Project Insight

Project Insight is an initiative by the Income-Tax Department to mine big data from social media to scrutinize potential tax evaders. For example if you flaunt photos or videos of your recent exotic vacation trip or of a new expensive car that costs an arm on Facebook, Twitter or[...]

Transfer of Unutilized Input Tax Credit Under GST in Case of Death of a Sole Proprietor

The concept of “Perpetual Existence” is not a common feature of a Sole Proprietorship concern. Once the proprietor dies, the business is over! So one might ask, “is there no way a sole proprietorship business can achieve continuity?” Let’s say the proprietor willed[...]

Amendment of section 87A (Rebate) of Income-Tax Act,1961 (w.e.f FY 2019-20)

An assessee, being an individual resident in India, whose total income does not exceed Rs. 500,000/-, shall be entitled to a deduction, from the amount of income-tax computed on his Taxable Total Income, ie, after Chapter VIA deduction, an amount of income tax computed or Rs. 12,[...]

Apostillation and Notarisation of Documents

Apostillation: An Apostille is a stamp of approval to authenticate the signature of the public official who has certified that the documents presented are true and correct. The Apostille then validates that the signature originates from an individual who has the authority to cert[...]

E-Form FC-2 Return of Alteration in the Documents Filed For Registration by Foreign Company

IntroductionA foreign company means any company or body corporate incorporated outside India which, has a place of business in India whether by itself or through an agent, physically or through electronic mode; and conducts any business activity in India in any other manner.Purpo[...]

TDS and TCS under GST

TDS under GST law TDS is to be deducted if the total value of individual contract exceeds 2.5 lakhs at the rate of 2 percent on payments made to the supplier of taxable goods and/or services. No need of deduction of Tax is required when the location of supplier and place of s[...]

Tax Benefits from Joint House property

So if you are having a co owned House property, and you are looking for benefits which you will get in the form of deduction U/s 24 and 80C ? In this article we will discuss about benefits which you shall get from co owning the property: 1. Double Benefit for Deduction [...]

Taxability of Interest in NRE and NRO A/C

So you are an NRI and similar to many NRIs you are also having NRE/NRO account, In this article we will discuss about taxability of Interest earned on money kept in such accounts and basic difference between NRE/NRO Account. On first note let’s discuss about basic meaning[...]

FORM INC-22A- Active Company Tagging Identities and Verification (ACTIVE)

Ministry of Corporate Affairs Notification dated 22nd February 2019 made it mandatory to fill Form INC-22A by every Indian company. Now, let us have brief discussion about the Form INC-22A. Introduction This form is said to be filed for doing Company KYC. This will help MC[...]

Form 15G and Form 15H

Form 15G and Form 15H are used for avoiding the TDS deductions at source if deductee expects his Income to be lower than the taxable limit. In this article we are discussing important points to remember while submitting the Form 15G and Form[...]

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