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CA VK Agrawal

All About Taxation of Digital Businesses

Digital economy is an economy which is digital technology based, although we progressively deemed this as conducting business via those markets which are based on the internet. The digital economy is also known as the Web Economy, Internet Economy or New Economy. Direct Tax in India comes under the Income-tax Act, 1961. Residents are taxed on worldwide income and non-residents only on income whose source is in India. Companies are… Read More »All About Taxation of Digital Businesses

GST E-Invoicing System for E-Commerce Operators

E-Invoicing is also known as electronic invoicing’ creates a system through which B2B invoices are electronically authenticated by GST Network for further use. Under the e-invoicing system, an identification no. will be issued against each invoice by the IRP (Invoice Registration Portal) to be managed by the GSTN (GST Network).   The first IRP was launched by the NIC (National Informatics Centre) at the web address einvoice1.gst.gov.in. All information related… Read More »GST E-Invoicing System for E-Commerce Operators

Trademark Registration Compulsory for E-Commerce Companies

Trademarks are unique signs that are used to identify goods or services from a specific company. Trademarks can be pictures, designs, signs or even expressions. It is important because it differentiates your products from the rest. Trademarks are classified as intellectual property and hence are protected from infringement. Under Trademark Act, 1999, trademarks and its rights are protected. To get the trademark rights you need to register the trademark. Trademarks… Read More »Trademark Registration Compulsory for E-Commerce Companies

Compliance With Amended FCRA 2010 And FCRR 2011- Advisory

The Foreign Contribution (Regulation) Act, 2010 (FCRA) regulates the acceptance of foreign contribution by organizations in India. Due to the wide increase in infractions of FCRA, make strong compliance mechanism became the need of the hour. As provided in the legislative note of the FCR (Amendment) Bill, 2020, the main motto behind this legislation was to prohibit utilization of foreign contribution towards activities against national interest.  The FCRA Act, 2020… Read More »Compliance With Amended FCRA 2010 And FCRR 2011- Advisory

FEMA Regulations Pertaining to Information Technology (IT) Sector

Indian Information Technology industry is one of the rapid growing industries in the country.IT industry comprises of software ITes (Information Technology Enabled Services), BPO (Business Process Outsourcing) industry. IT has been valued contributor to growth of India in the services and rise as the biggest IT Hub in the modern world. This sector has to their credit creation of more than 15 million direct & indirect employment in India. Its… Read More »FEMA Regulations Pertaining to Information Technology (IT) Sector

Section 194-O: TDS On Payment Of Certain Sums By E-Commerce Operator To E-Commerce Participant

According to the Income Tax Act, 1961- Section 194-O describes TDS on Payment of certain sums by e-commerce operator to e-commerce participant. Section 194-O of Income Tax Act, 1961 is introduced with effected from 01 October 2020. As per the Section 194-O where sale of goods or services of an e-commerce participant is facilitated by e-commerce’s operator by their digital platform, such e-commerce operator shall, at the time of amount… Read More »Section 194-O: TDS On Payment Of Certain Sums By E-Commerce Operator To E-Commerce Participant

Disinvestment By Indian Party In Overseas JV/WOS

Overseas Direct Investments aka ODI which refers to the investments made in the overseas entities by way of contribution to their capital or subscription to the MoA (Memorandum of Association) of a foreign entity or by purchasing existing shares of a foreign entity by two way which are market purchase or private placement or through stock exchange, but excluding portfolio investment. In simple term, Overseas Direct Investments (ODI) means an… Read More »Disinvestment By Indian Party In Overseas JV/WOS

Shift from MEIS to RoDTEP

The GOI (Government of India) has recently introduced RoDTEP( Remission of Duties or Taxes on Export Product) scheme to replace the existing MEIS (Merchandise Exports from India Scheme) and built a fully automated path for ITC(Input Tax Credit) in the GST for help to increase the exports in India. The Union Cabinet in March approved the RoDTEP scheme for exporters to reimburse taxes and duties paid by them like mandi… Read More »Shift from MEIS to RoDTEP

Tax Provisions Relating To Receipt and Forfeiture Of Earnest Money

The provisions of the Income-Tax Act- section 51 deal with advance money received for transfer of a capital asset. As per the old provisions where any capital asset was on any previous occasion the subject of negotiations for its transfer, any advance or other money received and retained by the assessee in respect of this kind of negotiations shall be deducted from the cost of acquisition of the asset/WDV or… Read More »Tax Provisions Relating To Receipt and Forfeiture Of Earnest Money