Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme designed to empower the girl child in India by providing financial security and support for her education and other future expenses. This scheme can be opened in the name of a girl child who is under 9 years old at any public sector bank. Key Features…

While assisting numerous clients with their Income Tax returns each year, we often notice common errors made by those who have previously filed their returns independently. If you’re planning to handle your IT returns yourself this year, keep these below points in mind : 1. Ensure your Contact Information – email, mobile and address is…

GST on E-Commerce Industry Introduction: – Article explains Place of Supply and Type of GST charged under GST under different scenarios, which includes Buyer, Seller & E-commerce in same state, Buyer, Seller & E-Commerce in different states, E-Commerce& Buyer in same state & supplier in other state, E-Commerce & Supplier in same state & Buyer…

Section 185 of the Companies Act, 2013 lays down certain restrictions with regard to the granting of loans to Directors in order to monitor their working. Initially, public companies were allowed to grant loans, guarantees and securities subject to Central Government approval and private companies were exempted under Section 295 of the former Companies Act,…

What is an HSN Code? HSN stands for ‘Harmonized System Nomenclature.’ The WCO (World Customs Organization) developed it as a multipurpose international product nomenclature that first came into effect in 1988 with the vision of facilitating the classification of goods all over the World in a systematic manner. How do HSN work? HSN is a…

As a salaried individual, if you receive any advance salary or arrears, you may have to pay taxes on the total amount received. The Income Tax Department, however, protects you from any additional tax liability due to any delay in receiving income under Section 89(1). In other words, if you receive any portion of your…

 In case of death of sole proprietor, Legal heir has to visit office of the Proper Officer (Jurisdiction Officer) and submit the Death Certificate of the sole proprietor along with the Succession Certificate before the Proper Officer as documentary evidence. 2.  Proper Officer will add legal heir as the authorized signatory on the GST Portal….

Guidelines for manual selection of Returns for Complete Scrutiny during the FY 2019-20 – F.No.225/169/2019/ITA-11, dated 05-09-2019  Vide this document, The CBDT has laid down the parameters for manual selection of returns for Complete Scrutiny during Financial Year 2019-20. The parameters for manual selection of returns for Complete Scrutiny during financial year 2019 – 20…

1.Motor vehicles & conveyances ITC is not available for Motor vehicles used to transport persons, having a seating capacity of less than or equal to 13 persons (including the driver). Further, ITC is not available on vessels and aircraft. For example, XYZ & Co. buys a car for their business. They cannot claim ITC on…

Exemption under Section 54F and 54EC As per provisions of section 54F of the Income Tax Act, 1961, exemption of capital gain is available in case of transfer of long term capital assets against investment in residential house. The salient features for availing exemption under section 54F are detailed hereunder- Eligible assessees:  Individuals / HUFs…