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CA VK Agrawal

Analysis of Section 206AB and Section 206CCA

Section 206AB and section 206CCA were proposed in the Finance Bill 2021. These sections provide for a higher deduction of TDS and TCS respectively, if certain conditions are met. Let us discuss details about Section 206AB & section 206CCA. Introduction of Section 206AB  According to the Section 206AB, tax shall be deducted on any income or amount paid or payable or credited by a person to a specified person, at… Read More »Analysis of Section 206AB and Section 206CCA

Presumptive Taxation- Section 44AD, 44ADA, 44AE

According to the Income-tax Act, a person engaged in business or profession is needed to maintain regular books of account and further, he/she has to get his/her accounts audited. The Income-tax Act has created the presumptive taxation scheme under these sections which are 44AD, 44ADA & 44AE to provide relief to small taxpayers. What is the Meaning of Presumptive Taxation Scheme? For small taxpayers the IT Act has created presumptive… Read More »Presumptive Taxation- Section 44AD, 44ADA, 44AE

Income Tax Savings Tips To Help In Tax Planning

Tax planning comes under financial planning. It is difficult to avoid taxes, you can strategies to lower the tax outgo efficiently. Two Important Steps comes under:- To choose between the old tax and new tax regime An individual needs to carefully analyze & comparison of tax outgo and other factors in choosing between the two 2. Inform it to your employer (So they need to deduct TDS on basis your… Read More »Income Tax Savings Tips To Help In Tax Planning

Impact of GST on Accounting & Financial Statements

GST has been introduced on 1st July 2017, India has moved towards a single indirect tax regime for goods & services with uniform accounting system under GST for entire country. Some provisions which have directly affected on accounting such as Works Contract, Composite Supply and many more. What is Dual model of Tax? All transaction of supply would be subject to 2 Levies (State and Union government) and levied is… Read More »Impact of GST on Accounting & Financial Statements

Why Revised Return Concept Under Income Tax Law

Under Income tax law the concept of Revised Return is dealt in section 139(5). Now the question is what is Revised Return and why there is concept called revised return exist? In the simple word, revised return can be termed as return which is filed for error correction or mistake correction i.e. correct return. While filing income tax return whether original return i.e. return filing for the first time for… Read More »Why Revised Return Concept Under Income Tax Law

Section 43B- Deductions Allowable On Payment

As a taxpayer, you might be claiming different expenses & exemptions to lesser your income tax liability, but do you know that there are some deductions that you cannot claim unless you have actually paid for them. Let’s discuss the income tax provisions laid out under Section 43B of the Income Tax Act. Section 43B prescribes that specific statutory expenses could be claimed only in the year of actual payment.… Read More »Section 43B- Deductions Allowable On Payment

GST Circular – SOP on GST registration Cancellation for Anomalies in GSTR-3B

As per the Notification No 94/2020 – the amendment in Rule 21A of GST Rules, 2017 came to effect, which states that the GST officers can now suspend a GST Registration immediately if they found significant anomalies in GSTR3B Returns. A detailed Standard Operating Procedure (SOP) in this regard was issued by CBIC on 11th Feb 2021, vide Circular No: 145/01/2021-GST on 11th Feb 2021. As per the above Circular,… Read More »GST Circular – SOP on GST registration Cancellation for Anomalies in GSTR-3B

Procedure of TCS in GST Rule & Its Standard Compliance

The Union Budget 2021 has given an easy route to comply the TCS under GST Rule. TCS also known as Tax Collection at Source has similarities with TDS and also have distinctive features. TDS refers to tax deducted when recipient of goods/services makes some payments under a contract etc. TCS refers to tax which is collected by the e-commerce operator when a supplier supplies some goods or services through their… Read More »Procedure of TCS in GST Rule & Its Standard Compliance

All About FRRO REGISTRATION

Registration under Foreigners Regional Registration Officer (FRRO) is essential requirement by the Government of India under which all foreign nationals (excluding overseas citizens of India) visiting India on a long-term visa which are more than 180 days are needed to register themselves with a Registration Officer within 14 days of arriving in India. Pakistani nationals who are visiting India are required to register within 24 hours. TO WHOM FRRO REGISTRATION… Read More »All About FRRO REGISTRATION

How Many Certificates Needs To Be Filed Quarterly With UP RERA For Withdraw The Funds From Escrow Accounts

The prime concern of RERA act is to maintain transparency in Real Estate sector and cutoff the trend of Diversion of funds to different projects or buying new land, so that the money of buyers should not be mutualized by the builders in Industry. The Real Estate (Regulation and Development) Act, 2016 (the Act) came into effect on 1st May 2017. This act provides for the promotion and development of… Read More »How Many Certificates Needs To Be Filed Quarterly With UP RERA For Withdraw The Funds From Escrow Accounts