CAclubindia Articles

Tax Implications on Slump Sale

Affluence Advisory 11 May 2024 at 08:47

Section 2(42C) of the Income-tax Act, 1961 (IT Act) defines the term slump sale" as the transfer of one or more undertakings, by any means, for a lump sum consideration without values being assigned to the individual assets and liabilities in such a transfer

Form 26QB is applicable if you made any property transaction this Financial Year

Khush Trivedi 10 May 2024 at 15:30

Form 26QB is a statement cum challan for the online payment of TDS on property transactions.

Growth in A Professional Firm

Madhukar N Hiregange 10 May 2024 at 10:06

The world is changing dramatically, and if one is not aware of what the future is and what major changes are taking place in the future, one may not be able to sustain the practice.

How do Freelancers Save Tax in India

Sparsh Wadhwa 10 May 2024 at 08:36

Freelance income includes earnings that you generate from completing freelancing tasks. Freelancing is a form of self-employment as you are not hired by the company or placed on its payroll.

The Benefits of Cloud Accounting for SMEs

Sundaran.D 10 May 2024 at 08:36

In recent years, the advent of cloud accounting has revolutionized how SMEs handle their finances, offering a myriad of benefits that can streamline processes and drive growth.

GST Payable on Sale of Capital Goods under CGST Act: Section 18(6) viz-a-viz Rule 40(2) and Rule 44(6)

CA. Bhavik P. Chudasama 09 May 2024 at 17:46

The Goods and Services Tax (GST) regime allows businesses to claim Input Tax Credit (ITC) on purchases used for taxable supplies. However, there are situations where previously claimed ITC needs to be reversed.

Why Many Salaried Employees Received Notices for AY 2023-24?

Khush Trivedi 09 May 2024 at 16:05

As we are all aware, under the Income Tax Act of 1961, every assessee has to furnish his income tax return as required by 139. Once it has been furnished, the assessment part comes into play, where an assessing officer scrutinizes the ITR form and takes action as required.

All about Angel Taxation in India

CA Aman Rajput 09 May 2024 at 14:00

Angel Tax which is governed by Section 56(2)(viib), was introduced in the Income Tax Act from the Assessment Year 2013-14 via finance bill, 2012 as a step to take up the circulation of unaccounted money in the name of share premiums which were received by private companies or closely held companies.

Is the market rally fuelled by P/E expansion or Earning Expansion?

Affluence Advisory 09 May 2024 at 08:47

Let's screen some data and see that if at all the rally that the market has experienced was due to P/E expansion if not Earnings expansion or both.

Deciphering GST Notices: A Comprehensive Guide to Understanding and Responding Effectively

Sundaran.D 09 May 2024 at 08:47

In this comprehensive guide, we will delve into a step-by-step process to comprehensively understand and analyze GST notices, ensuring a thorough and informed response.