Applicability of GST to Mutual Society Meaning and purpose of Mutual Society: The term mutual society has not been defined in the GST Act. In common parlance a mutual society implies that the contributors and the recipients are one and [Read More]
Start ups – regulatory environment Meaning of term Start Up: An entity shall be considered as start up upto 10 years (if it is incorporated as Private Limited company, Partnership Firm or LLP) from the date of its incorporation / [Read More]
Interchangeability of PAN and Aadhaar Existing sub-section (1) of section 139A of the Act, inter alia, provides that every person specified therein, who has not been allotted a PAN, shall apply to the Assessing Officer for allotment of PAN. It [Read More]
FAQ on declaration of dividend by companies Q: Is it mandatory for a company to declare dividend? A: No, it is not mandatory for a company to declare dividend. Q: In case a company declares dividend, what shall be the [Read More]
Due date of Filing of Income Tax Return for Asst. Year 2019-20 has been extended from 31 July 2019 to 31 August 2019 in respect of certain categories of tax payers who were liable to file their returns by 31st [Read More]
Tax Deduction at Source (TDS) on payment by Individual/HUF to contractors and professionals Proposals under Finance Bills 2019: Clause 46. After section 194LD of the Income-tax Act, the following sections shall be inserted with effect from the 1st day of [Read More]
Budget 2019 Highlights Vision for the decade Vision statement: Building physical and social infrastructure; Digital India reaching every sector of the economy; Pollution free India with green Mother Earth and Blue Skies; Make in India with particular emphasis on MSMEs, [Read More]
Amendments proposed in budget 2019 The major amendments proposed in budget 2019 with impact on future assessments are listed below: Issue Before Budget 2019 After Budget 2019 Impact Analysis TDS by certain individuals or HUF for payment made to contractor [Read More]
Income tax Incentives in Budget 2019 As you all are aware that budget for financial year 2019-20 is presented is presented in lok sabha on 5th July 2019 with the words “Mr. Speaker Sir, I rise to present the budget [Read More]
Sale for Audit under GST Q 1. What is the turnover that should be reckoned to determine the applicability of audit under GST? Ans. Section 35(5) commences with the expression “every registered person whose turnover during a financial year exceeds [Read More]