Who is ineligible according to Section 29A of IBC law ? When the promoter (or someone in the management or control) of a corporate debtor engages in preferential transactions, undervalued transactions, extortionate credit transactions, or fraudulent transactions, this ineligibility comes into effect. This simply means that an insolvent entity whose accounts are classified as Non-Performing …
Conversion of Sole Proprietorship to LLP Should choose to register with the LLP As eventually as business income increases, several sole proprietors are becoming aware of the need to differentiate their accounts and tax filings from those of the business. There are several other reasons why the conversion of your sole proprietorship into an LLP …
Exemption of Capital Gain [Section 54 to 54F] S.No Particulars Section 54 Section 54B Section 54D Section 54EC Section 54F 1. Eligible Assessee Individual/ HUF Individual/ HUF Any assessee Any assessee Individual/ HUF 2. Asset transferred Residential House Urban agricultural Land L&B forming part of as industrial undertaking Land or Building Or Both (LTCA) Any …
What is a Virtual Office? Businesses can get a physical address and office-related services from a virtual office without having to employ staff or sign a lease for a long period of time. Working from anywhere but still having access to a mailing address, phone answering services, conference rooms, and videoconferencing is possible with a …
GST Provision related to GTA (GOODS TRANSPORT AGENCY) Important amendment for good transport agency (GTA) under Reverse charge mechanism (RCM) & forward charge. As per new Notification certain option has been provided to goods transport agency (GTA) to charge GST under Forward charge and there are certain changes in Reverse charge mechanism (RCM) U/s 9(3) …
Tax Deducted at Source under section 194Q on payments made to Kachha Arahitia Meaning of Kachha Arahitia A kachha arahtia enters into a privity contract. in order for his constituent and the third party to be held responsible for one another, moreover that A kachha arhatia acts only as an agent of his constituent and …
GSTN Clarification on Cross Charge vs Input Service Distributor (GST Circular 199/2023). Goods and Services Tax Circular issued recently has given clarification on various issues of Input Service Distributor VS Cross Charge The Goods and Services Tax Circular can be summarized as under: Company Head Office can claim input tax credits which are commonly used …
The Tax Dept regularly updates ITR forms to enhance accuracy, transparency, and ease of compliance in tax filing. Although many people believe that only tax specialists should be aware of these changes, both individuals and businesses should be aware of the most recent developments. The updated ITR Forms for AY 2026–2027 include a number of …
Recent Court Case Laws on Wrong Vehicle NO in E-Way Bill 1- In the Matter of Varun Beverages Limited V/s State of U.P.And 2 Others (2023] (Allahabad).- Decision has been made that Wrong mention of No of Vehicle via which the goods were in transit & detained by the taxing authorities would be considered as …
Goods and Services Tax Network issued advisory on New Bank Account Validation GSTN has issued Advisory dated April 24, 2023 on Bank Account Validation. It is recommended that the Goods and Services Tax System now includes capabilities for bank account validation. This feature was added to make sure that the bank information provided by GST …