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Articles by Shubham Gupta

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Reverse Charge Under GST

  Shubham Gupta    21 June 2017 at 11:18

Reverse Charge has always been a mystery box , and with the rise of GST , reverse charge will become a major discussion point and will need time for all the sta..

What is HUF ?

  Shubham Gupta    06 August 2016 at 11:36

The Hindu Succession (Amendment) Act, 2005, has done away with the discriminatory treatment meted out to females in the HUF and conferred on them status on par with sons.

ITR4S : Presumptive taxation

  Shubham Gupta    07 July 2016 at 11:05

ITR-4S is a special case ITR, applicable for businesses where income is calculated on 'presumptive method'. In simple words the presumptive method lets you report your income as 8 per cent of your gross receipt

TDS on sale of property @1% under Section 194IA

  Shubham Gupta    30 June 2016 at 10:51

The prevailing withholding tax is deducted at source, and is 1% of the consideration payable to the seller. It is the responsibility of the buyer to deduct the tax and deposit the same in the government treasury�

What is Tax Deducted at Source?

  Shubham Gupta    18 April 2016 at 11:52

For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called as �Tax Deducted at Source�, common

Reverse Charge Mechanism under Service Tax

  Shubham Gupta    12 April 2016 at 10:54

This reverse charge mechanism was first introduced from 01-01-2005 on 4 services namely telecommunication service, general insurance business, insurance auxiliary service, Goods Transport Agency services Reve

Trust Registration in India

  Shubham Gupta    08 April 2016 at 10:45

A private trust, created under and governed by the Indian Trusts Act of 1882, aims at managing assigned trust property for private or religious purpose. The law relating to private trusts is governed by the Indian Trusts Ac

Deferred Tax Introduction

  Shubham Gupta    29 March 2016 at 11:44

Deferred tax When we look out for the meaning for "Deferred�" it means to Postpone or delay. Similarly deferred tax is also liability to pay tax in future that we have postponed and have to reflect in our balance sheet.With coming of finan

IND-AS, Indian Accounting Standards

  Shubham Gupta    22 March 2016 at 11:17

Indian Accounting StandardsOBJECTIVE The basic objective of Accounting Standards is to remove variations in the treatment of several accounting aspects and to bring about standardization in presentation. They intent to harmonize the diverse accountin

Scope in Internal Audit

  Shubham Gupta    21 March 2016 at 10:38

Internal AuditAudit technique underlying internal auditing is derived from management consulting and public accounting professions, the theory of internal auditing was conceived primarily by Lawrence Sawyer (1911-2002), often referred to as "the