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CA SHARWAN

Tax Implications On Forex Transactions – TCS On Remittances Outside India

Forex Transactions is a term which leads to transferring funds from one country to another. There could be various reason like personal as well as business-related reasons due to which funds are required to be remitted abroad. Now in this article we will understand what the tax implications on Forex transactions are? What is the process for paying tax on Forex transactions? What exactly is Liberalized Remittance Scheme? Let’s go… Read More »Tax Implications On Forex Transactions – TCS On Remittances Outside India

Analysis of GST Amensty Scheme & Relaxations in GST Return

As per 43rd GST Council meeting which was held on 28 May 2021, we are going to do analysis of GST Amensty Scheme & Relaxations in due dates of GST Returns. Today we will discuss GST Amensty Scheme and new due dates for Month of March, April and May 2021- Amnesty Scheme is for providing relief to taxpayers regarding late fee for pending returns: To provide relief to taxpayers ,late… Read More »Analysis of GST Amensty Scheme & Relaxations in GST Return

Old Tax Regime V/S New Tax Regime

The Finance Ministry has brought a ‘New Taxation Regime’ to simplify the Income Tax Act. There is prevailing confusion as to ‘which tax regime is better? and the only answer that is definitely correct is ‘it depends!!’ On one hand, the new tax regime offers lucrative slab rates to lower the effect of taxation, while it increases the total income by removing several sorts of deductions from the income like… Read More »Old Tax Regime V/S New Tax Regime

Public Provident Fund: Features and Benefits of investing in PPF

PPF also known as Public Provident Fund is the schemes started by the central government from year 1968 for the well-being of the people of India. As this scheme was launched for the people’s advantage who made investment by very small amount and they will get more amount at the maturity. This scheme was backed by Central government so there is no risk of loss of money & you will… Read More »Public Provident Fund: Features and Benefits of investing in PPF

Section 80C – Investment cum Deduction

Chapter VI-A of section 80C clarify about complete information about deductions from Gross Total Income. It is important to note that if there is no Gross total Income than no deduction will be permitted. The chapter comprise deductions in respect of some payments, deductions in respect of some incomes, deductions in respect of other incomes and other deductions. Let’s discuss on Section 80C which include certain Investment which can be… Read More »Section 80C – Investment cum Deduction

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