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CA SHARWAN

GST and Statutory Compliance Under Dropshipping Business

Dropshipping is a business in which the seller sells the goods which he/she does not own at time of selling goods but then passes the order to a third party after receiving order then third party delivers the order to the purchaser. The dropshipping business is increasing at a rapid rate. Since the person does not purchase the goods in advance, there is no investment and no risk of dead… Read More »GST and Statutory Compliance Under Dropshipping Business

Can Buyer Claim ITC If Supplier Has Not Paid His Tax Under GST?

Input tax credit a.k.a. ITC is the tax paid on the purchase of goods or services which can be set off against the tax liability on the sale of goods or services. Under GSTR-1 and GSTR-3B system, the tax credit is claimed by the recipient based on the sales invoices uploaded by the seller/supplier. The provisional credit (without invoice upload) is allowed only to the extent of 10% of ITC… Read More »Can Buyer Claim ITC If Supplier Has Not Paid His Tax Under GST?

The Income Tax Assessment in Remand Proceedings

The Income-tax (IT) department checks the return of income for its correctness. The procedure of reviewing the return of payment by the Income-tax department is known as assessment. The assessment also includes reassessment and judgment assessment u/s 144. A reassessment proceeding is an essential provision under Income Tax Act. If an income which otherwise would have been taxable has due to some cause, has escaped assessment, for particular assessment year,… Read More »The Income Tax Assessment in Remand Proceedings

Equalisation Levy & TDS On E-Commerce Transactions

Finance Act, 2016- Equalisation Levy- CHAPTER VIII- Section 163 to 172 deals with Equalisation levy definition, interest, penalty, filing of the annual statement, the penalty for failure to furnish statements. Equalisation Levy Considering the potential of new digital economy and the rapidly evolving nature of business operations and to address these challenges, the Finance Act 2016 has inserted a section, called section 165, to provide for an equalisation levy of… Read More »Equalisation Levy & TDS On E-Commerce Transactions

Section 80D Deduction in Respect Of Health Insurance Premia

If you cannot buy health insurance for your parents and you do not have money to invest under section 80C for the purpose of tax-saving? Now your problem has a solution, you can still save tax under section 80D by claiming deduction for medical expenditure for your parents. We all know that we can save tax by buying health insurance for our family and our parents. But as our parent… Read More »Section 80D Deduction in Respect Of Health Insurance Premia

Types of Business Entities in USA & How to Choose Right One From It

When you are starting a business, there are so many things which comes to your mind and the first things you want to do is to choose the structure of your firm—in other terms, Select a business entity type. These are the Business Entity Types in USA: – Sole Proprietorship General Partnership Limited Partnership C-Corporation S-Corporation Limited Liability Company (LLC) The type of entity you choose for your business defines… Read More »Types of Business Entities in USA & How to Choose Right One From It

Gold Loans and Frauds

Gold loans come under secured loans where gold jewelry is used as collateral. The loan amount is usually a percentage of the gold’s value. You can repay the loan through monthly installments. After the repayment, you can take your gold jewelry back. Private Banks, nationalize banks and other financial institutions offer gold loans at affordable interest rates. Generally, borrowers use this loan to meet a sudden financial goal, like marriage… Read More »Gold Loans and Frauds

GST: Quarterly Return Monthly Payment Scheme with Examples

Quarterly Return Monthly Payment Scheme is also known as QRMP, recently introduced initiative by the Government in its initiative to simplify compliance for taxpayers. The CBDT (Central Board of Direct Taxes) had issued notifications which are: Notification No. 82/2020, Notification No. 83/2020, Notification No.  84/2020 & Notification No. 85/2020 Central Tax dated 10-11-2020 and Circular 143/2020 on 10th November, whereby the registered persons having aggregate turnover up to INR 5… Read More »GST: Quarterly Return Monthly Payment Scheme with Examples

How to Apply for Directors’ Disqualification without Reviving Strike-Off Company?

Disqualification of directors can refer a situation in which a person is restricting from holding the office of director in any company. Under disqualification, a person cannot be appointed as a director in any company in a specified time period. Before going to details first you need to understand the term Director of the company. A Director can be any person who acts on behalf of the company as the… Read More »How to Apply for Directors’ Disqualification without Reviving Strike-Off Company?

All About Electronics Hardware Technology Park (EHTP) Scheme

EHTP is abbreviated form of Electronic Hardware Technology Park Scheme which is launched by the Ministry of Electronics and Information Technology, Government of India to encourage the entrepreneurs in establishing manufacturing units of the electronic hardware equipment. The EHTP scheme aims to promoting entrepreneurs in mounting Hardware Technology Parks anywhere in India for exporting their produced electronics goods. Various benefits and assistances are provided under the export-oriented scheme to increase… Read More »All About Electronics Hardware Technology Park (EHTP) Scheme