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VIRTUAL NETWORK OPREATOR IN INDIA- VNO LICENSE

VIRTUAL NETWORK OPREATOR IN INDIA- VNO LICENSE Virtual Network Operator: ISP license need some initial capital for the various things like setup cost, Bank guarantee and material cost as well , if a person has no experience in this field may choose VNO license instead of ISP as it is cheaper option and also allow […]

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Restructuring of Loan of RBI -Bank wise Announced Soon

As we know moratorium comes to ends very soon, so the Borrowers are getting worried about their Loan Installment,due to the corona pandemic every borrowers are earning Less than before, so they want either defer their EMI or want to pay Less. On the other hand if we talk about the Banks, they are also […]

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TAX ON ACCRETED INCOME -NGO

May 28, 2022
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An Introduction for Accreted Tax (Exit Tax) U/S 115TD :- Before the introduction of section 115TD,no provision in the Income Tax Act ensured that the corpus and asset base of the trust over some time is used for charitable purposes with a promise to be used for charitable purposes and is not used for any […]

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10 BD FORM- Statement & Certificate of Section 80G deduction

May 24, 2022
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Legal provisions Relating to Sec. 80G and Section 35 :- section 80G of the Act has been amended by finance act and inserted a clause (viii) to the sub-section (5) of the said section to provide for the furnishing of a statement of donation received by a trust or an NGO or an institution approved […]

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ITR-1 (SAHAJ) – Applicable for Individual FOR AY 2022-23

May 17, 2022
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This return is applicable to a resident (other than not ordinarily resident) persons with total income up to ₹ 50 Lakh from any of the following sources. INCOME FROM SALARY INCOME FROM HOUSE PROPERTY AGRICULTURE INCOME – UPTO ₹5,000 OTHER SOURCES – (INTEREST, FAMILY PENSION, DIVIDEND ETC.) Note: ITR-1 not filed by a person who: […]

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Applicability of Returns and Forms for Non-Resident Individual for AY 2022-2023

May 17, 2022
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A non-resident person is a person who is not a resident of India for tax purposes. In order to determine whether a person is a non-resident or not, his residential status is required to be determined under section 6 of the Income-tax Act, 1961 as given below: A person shall be deemed to be a […]

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Major changes in ITR for FY 2022-23

May 17, 2022
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Major changes in ITR-1 for FY 2022-23 1.Assesses have to provide information about income from foreign retirement funds while computing their net salary. Major changes in ITR-2 for FY 2022-23 1.Assesses have to provide information about income from foreign retirement funds while computing their net salary. 2.Separate disclosure is required for taxable interest and dividend […]

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ITR-4 (SUGAM) –Applicability forIndividual, HUF &Firm (Other than LLP) FOR AY 2022-23

May 17, 2022
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This return is applicable for an individual or Hindu Undivided Family (HUF), Who is resident or other than not resident Firm (other than LLP) which is a resident whose total income is up to ₹ 50 lakh and income from business and profession which is calculated on an approximate basis (under section 44AD/44ADA/44AE) and income […]

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E-INVOICING-A COMPLETE DETAILED ANYALSIS

July 21, 2021
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E Invoicing is a huge and positive update taken place under GST law such as E Way Bill system in the year 2020. The invoicing practices are implemented by business houses that are different from each another and government desires united and balance approach in invoicing. The first and foremost reason behind introduction of E […]

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FAQ RELATED TO E-INVOICING

July 21, 2021
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Q1:- Who all are applicable for e-Invoicing? A: This system shall be applied to the GST registered persons whose average turnover in the financial year not more than Rs.50 crore as of now, But exceptions include financial institutions, NBFCs, GTA, passenger transportation service Special Economic Zones (SEZ) units, insurance, banking and sale of movie tickets. […]

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PARTNERSHIP DEED-SPECIMEN

July 21, 2021
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                                              PARTNERSHIP DEED                                     (As per PARTNERSHIP Act, 1932) THIS Agreement of PARTNERSHIP made at ____________________ […]

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Non-Applicability of E-Invoicing

July 21, 2021
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As per the  GST Notification No. 13/2020- central tax dated 21st March 2020 , following person are not required to Generate E-invoicing:- An insurance company A banking company Financial Institution NBFCs GTA Supplier of passenger transportation services Supplier of services by means of admission into the exhibition of cinematograph films in multiplex screens Special Economic […]

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