Articles by CA Santhosh Gupta Kethepalli

Quarterly Return Monthly Payment under GST

Posted by CA Santhosh Gupta Kethepalli 08 January 2021 3493 Views

In this article, we discuss about the Applicability, Features, Registration Procedure, and Return Filing Procedure etc. of the Quarterly Return and Monthly Payment Scheme.

Amendments made by Finance Act 2020 relating to Trusts

Posted by CA Santhosh Gupta Kethepalli 24 November 2020 8432 Views

Finance Act, 2020 has made changes with respect to the provisions related to Trusts and NGOs claiming exemption u/s 11 or u/s 12 of the Income Tax Act, 1961. Let us understand those changes.

All about Goods Sent on Consignment - Accounting, Commission, and Account Sales

Posted by CA Santhosh Gupta Kethepalli 31 October 2020 265088 Views

Know all about Goods Sent on Consignment, its Accounting, different types of Commission and Account Sales.

Section 80JJAA: Deduction in respect of employment of new employees

Posted by CA Santhosh Gupta Kethepalli 14 October 2020 17253 Views

In order to promote Employee generation, deduction under this section is given to all Assesses, whose books of accounts are required to get audited u/s.44AB. Know more about the section here.

Section 80D - Deduction in respect of Medical Insurance Premium under IT Act

Posted by CA Santhosh Gupta Kethepalli 05 October 2020 17251 Views

In the present scenario, due to the arise of Covid-19, many people are purchasing Health Insurance policies. Premiums paid on such policies are eligible for deduction u/s 80D of Income Tax Act. Let us discuss the deduction.

TCS u/s 206C (1H) - A beginners guide!

Posted by CA Santhosh Gupta Kethepalli 30 September 2020 24591 Views

TCS u/s 206C (1H) will be applicable w.e.f 1st October 2020. Understand the provisions of the section here.

Cases where Income of a Previous Year will be assessed in the Previous Year Itself under Income Tax Act

Posted by CA Santhosh Gupta Kethepalli 28 September 2020 8454 Views

The income of a previous year is assessed in the assessment year following the previous year. However, there are certain exceptions to this rule. Let us understand those.

Taxability of Gifts: Sec 56(2)(X) of IT Act, 1961

Posted by CA Santhosh Gupta Kethepalli 21 September 2020 13562 Views

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

Posted by CA Santhosh Gupta Kethepalli 15 September 2020 32725 Views

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

Posted by CA Santhosh Gupta Kethepalli 07 September 2020 11732 Views

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.