GST on Goods Transport Agency
Among all the other confusions among the GST provisions, one of the important one is regarding applicability of GST on Goods Transport Agency (GTA). Every person who deals in goods needs their services and also it is listed among the services in which GST is payable on reverse charge when services is provided to a […]
Profits and gains of business of plying, hiring or leasing goods carriages – Section 44AE
Eligible Assessee – This section is applicable to assessee who is engaged in the business of plying, hiring or leasing of goods carriages and who doesn’t own more than 10 goods carriages at any time during the year. Even if the no. of goods carriages exceeds 10 at any time during the year, then this […]
Applicability of MAT on foreign companies having no PE in India
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 24th September, 2015 Sub: Applicability of Minimum Alternate Tax (MAT) on foreign companies having no PE in India- regarding- Issues relating to taxation of foreign companies, having no permanent establishment in India, have been under consideration of […]
Deduction of Deficiency – Section 44A
As per the principle of mutuality, any income arising to a trade, professional or similar association does not partake character of income and thereby not taxable. However if deficiency arises, then it is allowed in accordance with provision of this section. Meaning of Deficiency – Amount received during a previous year by an trade, professional […]
Amounts not Allowed as Deduction – Section 40a
The following amount shall not be allowed as a deduction in computing the income chargeable under the head Profit & gains of business or professions: – Any interest, royalty or fees for technical services or any other sum chargeable in the hands of the recipient under the Act which is payable – outside India or […]
Expenditures Not Deductible – Section 40(A)
Following expenditure shall not be deductible Payment made to relative in excess of fair value – Section 40(A)(2) If the assessee incurs any expenditure for which payment is made to the specified persons and the Assessing Officer is of opinion that such expenditure is excessive or unreasonable having regard to fair market value of the […]
National Skills Registry (NSR)
What is National Skills Registry (NSR)? National Skills Registry is a scheme undertaken by NASSCOM, which is an head authority for all the IT / ITeS / BPO companies in India. NSR is an online database operated and maintained by National Database Management Limited (NDML) comprising furnished details of prospective as well as existing employees […]
No TDS or TDS at lower rate by certificate of Assessing Authority – Section 197
The recipient of income on which TDS is to be deducted can apply to the assessing authority for a certificate for lower or no deduction. The conditions for which such certificate can be issued are 1. Such lower or no deduction should apply only to TDS under sections 192, 193, 194, 194A, 194C, 194D, 194G, […]
Rule 28AA – No TDS or TDS at Lower Rate under section 197
(1) Where the Assessing Officer, on an application made by a person under sub-rule (1) of rule 28 is satisfied that existing and estimated tax liability of a person justifies the deduction of tax at lower rate or no deduction of tax, as the case may be, the Assessing Officer shall issue a certificate in accordance […]
Registration Under GST
Topic Covered in this Article Persons required to register compulsorily Documents Required for Registration Fees for Registration Voluntary Registration Time Limit for Registration Effective Date of Registration Requirements for Registration Can a person take more than one GSTIN Things that an unregistered person is not allowed to Persons required to register compulsorily Persons in states […]
