Employees’ Provident Fund – All you need to know The Employees’ Provident Fund (EPF) is a savings tool for the workforce. It is a scheme managed under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, by the Employees’ Provident Fund Organisation (EPFO).
Why are relaxed invoicing norms not good for consumers? When the relaxed invoicing norms laid down initially for retailers Govt. had a plan for the consumers where they tried that every consumer has the right to know how much tax they have paid on which item.
GST composition scheme – Solution of expected problems As you know that government tried to give some relief to the small traders and launched GST Composition Scheme. The taxpayer may apply for composition scheme at the time of their fresh GST registration or migrated taxpayers may opt-in composition scheme by filing up a CMP-02 form […]
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 […]