Taxation of Trusts & NGOs
0 Scheme of Taxation & Computation of Income Executive Summary: The exemptions available under section 11 are subject to the conditions specified in sections 11, 12, 12A, 12AB, and 13 of the Act. Initially, one needs to compute income from trust property which shall be eligible for exemption and then the amount applied for charitable/religious … Read more Taxation of Trusts & NGOs
Know All-About the 30 Changes in new ITR Forms for AY 2021-22
0 The Central Board of Direct Taxes (CBDT) has notified Income Tax Return (ITR) Forms for the Assessment Year 2021-22 vide Notification No. 21/2021, dated 31-03-2021. Considering the crisis due to the COVID pandemic, the board has not changed the ITR forms significantly. Most of the new ITR forms changes are consequential to the amendments made by … Read more Know All-About the 30 Changes in new ITR Forms for AY 2021-22
GST officers to be soon armed with real-time data on vehicles moving without e-way bills
0 Under the Goods and Services Tax regime, e-way bills have been made mandatory for inter-state transportation of goods valued over ₹50,000 from April 2018 The government is working on a system to soon provide report to GST officers on a real-time basis for those vehicles which are moving without e-way bills, to help intercept … Read more GST officers to be soon armed with real-time data on vehicles moving without e-way bills
Taxability of Gifts under Income Tax Act
0 In India, Gifts are given on various occasions such as festivals like Diwali, Holi, or on the occasion of marriage to show affection towards our loved ones. But now the gifts are also used for tax planning purposes since in various specified cases, any amount of gifts received is exempt from tax. Many people don’t … Read more Taxability of Gifts under Income Tax Act
Time & Value of Supply under GST
0 1. Time of Supply (Sections 12 to 14 of the CGST Act, 2017) Time of supply (TOS) is very important concept of GST as it helps you identify the time at which liability to pay tax to the Government arises. The liability to pay CGST/SGST on the goods and services shall arise at the … Read more Time & Value of Supply under GST
