Income Tax on Charitable Trust

Income Tax on Charitable Trust This article is a guide on Section 164(2), which deals with taxability of income in relation to charitable trusts. The income of a charitable trust can be grouped under one of the following heads of income:…

Direct Tax vs Indirect Tax

Direct Tax vs Indirect Tax As a citizen of a country, each and every one is required to pay tax to the government in order to fund various public expenditures such as roads, public transportation, sanitation, legal systems, public safety,…

Association of Persons vs Body of Individuals

Association of Persons vs Body of Individuals Association of Persons (AOP), according to the Income Tax Act, 1961, is the integration of two or more persons for a common purpose, and primarily with an intention to earn some income. A…

Tonnage Tax scheme

 Tonnage Tax Scheme The Government has introduced Tonnage Tax System (TTS) for taxation of income derived from shipping activities by an Indian Company. The Tonnage Tax Scheme is an optional scheme for qualifying Indian shipping company. Only after satisfying certain…

What is GST Council?

What is GST Council? With the GST rollout getting closer and closer, the media is filled with mentions of GST Council. In this article, we look into the GST Council and understand one of the key councils that regulate all…

GST Input Tax Credit Scheme – For Existing Stock

GST Input Tax Credit Scheme - For Existing Stock A new GST input tax credit scheme has been announced in the Transitional Provisions rules to provide GST Input Tax Credit for unregistered persons who have unaccounted goods or stock on…

Transferring Existing Input Tax Credit to GST

Transferring Existing Input Tax Credit to GST Nearly 80 lakhs businesses have migrated to the new GST Platform, in anticipation of a July 1st, 2017 rollout of the GST regime. All existing taxpayers having service tax or VAT or central…

Debit & Credit Notes under GST – Revising an Invoice

Debit & Credit Notes under GST - Revising an Invoice A key reasons why GST in India would help increase tax compliance and reduce black money circulation is the standardisation and matching of invoices. Under GST, all B2B invoices must…

Taxable Person under GST – Who Needs GST Registration?

Taxable Person under GST Taxable person under GST is anyone who is registered under GST or required to be registered under GST. Various criteria's like turnover, business activity or transaction have been specified in GST Act, which details persons liable…

IGST Exemption List

IGST Exemption List In the GST Council Meeting held on 18th and 19th May, 2017, the IGST exemption list was decided. Under GST regime Custom duty would prevail & CVD, SAD, CESS etc. shall be replaced by IGST which would be fully…