Archives June 2022

GST COUNCIL MEETING UPDATES

With the completion of five years of India’s GST law, the GST Council has conducted its 47th Council Meeting with the presence of Finance Minister Nirmala Sitharaman. GST Council has allowed Amendments in GSTR-3B (Monthly GST return for taxpayers). Further, it permitted Auto-Population of most details in Form GSTR-3B and in Form GSTR-9 for better […]

INCOME TAX & TDS ON CRYPTO CURRENCY (VDA)

SECTION 115BBH – TAX ON INCOME FROM VIRTUAL DIGITAL ASSETS As per Section 115BBH, virtual digital assets (cryptocurrencies and non-fungible tokens) would be taxed at a flat rate of 30% on profits. This section will be effective from 1st April, 2023 and will accordingly apply in relation to the assessment year 2023-24 (Financial Year 2022-23) […]

SECTION 194R TDS ON PERQUISITES/BENEFITS

Section 194R of the Income Tax Act has been inserted in the Finance Act 2022 which is applicable from 1st July 2022. Government has introduced section 194R keep a check on tax leakage. This section requires for deducting tax at source (TDS) in respect of business or profession on Benefits or Perquisites. Benefit/Perquisite can be […]

TAX ON BUYBACK OF SHARES

WHAT IS BUYBACK OF SHARES? Buyback of Shares is also known as Share Repurchase. The name itself suggests that buyback refers to the buying back of shares by the company from the shareholders in the open market at a premium. The repurchased shares are cancelled by the company and hence, reduce the outstanding shares in […]

LIMITED LIABILITY PARTNERSHIP(LLP)

WHAT IS LIMITED LIABILITY PARTNERSHIP? Limited Liability Partnership (LLP) is a combination of a corporate structure along with the flexibility of a partnership. LLP is governed by Limited Liability Partnership Act, 2008. Nowadays, LLP has become very popular of business as many entrepreneurs are willing to opt for it.  An LLP is a separate legal […]

E-INVOICING – APPLICABILITY & REGISTRATION

E-Invoicing is a system for authentication of B2B invoices electronically by the GSTN. Under the electronic invoicing framework, a unique Invoice Reference Number (IRN) is issued against each invoice digitally using Invoice Registration Portal (IRP) managed the GSTN. Maximum 100 items can be incorporated in a single invoice. E-Invoicing eliminates the need to enter data […]

SECTION 40(B) REMUNERATION TO PARTNERS

Section 40(B) of Income Tax Act provides the maximum permissible amount payable to a partner in a partnership firm. The returns of a partner can be in the form of Interest on Capital: Interest payable to partners shall be in accordance with the terms of the partnership deed, however, it shall not exceed 12% per […]

MUTUAL FUND – SCHEMES & RATIOS

SOURCE: SEBI WHAT IS MUTUAL FUND? A mutual fund is a professionally-managed investment scheme, made up of a pool of money collected from many investors to invest in securities like stocks, bonds, money market instruments, and other assets. Mutual funds are operated by professional money managers, who allocate the fund’s assets and attempt to produce […]