Articles by CA Santhosh Gupta Kethepalli
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All about Goods Sent on Consignment - Accounting, Commission, and Account Sales
Know all about Goods Sent on Consignment, its Accounting, different types of Commission and Account Sales.
Taxability of Gifts: Sec 56(2)(X) of IT Act, 1961
To prevent the practice of receiving a sum of money or the property without consideration or for inadequate consideration, section 56(2)(x) brings to tax any sum of money or the value of any property received by any person without consideration or the value of any property received for inadequate consideration.
Credit & Debit Notes: Section 34 of CGST Act 2017
Any registered person who issues a credit note in relation to a supply of goods or services or both shall declare the details of such credit note in the return for the month during which such credit note has been issued
Claiming Input Tax Credit under GST Regime
ITC means reducing the taxes paid on inputs from taxes to be paid on output. When any supply of services or goods is supplied to a taxable person, the GST charged is known as Input Tax.
Job Work under CGST Act, 2017
Section 2(68) of the CGST Act, 2017 defines job work to mean as 'any treatment or process undertaken by a person on goods belonging to another registered person'.
Deduction in respect of Interest on Loan Taken for Acquisition of Residential House Property
The maximum deduction allowable is ₹150000/-. The deduction of up to ₹150000/- under section 80EEA is over and above the deduction available under section 24(b) in
Tax Implications of Trading in Securities
With the rise in online trading avenues as well as investor awareness, a larger number of people are now channeling their investments into the financial markets.
Concept of Tax Collected at Source(TCS) under GST
TCS refers to the tax which is collected by the Electronic Commerce Operator when a supplier supplies some goods or services through its portal and the payment for that supply is collected by the Electronic Commerce Operator (ECO)
Treatment of conversion of a capital asset as stock-in-trade| Section 45(2)
What is the treatment of conversion or treatment of a capital asset as stock-in-trade?
Ind AS 41 Agriculture- Detailed Analysis
Ind AS 41, Agriculture is the first standard that specifically covers the Accounting and Reporting requirements for the Primary sector. Prior to this standard, there were no established guidance on Agriculture and Allied Industry.
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