Selective capital reduction – Applicability of section 50CA and section 56(2)(x) of Income-tax Act, 1961 Capital reduction refers to corporate reorganization activity in which the existing share capital is extinguished. Companies consider utilizing this route for various business reasons, such as returning excess capital to shareholders, distributing assets to shareholders, loss of original share capital […]
GST on sale of car by a business house The present moot question is whether GST on sale of car (old and used) by a Business House. GST is leviable on ‘Supply’ as defined under Section 7 of the CGST Act, 2017 (hereinafter referred as Act). Relevant portion of said definition of ‘Supply’ is reproduced […]
12% tax rate without ITC on Restaurants- Proposal Air-conditioned restaurants currently charge GST @18% and non-air-conditioned ones charge 12% GST. As per recent proposal made to GST Council, a rate of GST in case of restaurants is being planned to be kept at 12% without the facility of ITC on Restaurants.If this proposal is materialized […]
Ind AS 24- Related Party Disclosures 1. Introduction Ind AS 24 describes the various disclosures to be made by the parent entity regarding its associate, subsidiaries or joint venture which are termed as related parties. Let us first understand the terms associate, subsidiaries or joint venture before getting into details of this Ind AS.
Tax Benefits by taking of Loans under the Income Tax Act, 1961 Generally, we consider loans to be a necessary financial burden, particularly when we’re looking to buy something big. There are loans for almost whatever you need, and they work because they can help you get closer to your dreams, whether it’s buying a […]