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As per section 50C, the calculation of capital gain of the sale of land or building or both is held as a capital asset. Further, this Section is not applicable in the case of land or building or both are held as stock. This present blog pays attention to 'Section…

Minimum Alternate Tax (MAT) was created to decrease the gap between the tax accountability under income calculation and book profits. Further, the objective behind MAT was to bring the ‘zero-tax paying companies’ within the ambit of income tax. It also makes them pay a minimum amount in tax to the…

We've explored the necessity of medical insurance and its ability to sustain the financially viable in the event of an insured risk on several occasions. Insurance is a useful tool for risk transfer and minimization. In most cases, we transmit our liabilities to insurance firms in exchange for a little…

Section 62 of Central Goods and Service Tax Act,2017, come into effect when a taxable person fails to file returns, as per requirements under section 39; or final return on cancellation of registration under section 45 of the Act, or; as the case may be. This blog talks all about…

The tax taken on most of the goods and services sold for domestic use is GST (Good and Services Tax). This tax was introduced on 1st July 2017 through 101st amendment of Indian Constitution by the central government. Goods and Services Tax replaced all the prior multiple taxes of both…

  The executive board makes decisions and determines actions on behalf of a company in the corporate world. But how will this function in practice? It's not quite as straightforward as the selections individuals make along the way. The goals set at this stage have such a significant impact on…

Every GST taxpayer is assigned a 15-digit identifying number known as the Goods and Services Tax Identification Number (GSTIN). Prior to the implementation of the GST system, all merchants registered under the state VAT statute were assigned a unique TIN number. GSTIN has now taken the role of TIN. Before…

All the registered companies are required to hold annual general meetings and file the company’s annual return with the ministry of corporate affairs.  Undoubtedly a director’s report is a very important document for all types of companies. According to the Companies Act, 2013 every board of directors of a company…

The impact of GST on Public Trusts has increased the tensions of corrupted organizations that played with the hearts of people by breaking their belief in them.  These changes have not affected those trusts which only aimed at charity work and social welfare. Earlier the public trusts were exempted from…

A partnership firm is a business entity and is set up for the sole purpose of profiting from business. Two or more people form a formal agreement (known as a Partnership Deed) to own and manage a business. When the purpose is attained or the partners decide to end the…