Starting a business or any new adventure requires money, money is like a fuel to any kind of business. You can start small business and scale up as your products or services to become popular and reaching your new targeted audiences. No matter how little or small, you are most surely going to require money to invest in yourself first – learning new or developing existing skills needed to run… Read More »How to Arrange Fund for the Business
Goods and Service Tax is Levy in accordance with the concept of supply. As per the CGST Act’ 2017- section 7(1) (b), supply includes “import of services” for a consideration whether or not in the course or furtherance of business. As per the IGST Act’2017- section 7 (4), if Supply of services imported into the territory of India will be counted to be a supply of services in the course… Read More »Applicability of GST on Reverse Charge Mechanism for Import of Service
We all know that an individual’s income from salary, rental income & business income is subject to tax. But what about an individual who get income from sale or buy of shares? Many people spend their lot of time in share market to purchase and sell shares but are not sure of how this income is taxed? Income/Loss from sale of equity shares is comes under the head ‘Capital Gains’.… Read More »Income Tax on Share Trading
Robotic Process Automation (RPA) has become one of the fast-growing concepts in globe where the world economy and market climate change in the blink of an eye. By deploying a machine bot to manage labor-intensive and repetitive activities, companies can optimize business processes. What is Robotic Process Automation (RPA)? Robotic Process Automation (RPA) is a technique of automating processes using intelligent software robots (bots) that identify and simulate human interactions… Read More »What are the Impact of Robotics in Accounting?
Section-194Q (Tax Deducted at Source (TDS) On Purchase of Goods)-In this article we will know what clarification CBDT provide on the same? 1) Clarification on TDS under section-194Q on GST Component involved in Purchases TCS under section -206C (1H) was collected on Consideration received inclusive of GST since TCS Collection event under this section is “Receipt of Payment”. However for TDS under section -194Q TDS Deduction event is Credit of… Read More »Section-194Q | TDS on Purchase of Goods | CBDT Clarification
The Finance Act 2021 has introduced two new changes in rules relating to TDS (Tax deducted at source) or TCS (Tax collected at source). A. Higher TDS/TCS rate for non-filer of IT returns Till now, a higher TDS rate was deducted only for those who did not have PAN. But from July 1st, a higher rate would be deducted if you have not filed IT returns in the last 2… Read More »New Rules in TDS/TCS, Effective from 01 July 2021
The Goods and Service Tax (GST) is a value-added tax inflicted on the supply of non-exempted goods and services. GST was implemented with an aim- One Nation One Tax, as it replaces various indirect taxes such as CST, service tax, VAT, and many more. According to the Section 25 (1) of the CGST Act, GST registration is essential to all the suppliers of non-exempted goods & services regardless of their… Read More »How to Avail Two GST Registration on One PAN Card
FSSAI (The Food Safety and Standards Authority of India) makes FSSAI license Number mandatory for food businesses to communicate FSSAI license Number on invoice/bills from 1st October 2021. The food business ecosystem is huge and the 14-digit FSSAI no. of any food business operator is not easily visible & available to consumer/service recipient. If the FSSAI number is not available to consumer, expecting him/her to complain about complete coordinates is… Read More »FSSAI License Number Mandatory On Invoices from 1st October 2021
The following would not be recognized as ‘transfer’, and thus, no capital gain to be arise on the same: -Any transfer of an intangible asset or capital asset by a PVT. company or unlisted public company to a LLP. -Any transfer of a share held in the company by a shareholder as a result of conversion of the company into a LLP as per the Limited Liability Partnership Act, 2008-… Read More »Conversion of Company into LLP – Taxation involved?
In the Budget 2021-22, a new section 194Q introduced which will be effective from 1st July 2021. In order to broaden and deepen the tax base, it is proposed to levy a TDS of 0.1% on purchase transactions exceeding INR 50 lacs in a year. In order to minimize the compliance burden, it is also proposed to endow that the responsibility of deduction shall lie only on the persons whose… Read More »Applicability of Section 194Q TDS on Purchase of Goods