Reversal of ITC in case of goods lost by fire In GST regime, the scope of the definition of inputs, capital goods, and input services is very wide and covers almost all the imaginable goods and services that are directly or indirectly used in the course or furtherance of business. However, section 17(5) prescribes a […]
Gift Taxability Under Section 56 2(VII) GIFT In India for an individual and HUF Gift is a very common in Income tax term but to avoid the tax evader Government has made some provision related to this concept but subject to the below provision you can make tax planning accordingly.
GST data may be used to track income-tax evaders The government may be looking to use data obtained from Goods and Services Tax (GST) filings to track those who are escaping income-tax, two people close to the development said.
GST – Anti-profiteering becomes a board issue Anti-profiteering under the goods and services tax has gone from being a plain costing issue to one that’s worrying board members. Several directors have written to company CFOs and finance teams seeking an update on price reductions under GST, said people aware of the matter.
GST on Advances Taking an advance? Do you have to pay GST? Recently, the GST on Advances has become of quite an importance. The government has made few changes regarding the applicability of GST on advances. Background: let’s start from the initial stage as it was stated in CGST Act. According to the act, every […]
NGO and Income Tax Provisions The World Bank defines NPO’s as ‘private organizations that pursue activities to relieve suffering, promote the interest of the poor, protect the environment, provide basic social services, or undertake community development . NGO’s has charitable objects.
Conversion from Limited Company to Private Limited Company Do you want to change your limited company to private limited company? There are many companies looking for change limited company to private limited company. The main reasons are the relaxations available to a private company. However, there are some legal bindings related to the conversion of […]