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CA VK Agrawal

Section 194J under TDS of the Income Tax Act, 1961.

What is TDS? TDS is a form of advance tax, TDS stands for tax deducted at source. According to the Income Tax Act, 1961, if the payment exceeds some Monterey threshold levels, every company or a person making a payment will deduct tax at source. The tax department must deduct TDS at the rates specified. What is section 194J? Section 194J is one of the most important sections under TDS(Tax… Read More »Section 194J under TDS of the Income Tax Act, 1961.

IGST Refund to Exported| Mismatch Between GSTR-1 & GSTR-3B

GSTR-3B is commonly termed as the monthly summary return filed by a taxpayer and discloses supplies made during the month along with GST to be paid, ITC claimed etc., and also makes a provision for tax payment(if any) for the relevant month. GSTR-1 is a monthly or you can say quarterly return filed by taxpayers to disclose details of their supplies which are outward for the month along with their… Read More »IGST Refund to Exported| Mismatch Between GSTR-1 & GSTR-3B

GST Treatment on Export Of Services Partly Rendered By Third Parties Outside India

Circular No. 78/52/2018-GST was issued to clarify the issue on 31st December,2018. 1. Where a service exporter located in India is supplying certain services to a recipient located outside India, either fully or partly through any other supplier of services located outside India, the two supplies are taking place which are mention below: – For the full contract value, supply of services from the exporter of services present in India… Read More »GST Treatment on Export Of Services Partly Rendered By Third Parties Outside India

Trademark Benefits & Litigation

According to the Trademarks Act, 1999 and other amendments a trade mark means a mark capable of being graphically represented and capable of create a difference to the goods or services of one person from those of others and may include shape of goods, colour combinations or their packaging. What are Advantages of Having A Trademark? Exclusive Rights: The Registered Trademark’s owner enjoys exclusive right over the trademark. He/she can… Read More »Trademark Benefits & Litigation

GST and Income Tax Implication on Non-Resident Sportsmen Coming to India

When a non-resident sportsman comes to India for participating in any game or sport then a question arises which country has right to charge tax on such income earned by sportsmen by participating in game or sport and what are the tax implications on such income earned. What is Section 115BBA? This section provides a special tax rate at the rate of 20% (plus EC and SHEC), Plus Surcharge as… Read More »GST and Income Tax Implication on Non-Resident Sportsmen Coming to India

Comparison between Liaison Office, Branch Office & Project Office

If you are starting a company establishment in India. For companies that are looking to establish a business presence in India, without incorporating a subsidiary, there are three ways to do it: Liaison Office or Representative Office Branch Office Project Office Liaison Office Companies who are incorporated outside India can open Liaison Office- also known as representative office in India. It is a place of business to act as a… Read More »Comparison between Liaison Office, Branch Office & Project Office

Equalisation Levy on E-Commerce and Specified Services

Over the last decade, Information Technology (IT) has gone through an exponential expansion phase in India and globally. This has led to an increase in the supply and procurement of digital services.  The Finance Act 2020 has now been amended to impose an Equalisation Levy of 2% on consideration received by ‘e-commerce operator’ for e-commerce supply of goods or service. While the levy was initially imposed on B2B transactions, the… Read More »Equalisation Levy on E-Commerce and Specified Services

Mandatory Reporting of Loan by all Companies

MCA vide notification dated 22nd Jan 2019 came with two additional reporting where it wants to know the information about outstanding receipt of money or loan by a company.  DPT 3 is a return of deposits that companies need to file to enounce the information about deposits and/or outstanding receipt of loan or money other than deposits. One-time Reporting – Every Company is needed to submit a onetime return for… Read More »Mandatory Reporting of Loan by all Companies

Conversion of Loan into Equity Share Capital of the Company

Conversion of loan into equity share capital is most credible method to raise capital without immediate investments. To carry out effortless and smooth business, at times, loan is converted into share capital. The new provisions of Companies Act, 2013 says that the conversion of loan into equity shares and the same are contained in section 62(3) of the said Act. The new provisions are effective from 1st April 2014. Current… Read More »Conversion of Loan into Equity Share Capital of the Company