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GST Amendment

Amendments in Goods and Services Tax (GST)

Since its advent, GST has been a subject of discussion in almost all social or political meetings. With the purpose of levying a single tax in entire nation, GST was introduced. In this fast pacing and dynamic world alterations in the already established rules of GST were equally important for uniform tax compliance throughout the country.

For complimenting GST era, GST Amendment Act, 2018 was introduced by Government of India in August, 2018. Amendments instituted via this Amendment Act were notified to be effective on and after February, 2019. In addition to this, on the recommendations of GST Council in … Read more

Latest updates on transfer pricing

Latest updates on transfer pricing

Transfer pricing concept has gained immense importance over the past few years. Rules and methods used for pricing of transactions among endeavors under common control are generally the basis forming transfer pricing. Transfer pricing has gained importance in diverse business enterprises because of requirement of reporting of financial information by segment and related party transactions as focused in the International Accounting Standard (IAS 14 & IAS 24) and Accounting Standard (AS 17 & AS 18).

Concept of transfer pricing
Transfer pricing on the whole cite to prices of transactions between associated enterprises which may be carried out under conditions different … Read more

Taxation of expat employees

Taxation of expat employees

Any person or persons residing temporarily or permanently in a country that is different from their home country or country of citizenship is referred to as an expat. Taxation of such expat employees involves a slightly different computation than the tax computed for a regular employee of an Indian organization.

Foreign expat in India
For any foreign expatriate working in India, the salary is deemed as earned in India if they are paid for services rendered in India. This is based on Section 9(1) (ii) of the Indian Income Tax Act. This rule is applicable irrespective of the resident status … Read more

Highlights of interim budget 2019

Highlights of interim budget 2019

  • Individual taxpayers with annual income up to INR 5 lakhs to get full tax rebate.
  • Individuals with gross income up to INR 6.5 lakhs will not need to pay any tax if they make investments in provident funds and prescribed equities.
  • Benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to 2 crores; can be exercised once in a lifetime.
  • Benefits under section 80(i)BA being extended for one more year for all housing projects approved till the end of 2019-20.
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