ELSS, also known as an equity-linked saving scheme, allows users to invest in mutual funds that can save a huge amount that drains out of their hands in the form of tax payments. Such funds that enable their holders to claim tax benefits are known as tax saver mutual funds. Amongst the various types of tax-saving alternatives, tax saver mutual funds march ahead with great potential to offer their......

Basis ESOP Sweat Equity Shares Nature ESOPs are issued in the form of an incentive and as a retention plan to directors and employees. Further, It is not create an obligation, and it is in the form of a right given to employees to exercise their option to purchase the shares. Sweat Equity Share is a reward given to employees by way of discount or considerati......

Creating a good website is one thing and making it compliant is yet another. In particular, website compliance helps you avoid government action and a lawsuit just in case something happens while your site is still active.  Most importantly, website compliance provides equal opportunities to different users. For example, a compliant website allows people with disabilities to access vital inf......

A business contingency plan is a comprehensive course of action that guides your company if the unexpected happens. While a contingency plan mostly involves negative events, it can also cover positive events. Businesses create contingency plans to take care of situations that could have a negative impact on the organizational reputation or financial health. Contingency plans are essential for any......

In today's extremely competitive business market, you must have legal permission to own it if you possess something. Intellectual property (IP), which refers to intangible creations of the human intellect, must be registered in the form of a trademark, patent, copyright, industrial design, or geographical indication to ensure that illegal or unlawful people do not have the power to copy or re......

What is Rights Issue? In layman’s term Right Issue is a benefit available with the shareholders of a company to subscribe to the additional shares on priority basis at a price lower than the market price. It is often construed as a right of the existing shareholders to first and foremost subscribe to any new shares being issued by the company and by virtue of their position in the company, ......

INTRODUCTION Vivad se Vishwas Scheme was publicized in Budget 2020 to resolve unsettled disputes associated with direct taxes. It is a trial to unharness 9.32 trillion (as of 30 November 2019) blocked in roughly 483000 appeals unfinished at varied appellant forums. The theme got assent from the Hon’ble President on 17 March 2020. According to the Vivad se Vishwas bill, this theme is approp......

How to calculate the gross receipt or turnover? ‘Turnover’, ‘Gross Receipts’ and ‘Sales’ are the buzzwords during this Tax Audit season. Incidentally, they are the very starting point of a Tax Audit. They form the qualifying criteria, determine whether a taxpayer is liable to tax audit during a given year. Sec. 44AB of the Income Tax Act 1961 lays down limits o......

Let us first of all see what section 69C of the Income Tax Act, 1961 reads. Section 69C reads as under: 69C. Where in any financial year an assessee has incurred any expenditure and he offers no explanation about the source of such expenditure or part thereof, or the explanation, if any, offered by him is not, in the opinion of the Assessing Officer, satisfactory, the amount covered by such ......

The basic edifice of presumptive scheme u/s 44AD is assessee would not be called to maintain books under the Act and get them audited if profit shown by assessee is otherwise in accordance with prescription of section 44AD of the Act. But maintaining books of account is sine qua non for making addition under section 68. Since section 44AD does not obligate assessee to maintain books, pro......

There is a misconception in the mind of business as well as professional community that if a person opts the provisions of presumptive taxation, then he is free to enjoy the difference between the actual profits and the presumptive profits. It is to be noted that the provisions of presumptive taxation are enacted to facilitate computation of total income and filing of return of income. It does not......

The limits specified for getting your accounts audited are different in case of business and profession.  Some persons are engaged in carrying on both business and profession at the same time. Now a question may arise in the case of an assessee carrying on business and at the same time engaged in a profession as to what are the limits applicable to him under section 44AB for getting the accou......

Section 44AB of the income-tax Act, 1961, which provides for tax audit of certain taxpayers, has been amended in the recent past in order to relax the compliance burden on small taxpayers. However, while these amendments are well-intentioned, they have increased confusion amongst taxpayers. We know that there are various monetary limits u/s Sec 44AA , 44AB and Sec 44AD of the Act relating to ......

Government inserted new TDS Section 194Q which will be effective from 01-July-2021, which say Any person, being a buyer who is responsible for  paying any sum  to any resident (hereafter in this section referred  to  as  the  seller) for purchase  of  any  goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year,&nb......

In India, a large population is engaged in the agriculture sector and there are numerous transactions regarding sale and purchase of agriculture produce. The farmers sell their agriculture produce to Pacca Arahtias i.e. traders through kachha Arahtias. Kachha arahtia are commission agents and are only facilitators of auctions/sales of agricultural produce, which farmers bring to mandi for sale. Th......

Cryptocurrency – Trending Global Currency Genesis of all the cryptocurrency came from Bitcoin. Bitcoin was the first crypto currency developed by pseudonymous computer programmer “Satoshi Nakamoto”. According to Investopedia, “A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. ......

Presumptive Taxation allows taxpayers to offer their income for tax without any compliance burden. This taxation scheme provides ease of doing business and simplify the taxation process for small business enterprises, traders and professionals. As per the Income tax Act, 1961, a person engaged in business or profession is required to maintain regular books of account and further, in some cases he ......

Introduction The provisions of section 51 of the Income-tax Act deal with advance money received for transfer of a capital asset. As per the old provisions where any capital asset was on any previous occasion the subject of negotiations for its transfer, any advance or other money received and retained by the assessee in respect of such negotiations shall be deducted from the cost of acquisition ......

In the present materialistic society, the citizens of our country have lot of reasons to celebrate owing to its diversified culture, customs and religion. On many occasion’s  gifts are exchanged. In fact, gifting each other is a symbol of love and affection and can also be a symbol of social status. However, many a time gifts can also be a part of tax planning / tax evasion. While tax p......

The Ministry of Corporate Affairs vide its Circular (CSR-01/4/2021-CSR-MCA) dated May 20, 2021 [MCA Circular] has once again ignited a fresh debate on the intent with which it has issued the said circular. The MCA Circular intends to provide relief to corporates which claimed to have contributed excess CSR funds to the “Prime Minister's Citizen Assistance and Relief in Emerg......