The Central Board of Direct Taxes (CBDT) vide notification no 61/2023/F. No. 370142/28/2023-TPL dated August 16, 2021, has notified Rule 11UACA of Income-tax Rules 1962 (the Rules) for computation of Income chargeable under Income from Other Sources per section 56(2)(xiii) of the Income-tax Act 1961 (the Act). <h1d=”Background”>Background Finance Act 2023 inserted section 56(2)(xiii) of […]
The Reverse Charge Mechanism (RCM) is a system of taxation where the liability to pay tax is shifted from the supplier of goods or services to the recipient of such goods or services. In a regular taxation system, the supplier is responsible for collecting and remitting the tax to the government. However, under RCM, the […]
Leasehold rights on land play a crucial role in various real estate transactions and business operations. Many units are set up on leasehold land provided by state industrial development corporation. <h1id=”What-is-Assignment-of-Leasehold-Rights”>What Is Assignment Of Leasehold Rights? The assignment of leasehold rights on land refers to the transfer of the leasehold interest or rights from one […]
Amazon sellers are required to have a registered place of business for their operations even if their physical location is different. To avoid the hassle of managing physical offices, a virtual office address is preferred for GST registration. This means having a virtual office address for GST registration establishment can be crucial. In this blog, […]
Are you a Flipkart seller? If yes, did you know that a virtual office space can help reduce overhead expenses and improve sales? This blog post discusses the benefits of using a Virtual Place of Business (VPOB) for Flipkart sellers. <h1id=”What-is-the-Need-for-Virtual-Office-for-Flipkart-Sellers?”>What is the Need for VPOB for Flipkart Sellers? Flipkart is a major e-commerce company […]
You might want to start a virtual office in India for many reasons. Perhaps you’re an e-commerce seller expanding your business into new territory and need a presence there, but don’t want to set up a physical office. Or maybe you need a professional business address for your company in a state where you don’t have GST registration. Whatever […]
Indian sectors, such as agriculture, industry, manufacturing or service, have been considerably impacted by the GST (Goods and Services Tax) reform. GST is one of the most significant tax reforms in Indian history. In this article, we discuss GST, its advantages, and the process of GST registration. The Indian government passed the Goods and Service Tax (GST) […]
As per the latest statistics made available by the Ministry of New and Renewable Energy (MNRE), India has a total installed renewable energy capacity of 103.05 Gigawatt as of 31st October 2021. Ministry themselves have set an ambitious target of expanding the capacity to 175-Gigawatt capacity by 2022. Prime Minister Narendra Modi has set the national […]
Goods and Services Tax GST applies to all service providers, retailers, wholesalers, and producers who are doing business in India. The registration of any business organization under the GST law is done under two categories as below: Normal scheme registration Composite Scheme registration In this blog, we will look at eligibility, benefits, disadvantages and compliances involved under […]
The Finance Bill, 2015 introduced the concept “Place of Effective Management” (POEM) to determine foreign companies’ residential status. This resulted in an amendment in the Income Tax Act, the word “control and management” was replaced with “POEM.” Accordingly, Indian companies started setting-up subsidiaries in tax havens jurisdictions and vested superficial control of their international operations to continue […]
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