In India, for the purpose of income tax, there is “Pay as you earn scheme”. As per such scheme, every person is required to pay tax through TDS/ TCS and advance tax, during the year only, in which the income has been earned.
The rates of TDS are pre-determined and specified in the Income Tax Act, 1961. The aim of TDS is to collect tax from the very source of income. For resident individuals, TDS is required subject to …
Can you imagine a situation, when even before receiving your hard earned money in your bank account, government demands tax on such income twice the amount for which you are actually liable? Yes, such a situation can happen when you are having your income from outside India, where you might be required to pay tax twice on the same income to the Indian Government, as well as the government of the country from whom you have earned money.
Goods and service tax is a major factor which has a potential to cover the economic base of the country along with its sidelines also India is not just one of the biggest performing nations for generics however, additionally encountering a blast in remedial tourism which creates extra returns for the Healthcare Industry. India’s Pharmaceutical Industry as of now is 3rd largest as far as volume and 14th largest regarding esteem all-inclusive. As the populace is persistently developing, so is the requirement for good Healthcare Services, …
The Finance Act, 2022 substituted subsection (4) and (5) of section 12AB with a new subsection (4) which provides a list of ‘Specified Violation‘ if undertaken by the assessee registered or provisionally registered under section 12AB, the Principal Commissioner or Commissioner may cancel the registration so taken by the assessee. Similar amendment has also been made in section 80G and 10(23C).
As per the amended subsection (4) of section 12AB, “Specified Violation” mean,
→ Any income of …
When we talk about related party or RPT (Related Party Transactions) or any law relating to it, there are multiple authoritative guidance which talk about related party, Related party transaction and their disclosures.
We all know SEBI is harsh towards related party compliances because related party compliances are the compliances where transactions are being controlled by few parties who are in the dominating position or who are in the influencing position, therefore SEBI is inclined towards making these compliances more …
There has been a lot of confusion between the meaning of salary and payroll. Many people uses the terms “Salary” and “Payroll” interchangeably. However, there is a considerable difference between the two. Salary refers to the amount to which the employee is entitled, in lieu of providing its services. On the other hand, payroll is a record maintained by the company which tells the name of its employees and detailed breakup of the payments due to them. Thus, payroll is …
Payroll tax is defined as the tax that is withheld, charged, or levied on the employer’s payroll. This includes wages, gross salaries, perks, and any other form of remuneration paid to employees.
This tax is levied regardless of the employee’s domicile, family status, or any other personal circumstances. Payroll taxes are taxes that an employer is required to pay or withhold on behalf of his or her employees.
India is one of the world’s fastest growing economies. Certainly, there are …
Cryptocurrency and Income Tax
Clarification on the taxation of cryptocurrency in India was highly awaited for the crypto holders. With the introduction of Budget 2022 the government has announced taxation norms on the same. Key pointers regarding income tax implications on cryptocurrencies in India are as follows
1. Cryptocurrency – Meaning as per Income Tax provisions
Technology plays a vital role in today’s world making our daily lives simpler. From medical diagnoses to business operations, from communication to education, everything seems impossible without technology. This pandemic has evidenced the same. Life would have come to stand still without it. But nothing stopped. Technology has infiltrated every aspect of our lives, changing the way we work, the way we learn and the way we shop.
There has been an ongoing paradigm shift in business from physical to …
As per Section 12 of the Companies Act, 2013, any Change in the Registered Office of the Company, shall be reported to Ministry of Corporate Affairs, further many companies due to various reasons tend to change their Registered Office of the company.
A. PROCESS OF SHIFTING OF REGISTERED OFFICE WITHIN LOCAL LIMITS OF THE CITY.
1. Hold a BOARD MEETING and pass a Board Resolution for shifting of RO.
2. File E-form INC-22 with attach necessary documents.
Documents Required …