Articles by CA Santhosh Gupta Kethepalli

Job Work under CGST Act, 2017

Posted by CA Santhosh Gupta Kethepalli 31 August 2020 4108 Views

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

Posted by CA Santhosh Gupta Kethepalli 27 August 2020 9465 Views

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

E-Assessment- The new Income Tax Regime

Posted by CA Santhosh Gupta Kethepalli 24 August 2020 6781 Views

The new scheme was slated to bring in a paradigm shift in the way tax assessments were carried out in India by eliminating person-to-person contact to the extent it is technologically feasible, providing a fair and transparent framework of assessments, ensuring the tax assessments were technically sound and that consistent tax positions were taken.

Section 80EEB| Deduction in respect of interest payable on Loan taken for Purchase of Electric Vehicle

Posted by CA Santhosh Gupta Kethepalli 19 August 2020 9974 Views

An individual who has taken a loan for the purchase of an Electrical Vehicle from any Financial Institution is eligible to get the benefit of deduction of interest payable on loan under section 80EEB

Tax Implications of Trading in Securities

Posted by CA Santhosh Gupta Kethepalli 17 August 2020 13657 Views

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

Posted by CA Santhosh Gupta Kethepalli 12 August 2020 10038 Views

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)

Posted by CA Santhosh Gupta Kethepalli 12 August 2020 16359 Views

What is the treatment of conversion or treatment of a capital asset as stock-in-trade?

Ind AS 41 Agriculture- Detailed Analysis

Posted by CA Santhosh Gupta Kethepalli 06 August 2020 6781 Views

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.

Section 44ADA- Presumptive taxation scheme for assessees engaged in eligible profession

Posted by CA Santhosh Gupta Kethepalli 03 August 2020 18068 Views

Scheme for presumptive taxation was introduced under section 44ADA from the F.Y.2016-17. Section 44ADA provides a simple method of taxation for Specified Small professionals. Earlier, the presumptive scheme of tax was applicable only for small business.

Section 44AD: Provisions for computing profits and gains of business on presumptive basis

Posted by CA Santhosh Gupta Kethepalli 27 July 2020 17214 Views

Section 44AD covers provisions to reduce tax burden and to provide relief from tedious work to small tax assesses, the government of India has incorporated a scheme of presumptive taxation.