Have you sold any property recently? If yes, you may be liable to pay capital gain tax on property sale. In this article I have explained all concepts related to it. A house is treated as capital asset in income tax for the purpose of calculation of … [Read more...]
Section 194N – TDS on Cash Withdrawal
Government is motivating to use the digital payments instead of cash. In this direction Government has introduced Income tax section 194N for TDS on Cash withdrawals. It was introduced in union budget 2019, to discourage large cash withdrawals. What … [Read more...]
Income tax Section 24, Section 24a and Section 24b
Income tax section Section 24, Section 24a and Section 24b deals with house property deductions which an assessee can claim under the head Income from house property. These deductions are reduced from net annual value of house which is arrived while … [Read more...]
How to Calculate GST
GOODS AND SERVICE TAX [GST] is an indirect tax applicable in India, with effect from 1st July 2017. GST is one indirect tax which was introduced with the motto of ‘One Nation One Tax’ to be charged on the supply of goods and services for domestic … [Read more...]
Composition Scheme Under GST
The composition scheme under GST is the scheme that allows the tax payers to choose between the standard taxation or an alternative method of computing tax payable by them. The scheme is specifically designed for the small business owners who have … [Read more...]
Ind AS 115 Revenue from Contracts with Customers
Revenue from customers is a significant income for businesses all over the world. Accounting for the same requires proper understanding of the accounting principles and standards governing revenue recognition. In India, Ind AS 115, ‘Revenue from … [Read more...]
Ind AS 116 Leases
Lease financing is an age old financing agreement type where a lessee buys or rents capital equipment from lessor for an agreed period of time. The accounting of these transactions, w.e.f. April 1, 2019, is governed by Ind AS 116 “Leases”, issued by … [Read more...]
How To Become A Chartered Accountant
A Chartered accountant is a professional playing a prominent role in the economy and society serving in all fields of business and finance, including auditing, taxation, financial and general management. Statutory recognition is given to the role of … [Read more...]
GST On Property- Commercial and Residential
Real estate is a very crucial pillar of an economy. With the introduction of GST, taxes on various real estate transactions have been streamlined to make a positive effect on the public. GST on Property is classified into two 1) GST on commercial … [Read more...]
All About Invoice Under GST
In common trade, a tax invoice is a legal document that records a transaction between a buyer and seller. Under GST law, an invoice or tax invoice means a tax invoice as referred to in section 31 of the Act. This article attempts to decode the … [Read more...]
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