CA SHARWAN

What are the Similarities and Differences in Section 54 and 54F

The Government of India has provided certain exemptions on purchase or construction of house property which are inducted in the section of 54 & 54F of Income Tax Act 1961. As we know that both Section 54 & Section 54F deal in house property investment on sale of residential house or any asset other capital asset. There are few similarities and differences between these sections of income tax which are… Read More »What are the Similarities and Differences in Section 54 and 54F

Tax Incentive To Business / Service Sector/ Industry On Salary Of New Employees

Any service or business sector or manufacturing industry can claim additional deduction of 30% of salary paid to their additional employees, subject to fulfilment of few conditions. This deduction of 30% of the additional employee cost can be claimed for 3 years including the year in which such employment is provided. Aggregate amount of the additional tax incentive in 3 years would be 90% of salary paid to additional employees.… Read More »Tax Incentive To Business / Service Sector/ Industry On Salary Of New Employees

Capital Gain Exemption Under Section 54 of Income Tax Act, 1961

The Income Tax Act- section 54 endows exemption for ‘Long Term Capital Gain’ arising on sale of residential property. Let’s understand the basis of ‘Capital Assets’ & ‘Capital Gain’ The term ‘capital asset’ is defined under the Income Tax Act, 1961- section 2 (14) which includes any kind of property (movable or immovable property, tangible or intangible property etc.) held by an assessee. These kind of properties may be connected… Read More »Capital Gain Exemption Under Section 54 of Income Tax Act, 1961

Option to choose between QRMP scheme and Monthly GSTR 3B

To lower the burden of tax compliance on MSME entities, Government has introduced QRMPs with effect from 01 Jan, 2021. QRMP is the new scheme launched by government, many GST registered entities are still have confusion about which scheme to opt in or opt out, as QRMP is optional scheme which can be opted by GST registered entity with Turnover upto INR 5 crores.  This article explains comparative analysis of… Read More »Option to choose between QRMP scheme and Monthly GSTR 3B

Standard Procedure of GST Rule, When GST Registration get Suspension

The purpose of this Article is for the advice Standard Process of GST Rule, When GST Registration got Suspension. It cannot be denied that troubles come uninformed. That is exactly what can happen if GSTR-3B shows significant differences with GSTR 1 or GSTR 2A / GSTR 2B. Wondering how bad it can get? Well, as per Rule 21(2A) of CGST Rules 2017, a GST Officer has the authority to suspend… Read More »Standard Procedure of GST Rule, When GST Registration get Suspension

ITR Filing Exemption To Senior Citizen Above Age Of 75

As we know that the union budget comes into effect recently, Union budget of 2021-22 highlights that senior citizen above the age of 75 now need not file their Income Tax Return. In the Union Budget 2021-22, senior citizens who are the age above 75 are exempted from filing income tax return of income subject to few conditions. The banks on the other side, is needed to deduct the requisite… Read More »ITR Filing Exemption To Senior Citizen Above Age Of 75

Effect of new Rule 12A – Companies (Share Capital and Debentures) Rules, 2014

The term –Ease of Doing Business is popular nowadays and under this ‘Ease of Doing Business (EODB)’ several amendments are being made to the legislative framework for corporates by the MCA (Ministry of Corporate Affairs). In the same spirit MCA has notified Companies (Share Capital & Debentures) Amendment Rules, 2021, making it easier for the companies to close the offer period for Rights Offer within as minimum as 7 days… Read More »Effect of new Rule 12A – Companies (Share Capital and Debentures) Rules, 2014

Section 194E | TDS on Payments to Non-Resident Sportsmen or Sports Association

Section 194E deals with the provisions of TDS deduction on payment to a non-resident sportsmen or sports association. According to the section 194E of the Income Tax Act, 1961, any person making payment of income referred to in section 115BBA of the Income Tax Act, 1961 to the following persons will be liable to deduct TDS – A non-resident sportsman (including an athlete); or An entertainer who do not have… Read More »Section 194E | TDS on Payments to Non-Resident Sportsmen or Sports Association

UP RERA Compliances – Quarterly / Annually

Real Estate (Regulatory and Development) Act, 2016 is an Act of Parliament of India which seeks to protect homebuyers as well as help to boost investments in the real estate sector. The Act came into effect from 1st May 2016. All the Indian States adopted this Act completely except some of them and prepared a road-map of rules and regulations for the real estate industry. The Real Estate industry has… Read More »UP RERA Compliances – Quarterly / Annually

Special Financial Transaction (SFT) Reporting Parameters Under Income Tax Act

SFT is also known as Special Financial Transaction which is a report of specified financial transactions by specified persons including prescribed reporting financial institution. Such specified persons who register, maintain such specified financial transaction are under a mandate to submit SFT to the income tax authority or such other specified authority or agency. Income Tax Department is broadening its scope of disclosers and reporting day by day, there are some… Read More »Special Financial Transaction (SFT) Reporting Parameters Under Income Tax Act