CAclubindia Articles
Appeals and Review Mechanism under GST
Appeal under any law is an application to a higher authority for a reversal of the decision of a lower authority. Appeals arise when there are any legal disputes. Here, we are discussing appeals under GST law.
Section 194Q of the IT Act, 1961
Section 194Q of the Income Tax Act, 1961 is a provision that deals with Tax Deducted at Source (TDS) on the purchase of goods.
Alternative Minimum Tax (AMT): Applicability, Exemption, Calculation
Alternate Minimum Tax or AMT was came into existence for non-corporate taxpayers who works on same principles. Though, applicability, exemption, way of adjusting income and reporting requirement etc. differ from Minimum Alternate Tax.
Options for Saving Income tax for Salaried Person
As March approaches, salaried person start worrying about saving taxes and confused about the tax saving options available with them. Salaried people are also confused as to which regime will save more tax. Answers to lot of questions have been given in this article.
Demystifying Section 54F of the Income Tax Act
Selling a capital asset, such as a commercial property or land, often results in substantial capital gains. While exciting, these gains come with the burden of taxation. Fortunately, the Income Tax Act offers solace in the form of Section 54F, which provides an avenue for exemption on long-term capital gains arising from the sale of non-residential assets.
Accounts Payable Management
Accounts payable (AP) is a term used in accounting to describe the money a company owes to its suppliers or creditors for goods and services that have been rece...
Dilemma between Corporate Guarantee and Bank Guarantee
With increased globalization, there has been an increase in the financial transactions between Indian companies and their foreign counterparts - the grant of "corporate guarantees" being an important one.
80G Tax Deduction Limit
SECTION 80G DEDUCTION ELIGIBLE COMPUTATION According to this section if the donation made to APPROVED FUNDS/CHARITABLE INSTITUTIONS deduction shall be eligible. For the purpose of this section to get deduction/exemption eligibility, donations are c
Understanding Termination Payment Provisions in DBFOM Contracts
In DBFOM contracts, particularly in the GCC region, the Termination Payment clause is crucial. It outlines what happens and who gets compensated if the project ...
Decoding the New Clause (H) of Section 43B of Income Tax Act
The Finance bill 2023 included a new clause (h) to section 43B of the income tax act 1961. To assure on-time payments, the stated clause inserted as a Socio-Economic Welfare Measure and has been realized through the Micro and small companies.
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