There were multiple taxes before GST such as Central Excise, Service Tax and State VAT etc. whereas under GST there is only one tax with three different components i.e., CGST, SGST and IGST.
With the amendment in Finance Act, 2020 section 194N was amended by substituting 83A which imposes 2% TDS on withdrawal of sum exceeding Rs.1 crore. This section has come into effect from 1st July 2020.
A gratuitous loan given by a company to a shareholder would come u/s 2(22)(e ) but not in case where the loan or advance is given in return to an advantage conferred by such a shareholder.
Discussing compliance requirements and important updates under the Income Tax Act, GST Act, FEMA, SEBI, Companies Act, IBBI and other statutory laws for the month of October 2021.
A trademark can be put on a package, a label, a voucher, or on the product itself. You can also use a trademark on your company buildings. It is recognized as a form of intellectual property under the law.
Section 40(a)(ia) is applicable only in case of interest, commission, rent, royalty, fees for professional or technical services etc. Amount taxable in the hands of recipient u/s 28(va) is not covered.
Listed entities are required to comply with the provisions of the Companies Act, 2013 and those laid down by SEBI. These Compliances can be grouped into quarterly, half yearly and annual compliances.
Pensioners can now submit a life certificate by sitting at home by availing the door step service provided by various public sector banks and the country's postal service.
The Reserve Bank of India has permitted foreign investment in almost all sectors with a few exceptions. Thus, the increasing cross border transactions need a proper level of compliance mechanism to be in place.
We all had a passion to become CA, however, once we became a CA then we wanted a decent job, after getting a decent job, we wanted to start practice. However, are we actually stable about anything?
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