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VRS and Income Tax
What is Voluntary Retirement Scheme? VRS is a monetary facility provided by the corporates for the retrenchment of some of its employees due to various reasons related to employees and the company. It is opted by an employee that wishes ...
PENSION AND INCOME TAX
Pension is a kind of retirement benefit that is provided to the retired employees of an organization as compensation for past employment with that organization. It is paid over a regular, fixed period of time and in form of an ...
Income Tax on Encashment of Leave
Income Tax on Leave Salary The basic knowledge An employee is allowed various types of leaves like Casual Levees, Earned Leaves, Medical Leave, Gazetted Holidays, etc. Generally, the employee is allowed to either avail of these leaves or carryforward to ...
Is E Invoicing can be generated after the end of financial year for back dated invoice having turnover less than 100 crore?
Yes, an E-invoice can be generated for backdated invoices and there is no time limit for businesses with a turnover of less than 100 crore. GST portal is allowing it. But rule 48 says that every business having a turnover of more than 5 Cr must issue an E-invoice and section 31 says that a Tax invoiRead more
Yes, an E-invoice can be generated for backdated invoices and there is no time limit for businesses with a turnover of less than 100 crore. GST portal is allowing it.
But rule 48 says that every business having a turnover of more than 5 Cr must issue an E-invoice and section 31 says that a Tax invoice should be issued before or at the time of supply of service or delivery of goods.
Accordingly, in my opinion, in your case, E-invoice is mandatory and it must be issued as per the normal timeline. GST portal is allowing you to generate the e-invoice on a later date but that does not mean that you are allowed to violate Rule 48 and section 31.
in the best scenario, an E-invoice should be generated before the filing of GSTR-1 so that it can be auto-populated.
Thanks
See lessDo we require the 15CA CB to process the consultant payment from India to Bhutan?
Hi, This single question covers two questions in itself Applicability of TDS on consultancy services on NRI (Bhutan Citizen) Requirement of form 15ca/15cb on payment made to a resident of Bhutan. Section 195 of the Income Tax Act, 1961 covers the TDSÂ provision on the payments made by an individualRead more
Hi,
This single question covers two questions in itself
Section 195 of the Income Tax Act, 1961 covers the TDSÂ provision on the payments made by an individual by way of interest or any other amount other than salary to an NRI or a foreign company and also requires the payer to furnish an undertaking in the form 15CA along with a certificate of Chartered Accountants in form 15CB.
Now let’s discuss the first issue involved in the question:
The TDS liability in India is to be decided on two levels:
Now if you refer the clause 2 of article 12 of the DTTA between the Indian Government and the Roya Government of Bhutan, it is clearly stated that
Royalties or fees for technical or professional services may also be taxed in the Contracting State i.e India, and according to the laws of that State, but if the beneficial owner of the royalties or fees for technical or professional services is a resident of the other Contracting State i.e Bhutan than the tax so charged shall not exceed 10 percent of the gross amount of the royalties or fees for technical or professional services.
Now let’s discuss the second issue involved in the question i.e requirement of form 15CA and 15CB:
Form 15CA and 15CBÂ are not required to be furnished for remittance in two cases:
In your case, it is not covered in the negative list, hence forms 15CA and CB is required to be furnished, there is no such exemption for the country of an NRI.
Thanks.
See lessIs there any summary of Budget 2023?
HI Hope this summary will work for you: Indirect Taxes 1. Customs duty on goods of textiles, toys, bicycle reduced from 21 to 13% 2. To promote Green Mobility - basic customs duty concession for lithium ion battery 3. To promote Electronics manufacture- relief on customs duty for camera lens and litRead more
HI Hope this summary will work for you:
Indirect Taxes
1. Customs duty on goods of textiles, toys, bicycle reduced from 21 to 13%
2. To promote Green Mobility – basic customs duty concession for lithium ion battery
3. To promote Electronics manufacture- relief on customs duty for camera lens and lithium battery
4. Television – TV panels customs duty reduced
5. Electric kitchen chimney to reduce inverted duty structure from 7.5 to 15 percent
6. Benefit for ethanol blending program and acid program and epichlorohydrine
7 Marine Products- to promote exports – shrimps, etc. Duty on shrimpfeed reduced
8. Basic Customs duty reduced for seeds in manufacture for diamonds
9. Customs duty to increase in silver bars
10. Steel – concessional customs duty on steel and ferrous products
11. Copper – concessional customs duty on copper
12. Rubber – concessional customs duty on rubber
13. Cigarettes – increased tax
Direct Taxes
1. Common IT form and grievance redressal system
2. MSME – avail benefit of presumptive taxation increased to 44AD to 3 crores
Professionals u/s 44ADA – 75 lakhs
Provided receipt in cash doesn’t exceed 5%
3. TDS only on payment for deduction
4. Co-operatives tax -15%
Higher limit of 2 lakh per member for cash deposit in agricultural banks
Higher limit of Rs. 3 crores on TDS for cooperative societies
5. Startups
To avail startup benefits from 31-03-2023 to 31-03-2024
6. 100 new joint commissioners for appeal
7. S.54 to S.54F capped at 10 crores
8. TDS on Online gaming –
9. TDS 30% to 20% on taxable portion of EPF
10. Extending funds for GIFT and IFSC
Personal Income Tax
1. Rebate for income upto 7 lakhs u/s 87A in the new tax regime
2. New tax regime from
0-3 lakhs nil
3-6 lakhs- 5%
6-9 lakhs 10%
9-12 lakhs 15%
12-15 lakhs 20%
Above 15 lakhs- 30 %
3. Standard deduction for new tax regime for Rs. 15.5 lakhs or more -52,500
4. Reduction of highest surcharge from 37% to 25% on new income tax regime
5. Limit on tax exemption for leave encashment is increased from 3,00,000 to 25,00,000
6. New income tax regime default regime (option to avail old scheme available)
See lessWhat is the provision in the Companies Act, 2013 for an interested director to participate in a meeting where a contract/ arrangement is discussed in which he is interested?
Under section u/s 184 (1) and (2) disclosure is required to be given by the directors. Section 184 (1) is a general disclosure requires to be given by all directors to disclose their concern or interest in any company (ies), bodies corporate, firms, or other association of individuals, along with shRead more
Under section u/s 184 (1) and (2) disclosure is required to be given by the directors.
Section 184 (1) is a general disclosure requires to be given by all directors to disclose their concern or interest in any company (ies), bodies corporate, firms, or other association of individuals, along with shareholding in the following situation:
Disclosure u/s 184 (2) is a specific disclosure given by the director at the meeting of
See lessthe Board in which a contract or arrangement is discussed and entered into/proposed to be entered into with any entity in which such director has an interest in the manner/ to the extent specified therein.
What are the matters in respect of which a director shall not be reckoned for quorum?
A Director shall not be reckoned for Quorum in respect of an item in which he is interested and he shall not be present, whether physically or through Electronic Mode, during discussions on such item. For this purpose, a Director shall be interested in a contract or arrangement entered into or propoRead more
A Director shall not be reckoned for Quorum in respect of an item in which he is interested and he shall not be present, whether physically or through Electronic Mode, during discussions on such item.
See lessFor this purpose, a Director shall be interested in a contract or arrangement entered into or proposed to be entered into by the company:
(a) with the Director himself or his relative; or 42 FAQ’s on the Companies Act, 2013
(b) with any body corporate, if such Director, or such Director along with other Directors holds more than two percent of the paid-up share capital of that body corporate, or he is a promoter, or manager or chief executive officer of that body
corporate; or
(c) with a firm or other entity, if such director or his relative is a partner, owner or member, as the case may be, of that firm or other entity.
Is it compulsory for Company Secretary to attend all Board, Committee and General Meetings?
It is the duty of the Company Secretary to attend all Board, Committee and General Meetings as mentioned in section 205 of the Companies Act, 2013 read with Rule 10 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Accordingly, Yes, it is mandatory for CS to attendRead more
It is the duty of the Company Secretary to attend all Board, Committee and General Meetings as mentioned in section 205 of the Companies Act, 2013 read with Rule 10 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014.
Accordingly, Yes, it is mandatory for CS to attend all the board meetings.
See lessIs it mandatory to file the return of appointment of KMPs appointed in terms of Section 203?
KMPS means a managing director, a whole time director or manager, a chief executive officer, a company secretary, and a Chief Financial officer. It is mandatory for a company to file a return of appointment of a managing director, whole time director or manager, chief executive officer, company secrRead more
KMPS means a managing director, a whole time director or manager, a chief executive officer, a company secretary, and a Chief Financial officer.
It is mandatory for a company to file a return of appointment of a managing director, whole time director or manager, chief executive officer, company secretary and Chief Financial officer in Form no. MR.1 as prescribed in Rule 3 of the Companies
See less(Appointment and Remuneration of Managerial Personnel) Rules, 2014.
Further, particulars of appointment of KMP and any change among them are also required to be filed in Form DIR-12.