Section 197A provides that if a declaration in a prescribed form (Form no. 15G - Form 15 H) is submitted by the recipient of income to the payer, then no tax is deductible under following sections:
Nature of Payment
Finance is the art of money management. If you are good at it, and excellent with numbers then this is the field you should look opt for, to make your career. In today’s financially dominant world, there is a huge demand for commerce graduates.
Many of us think that students choose commerce..
Emergency situations do not come with a warning, and it is wise to be always prepared for them. These emergencies could include medical emergency, natural calamity, education expenses, etc. When these emergencies strike, one should always be in a state to deal with them in the best way possible. Som..
JOBWORK - DETAILED ANALYSIS OF RULES AND PROCEDURES UNDER GST
Section 2(68) of the CGST Act –
'JOB WORK' means any treatment or process undertaken by a person on goods belonging to another registered person (referred to as Principal) and the expression ‘job worker’ sha..
Salient Features of One Person Company (OPC) as per companies act 2013
OPC is defined u/s 2(62) of the companies act 2013.
OPC must have 1 director; the sole shareholder can himself be a sole director. The OPC may have a maximum of 15 directors by passing a special resolution.
Minimum and m..
Running a CA firm successfully entails multiple recurring costs on a daily and monthly basis. Meeting these costs in itself is a challenge. Read on to know the day to day costs of running a CA firm and the ways to finance them.
Rent for office
Office rent forms one of the most essential portio..
As the Era of GST in India is going through a continuous changes from time to time, These following changes under GST regime shall take effect from 01.02.2019.
1. Upper limit of turnover for opting of composition scheme shall be raised from Rs. 1 Cr to Rs. 1.5 Cr.
2. A Composite dealer(in..
'Banking is necessary; banks are not.' - Bill Gates
Which is precisely why today, we have a plethora of alternative solutions when it comes to monetary transactions. Up to a decade ago, it was hard to fathom money without any involvement from banking institutions. There simply was no alte..
As per Chapter 9 of Foreign Trade Policy (2015-20) para 9.03, 'Merchant Exporter' means a person engaged in trading activity and exporting or intending to export goods.
Merchant export means last sale made in India to the Exporter for the purpose of export in the same form. We can differentiate ..
1) Time of supply:
Time of supply is earliest of following:
a) At the time of receipt or payment; or
b) At the time of issue of invoice
Accordingly, GST needs to be paid with reference to the time at which advance is received.
An advance of Rs. 10 lacs is received 45 for a ..