TDS on purchase of property

Buyer (all assessee) buying an immoveable property (other than agricultural land) from a RESIDENT, where the consideration of property is Rs. 50 Lakhs or more shall at the time of credit of such sum to the account of the seller or at the time of payment whichever is...

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Income Tax on sale of business – Slump Sale

As per Income Tax Act Slump Sale means where an undertaking is sold (without considering individual assets and liabilities of the undertaking). There is sale of business entirely without allocating value to individual assets. Individual values may be of relevance only...

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Why Online Consultancy for tax?

Online consultancy is growing with the growing digitization. From buying groceries, ordering food, booking a cab, making payments, etc everything is going digital and so is the consultancy part. So far, the most common form of consultancy is telephonic or face to...

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Relief in TDS due to COVID-19

In order to provide more funds at the disposal of the taxpayers, the rates of Tax Deduction at Source (TDS) for non-salaried specified payments made to residents and rates of Tax Collection at Source (TCS) for the specified receipts shall be reduced by 25% of the...

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5 Strategies to Protect Family Wealth

Many wealth transfer concepts even have wealth protection benefits. Thorough estate planning helps preserve your family’s wealth by removing your name from your assets and putting them into legally-protected vehicles, like trusts or limited liability entities. Certain...

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Reasons to outsource to India

These days, accounting and finance professionals are in high demand to outsource to India, and that reality has made it increasingly difficult for small and midsize businesses to attract and retain qualified professionals. While this challenge extends across the...

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Advance received by a supplier for service contract which got subsequently cancelled. The supplied has issued the invoice and paid GST thereon. Issue a credit note and adjust the liability in the return In case there is no output liability against which credit note...

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Amnesty Scheme for Companies (CFSS 2020)

Opportunity for all the companies who failed to file annual return and compliance forms with the ROC in the past. The MCA has introduced Companies Fresh Start Scheme 2020 (CFSS 2020) under which companies can file the old annual returns and statements with no...

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MCA has introduced a new form w.e.f. 23rd March, 2020. The web form named CAR (Company Affirmation of Readiness towards COVID-19) should be filed by an authorised signatory of Companies and LLPs with the MCA Following entities have to file this form: Company LLP...

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