CA VK Agrawal

Section 194N: TDS on Heavy Cash Withdrawal from Banks/ Post Offices

Through the amendment in the Finance Act, 2020 section 194N was amended by substituting section 83A which imposes TDS at the rate of 2% on withdrawal of sum amount exceeding INR 1 crore. This section has been effected from 1st July 2020. Every person including – Individuals HUF i.e. Hindu Undivided Family Company Partnership firms or Limited Liability Partnership (LLP) Local authorities Any AOPs (Association Of Person) or BOI (Body… Read More »Section 194N: TDS on Heavy Cash Withdrawal from Banks/ Post Offices

E-way Bill System – GST E-way Bill Rules & Generation Process & FAQs

‘E-way bill’ is popularly known as ‘Electronic Way Bill’. The main motto behind the e-way bill under GST is controlling tax evasion; tracking the movement of goods and ensuring adequate compliance with the GST law. E-way Bill System- An e-way bill can be generated as and when there is a movement of goods whose value is more than INR 50,000 through a vehicle or conveyance. The movement of goods can… Read More »E-way Bill System – GST E-way Bill Rules & Generation Process & FAQs

Tax Exemptions Available For Startups in India

As per the Section 2(40) of Companies act, 2013, startup means A private company which is registered under company act, 2013 or any previous act Recognized as startup in accordance with DIPP (Department of Industrial Policy and promotions). In order to accelerate prevalence to startup movement in India, Government had announced an action plan known as the Startup India initiative that covers all the aspects of startup ecosystems. The main… Read More »Tax Exemptions Available For Startups in India

Annual Filing One Person Company (OPC)

In India One Person Company is the modern form of business which is proposed by the Companies Act, 2013. It is a hybrid structure which combines most of the benefits of a sole proprietorship and a company from of business. Therefore it does away with the hassles of finding the right kind of co-partner/s for starting a business as registered entity. OPC is a company where there is only one… Read More »Annual Filing One Person Company (OPC)

Mistakes One Should Avoid While Filing Income Tax Return (ITR)

With the increased reliability electronic or e- mode of ITR filling a large number of individuals choose to file their return on their own. While filing of Income Tax Return has several advantages but making minor mistakes may sometimes attract huge penalties so one should be cautious while filing his/her own ITR. We will discuss some of the mistakes which one should avoid while filing his/her ITR. 1. Choose the… Read More »Mistakes One Should Avoid While Filing Income Tax Return (ITR)

All You Need To Know About Cryptocurrency

In the past 1- 2 decades, our world has changed a lot. We comes from landlines to smartphones. We have almost shifted from wallet to digital wallet. Digital payments is a great shift whether it is vegetable vendors or big showrooms. After payment wallets we do not need to struggle to find exact change and always keep an eye on our wallet. In the same pattern there is one more… Read More »All You Need To Know About Cryptocurrency

Income Tax Benefits Available On Housing Loan

Government has provided many tax benefits to assessee on home loan. Income Tax Act provides tax benefits on repayment of loan’s principal component as well as on repayment of loan’s interest component. Deduction under section 24(b) For let-out property, actual interest made on capital borrowed for the purpose of housing property’s acquisition, repairing, re-construction will be allowed as deduction. For self-occupied residential house property, interest incurred on capital borrowed for… Read More »Income Tax Benefits Available On Housing Loan

Companies To Disclose Crypto Currency & CSR In Financial Statements

According to the recent press release released on the website pib.gov.in on 10th August, 2021 in respect of ‘Ministry of Corporate Affairs (MCA) amends Schedule III of Companies Act on disclosure norms in financial statements‘ As Ministry of Corporate Affairs by amendment in Rules of Schedule III on 24th march 2021 has already made lot of amendments in Schedule III of Companies Act, 2013. Schedule III stands for Financial Statement… Read More »Companies To Disclose Crypto Currency & CSR In Financial Statements

Significant Economic Presence (SEP)

In todays’ world technology plays a vital role in making our daily life simpler. Everything seems impossible without technology whether it is medical diagnose or business operation, communication or education. This COVID 19 pandemic has evidenced the same. During the complete lockdown things has been paused but nothing stopped. Technology has changed every facet of our lives, changing the way we work, learn and shop. There has been an ongoing… Read More »Significant Economic Presence (SEP)

MSME – Investment limits, Registration, Benefits & role on Indian Economy

Micro, Small and Medium Enterprises is also known as MSMEs are the backbone of Indian economy. MSME operating in various areas across the country silently, more than six crore MSMEs have an important role to play in building a stronger and self-reliant India. These small economic engines have a big impact on the country’s GDP-making a contribution of 29%. In addition, more than 11 crore people have got job in… Read More »MSME – Investment limits, Registration, Benefits & role on Indian Economy