How to Get Income Tax Clearance Certificate
- March 13, 2017
- Posted by: SosAdmin)
- Category: Income Tax
No CommentsThere are situations when it is mandatory to get income tax clearance certificate. For example when one leaves India permanently or when a non-resident who want to return back to his home country after completing business or who was under employment in India The process of getting income tax clearance certificate is regulated by Section 230
Transitional Provisions under GST Part7 –Treatment of Tax Amount
- March 13, 2017
- Posted by: SosAdmin)
- Category: GST
There could be a situation where there is a dispute between the department and registered taxable person with regard to the amount Cenvat credit or Input Tax credit. In such a scenario, the question arises how such dispute, appeal or review will be settled under GST? The above situation is addressed by section 182 of
Transitional Provisions under GST Part6 –Treatment of Claim for Refund Pertaining to Taxes Paid Earlier
- March 13, 2017
- Posted by: SosAdmin)
- Category: GST
There could be a situation where refund has to be claimed for amount of cenvat credit or input tax credit paid before GST once becomes effective. This situation is addressed by section 179 of GST Law Refund of Cenvat Credit, Taxes or Interest Paid under CGST In such a scenario, every claim for refund filed
Whether Service Tax is Payable on AdSense Income?
- March 13, 2017
- Posted by: SosAdmin)
- Category: Service Tax
With digitisation, it has become quite common to earn income from websites. One of the popular ways to earn money from website is google AdSense. So now the common question which is asked Whether publisher has to pay service tax on AdSense income?. Let us look at some of the Frequently Asked Questions in this
How to Borrow Money from Non-Resident Indian or Person of Indian Origin
- March 12, 2017
- Posted by: SosAdmin)
- Category: FEMA/RBI
In India borrowing of money from NRI or Person of Indian Origin is governed by FEMA act, relevant rules and notifications issued by RBI The borrowing of money can be classified into two categories Borrowing in INR by persons other than companies in India A person resident in India, not being a company incorporated in
Transitional Provisions under GST Part5 –Treatment of Change in Price of Services and Goods After GST is implemented
- March 12, 2017
- Posted by: SosAdmin)
- Category: GST
There could be a situation where price of goods or services are revised after GST is implemented. In this situation, question arises what will be treatment of such goods or services? The above situation is addressed by section 178 of Model GST Law Upwards Revision in Price of Goods and Services under CGST and SGST
Transitional Provisions under GST Part4 –Treatment of Return of Goods After GST is Implemented
- March 11, 2017
- Posted by: SosAdmin)
- Category: GST
There could be a situation where exempt goods or duty paid goods are returned after GST is implemented. In this situation, question arises what will be treatment of such goods?, whether GST is payable or not? The above situation is addressed by section 173 and 174 of Model GST Law Return of Exempt Goods Under
Taxation of Free Meals and Food in Income Tax Act 1961
- March 10, 2017
- Posted by: SosAdmin)
- Category: Income Tax
Normally if food expense is incurred by employer on behalf of the employee, then it has to be treated as perquisite. However, there are certain exceptions to this provision Food, non-alcoholic beverages provided by an employer to employees during the work hours at office or business premises location is not treated as perquisite Therefore if
All About Liberalised Remittance Scheme-Part1
- March 10, 2017
- Posted by: SosAdmin)
- Category: FEMA/RBI
With globalisation, movement of funds between countries has become quite common. In this context it is quite important to take note of Liberalised Remittance Scheme in India. Under this scheme a resident can remit upto USD 250000 for capital and current account transactions. Who are Eligible to remit under this scheme A resident Indian can
Transitional Provisions under GST Law Part3-Input Credit Available for Exempt Services and Goods
- March 10, 2017
- Posted by: SosAdmin)
- Category: GST
Background: In India many states do not require VAT registration, if the turnover does not cross certain threshold. For example in Karnataka, there is no need to get VAT registration, if the turnover does not cross INR 10 Lakhs. In such a scenario question arises, whether input credit can be availed on goods lying in