business Trust

Who is responsible to deduct tax under section 194LBA? An individual who makes payment of income according to the section 115UA which is payable by a business trust to their unit holder is needed to deduct tax at source. This kind of unit holder can be a non-resident or resident (but not a company). When to Deduct TDS under Section 194LBA? The time of TDS deduction is earlier of, the… Read More »Section 194LBA | TDS on Certain Income from Units of a Business Trust

Input Tax Credit under GST Law- Is it a Vested Right?

A vested right counted as an absolute right over any asset which cannot be taken over without the consent of its owner. Nature of ITC under GST Law The CGST Act, 2017- Section 16 contains detailed provisions regarding eligibility & conditions for taking input tax credit. Section 16(1) is the elementary provision in the GST Law which confers the eligibility to claim ITC to every registered person. However, the eligibility… Read More »Input Tax Credit under GST Law- Is it a Vested Right?

Online Unblocking Of E-Way Bill

Few Days before the government has come up with a significant change with regards to the e-way bill generation facility on the web portal of e-way bill. E-way bill generation is blocked for taxpayers who have not filed their returns for the previous 02 consecutive months/quarters. Therefore, if a taxpayer has not filed GSTR-3B for two or more consecutive months, then he/she cannot generate e-way bills to do dispatches and… Read More »Online Unblocking Of E-Way Bill

Deferred Tax Asset and Deferred Tax Liability

Deferred Tax Liability (DTL) and Deferred Tax Asset (DTA) forms an essential part of Financial Statements. This adjustment made at end of year closing of Books of Accounts affects the Income-tax outgo of the Business for that year as well as the years ahead. What Is a Deferred Tax Asset? Items on a balance sheet of company that may be used to reduce taxable income in the future are called… Read More »Deferred Tax Asset and Deferred Tax Liability

International Taxation: Relief From Double Taxation

When the same income of yours is taxed more than once, it creates double taxation. This can be done when a person is taxed in more than one country for the same income which he had earned, leads to double taxation. Countries have started introducing Double Taxation Avoidance Agreements (DTAA) with other countries to resolve the issues of double taxation so as to ease out the tax burden of their… Read More »International Taxation: Relief From Double Taxation

Can We File Appeal Against The Order Passed by UP RERA

The Real Estate Appellate Tribunal which also known as REAT has been set up to hear appeals against orders passed by the Real Estate Regulatory (Authority). Under the Real Estate Regulation Act, 2016- Section 43, the REAT can examine the legality of orders passed by the RERA and decide whether to uphold or overturn them. What is the time-limit to file an appeal against a RERA Order? An appeal challenging… Read More »Can We File Appeal Against The Order Passed by UP RERA

Section 35D Amortization Of Preliminary Expenditure

Amortization of preliminary expenditure is allowed as deduction under the Income Tax Act- section 35D. Section 35D of Income Tax Act provides for Amortization of preliminary expenses. According to the Section 35D, any capital expenditure did before the commencement of operation of specified business then such expenditure is allowable as a deduction under the income tax in five equal annual instalments subject to the fulfilment of different conditions given under… Read More »Section 35D Amortization Of Preliminary Expenditure

Which Points To Kept in Mind While Drafting Builder Buyer Agreement

The builder-buyer agreement is an essential legal document for home buyers. It is termed as a contract which contains all the terms and conditions which have to be complied by both the buyer and the builder. Buyers need to read this document carefully as the T&C mentioned will help to ensure that your rights are protected and you get what you have paid for. This agreement can empower a home… Read More »Which Points To Kept in Mind While Drafting Builder Buyer Agreement

Transitions in GST Rules Which are Applicable From 01st January 2021

In light of the GST investigation wing recently find few cases of fake invoices and fake firms, which also resulted in the arrest of some individuals CBIC has issued few notifications amending the CGST Act, 2017 and the CGST Rules, 2017 which are applicable with effect from 1st January 2021. With the increase in the number of fraudulent cases, fake invoicing by many concerns, and creation of dummy firms the… Read More »Transitions in GST Rules Which are Applicable From 01st January 2021