CAclubindia Articles
Section 194A | TDS on Interest (Other Than Interest on Securities)
In this article, we discuss all about Section 194A of the Income Tax Act 1961, which deals with the TDS on Interest (Other Than Interest on Securities), including its threshold limit, rate of TDS and recent amendments.
Time limit increased for grant of GST registration from 3 to 7 working days
In this article, we discuss the CGST (Fourteenth Amendment) Rules 2020, wherein the Time limit was increased for grant of GST registration from 3 to 7 working days.
All about Form GST-PMT-09
Form GST PMT-09 enables any registered taxpayer to perform intra-head or inter-head transfer of amount as available in Electronic Cash Ledger. Thus, a registered taxpayer can now file Form GST PMT-09 for transfer of any amount of tax, interest, penalty, fee or others, under one (major or minor) head to another (major or minor) head, as available in the Electronic Cash Ledger.
Impact of MLI on Indian Tax Treaties
Multilateral Instruments (MLI) is indeed the talk of the town in the world of International Taxation. Under the OECD*/G20 inclusive framework on Base Erosion and Profit Shifting (BEPS), more than 125 countries are collaborating to put an end to tax avoidance strategies that exploit the gap and mismatches in tax rules to avoid paying taxes.
Increasing paid-up share capital: Through private placement
Section 2 clause (64) define paid-up share as "paid-up share capital" or "share capital paid-up" means such aggregate amount of money credited as paid-up as is equivalent to the amount received as paid-up in respect of shares issued and also includes any amount credited as paid-up in respect of shares of the company
All about GSTR-9 & GSTR-9C Filing
Form GSTR-9 should be filed yearly by registered taxpayers. It is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year.
Reduced Rate of Income Tax for Domestic Companies - Section 115BAA
Every domestic company can optionally choose to pay income tax @22% on its total income for any previous year relevant to the assessment year beginning on or after 01.04.2020
Blocked Credit Sec.17(5) of CGST Act, 2017
Input tax credit is not available in respect of certain inward supply of goods or services as per Section 17(5) of the CGST Act, 2017 this is called blocked ITC.
MSME Classifications and Registration Requirements w.e.f. 01.07.2020
Ministry of Micro, Small and Medium Enterprises have come out with notification no. [F. No. 21(5)/2019-P&G/Policy (Pt-IV)] dated 26th June 2020, wherein new criteria of classification of enterprises and new registration procedures under MSMED Act,2006
Expenditure related to exempt income
An assessee is not required to pay any tax on exempt incomes and hence any expenditure incurred for earning these types of income should not be allowed to be deducted from taxable profit of an assessee.
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