According to Section 45 of the Income Tax Act, 1961 provides that capital gains arising from a conversion of capital asset into stock-in-trade shall be chargeable to tax. However, in cases where the stock in trade is converted into, or treated as, capital asset, the existing law does not provide for its taxability, according...
Continue readingGSTR-9
What is the GSTR-9 annual return? GSTR 9 is an annual return to be filed yearly by REGISTERED taxpayers registered under GST. Points to note: In these details regarding the outward and inward supplies made during the previous year under different tax heads. It is a consolidation of all the monthly/quarterly returns filed in...
Continue readingAdvance Tax
Advance tax is the income tax payable if your tax liability is more than INR 10,000 in a financial year in respect of the total income of the assessee Advance tax is paid as you earn income, advance tax is also known as pay as you earn Scheme. Both Advance tax and Tax Deducted at...
Continue readingAppointment of Proxy under Section 105
A person who is appointed by a member to attend and vote at a meeting in the absence of the member at the meeting is termed as a proxy. Thus proxy is an agent of the member appointing him. The term ‘proxy’ also refers to an instrument by which a person is appointed as...
Continue readingHouse Rent Allowance
House Rent allowance also provides for tax exemptions. The sections help the salaried person/individuals, and the self-employed people and also professionals, to make their rent expenditures cheaper, and more pleasing. Salaries of the employees of both private and public sector companies are composed of some minor components as well. HRA or the House Rent...
Continue readingSole Proprietorship
In India, the majority of small businesses start as sole proprietorships. A sole proprietorship is owned, managed, and controlled by an individual. He has day-to-day responsibility for running the business. He arranges capital for the business and him solely responsible for its management. Therefore, He is entitled to the profits and has to bear...
Continue readingReal Estate Regulatory Authority(RERA)
India has a vast population in which we have basic needs including food, house, and jobs in an ever-increasing mode. The need for house among these fields is one of the major which every one needs the most. In this sector, thousands of people have grown to be rich and create a huge amount...
Continue readingNational Pension Scheme
National Pension Scheme (NPS) is an initiative taken by the central government. Is it an easily accessible, low cost, tax-efficient, flexible, and portable retirement savings account. These schemes encourage you to invest regularly for your retirement account at an early age when you are employed or working. Under National Pension Scheme (NPS), the individual...
Continue readingIssue of Securities at Premium
Companies issue securities at a premium when it sells them at a price above nominal value. The Companies Act, 2013, does not lay down any conditions or restrictions regulating the issue of securities by a company at a premium. However, the Companies Act, 2013 does impose conditions regulating the utilization of the securities premium...
Continue readingITR Processing & e-Verification
Once you complete the process of filing an Income Tax Return (ITR), it has to be verified by the department. The processing of ITR only starts after you complete the process of verification either by sending a signed copy of ITR-V to CPC (Central Processing Center) or verify it by E-verification. The return filed...
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