The Central Goods and Services Tax (CGST) Act, 2017, governs the imposition and collection of tax on intra-state supplies of goods and services in India. Section 9 of the CGST Act outlines the provisions related to levy, collection, and responsibility of tax payments. Understanding these provisions is crucial for businesses, taxpayers, and e-commerce operators to […]
Levy and Collection of Tax – Section 9 of CGST Act Read More »
The Goods and Services Tax (GST) framework in India has introduced clear rules regarding the taxability of different types of supplies. One such important provision is Section 8 of the CGST Act, which determines the tax liability for composite and mixed supplies. Understanding these provisions is crucial for businesses to ensure correct tax compliance and
Composite supply and Mixed supply – Section 8 of the CGST Act Read More »
The Goods and Services Tax (GST) framework in India is built upon a fundamental concept—the definition of “supply.” Section 7 of the Central Goods and Services Tax (CGST) Act, 2017, lays out the scope of supply, ensuring clarity on taxable transactions. Understanding this section is crucial for businesses, tax professionals, and legal entities to ensure
Scope of Supply – Section 7 of the CGST Act Read More »
Tax planning is a crucial aspect for businesses, and understanding how to carry forward and set off losses can help optimize tax liability. Section 73A of the Income Tax Act, 1961, deals specifically with the treatment of losses incurred by specified businesses under Section 35AD. This blog explores the provisions of Section 73A and how
Carry forward and set off of Specified Business loss Read More »
Speculation business involves high-risk trading activities, often leading to significant financial fluctuations. The Income Tax Act, 1961, has specific provisions governing the treatment of losses incurred in such businesses. This blog explores how speculation losses can be set off and carried forward for tax purposes, ensuring compliance with income tax laws and effective financial planning.
Carry forward and set off of Speculation Business loss Read More »
In business, losses are inevitable, but income tax rules provide relief by allowing businesses to carry forward and set off losses against future profits. The Income Tax Act, 1961, outlines specific provisions for the carry forward and set off of business losses, ensuring that businesses can optimize their tax liabilities efficiently. This blog explores the
Carry forward and set off of business losses Read More »
Set-off of losses is an essential tax planning strategy that helps taxpayers minimize their tax liability by adjusting losses against taxable income. Under Section 70 of the Income Tax Act, 1961, taxpayers are allowed to set off losses from one source of income against gains from another source within the same head of income. This
Intra-head Set-Off of Loss Read More »
Investment in real estate is a common way to generate wealth, but sometimes, property owners face losses due to various factors such as vacant rental properties, high loan interest, or maintenance costs. Understanding how to carry forward and set off such losses can help taxpayers optimize their income tax liability. In this guide, we will
Carry Forward and Set Off of Loss from House Property Read More »
Hundi transactions have been a part of India’s traditional financial system for centuries. However, the government has imposed strict regulations on such transactions to curb tax evasion and unaccounted money circulation. Section 69D of the Income Tax Act, 1961, governs the borrowing and repayment of amounts through hundis, ensuring financial transparency. This blog provides a
Amount Borrowed or Repaid on Hundi – Section 69D Read More »
In taxation, transparency in financial transactions is crucial. The Indian Income Tax Act has stringent provisions to prevent tax evasion, one of which is Section 69C. This section deals with unexplained expenditure and ensures that any expenditure without a credible source is treated as taxable income. Understanding this provision is essential for businesses and individuals
Section 69C – Unexplained Expenditure Read More »
