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 […]
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 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 […]
WHAT IS F&O TURNOVER? Computing the turnover on Futures and Options is significant for the purpose of tax filing and F&O trading is mostly reported as business income while filing tax returns. Yet, one needs to analyze their total income, which can be positive or negative value (profit or loss). Expenses like office rent, telephone […]
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 […]
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 […]
Budget 2022 has hardened the income tax filing norms for regular taxpayers. Under Union Budget 2022, Nirmala Sitharaman announced that the provision of updated return is available in Section 139(8A) of the Income Tax Act. The taxpayers now have a choice to rectify their income tax return by filing an Updated Income Tax Return. The […]
A lively Small and Medium-sized Enterprise (SME) sector is an imperative element for a solid market economy. SMEs assume a significant part in the political economy, assisting to promote and strengthen reforms. There are about 44 million MSME units in India which contribute 45% of the India’s manufacturing output, account for about 35 % of […]
Form 61A is a record of the statement of Specified Financial Transactions which must be furnished under the Income Tax Act, 1961 by certain institutions. Statement of Specified Financial Translations or SFT refers to information related to certain high-value transactions which specified persons are required to report to the income tax department. The SFT was […]
WHAT IS ANGEL TAX? Angel tax essentially derives its genesis from section 56(2) (vii) (b) of the Income Tax Act, 1961. Angel Tax is the tax levied by the government on the start-ups who receive funding from Angel Investors. Angel investors get benefits in the form of taxation as the entire investment made by investors […]