Author: Nirmal Ghorawat
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TAXATION OF SPECULATIVE BUSINESS UNDER THE INCOME TAX ACT, 1961
1. Speculation business is deemed to be distinct and separate from other business If an assessee carries on a speculative transaction of such a nature as to constitute a business,…
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Inheritance Tax in India
The general perception is that there are no inheritance taxes or estate duties or death taxes in India. The Estate Duty Act, 1953 was abolished (technically suspended, not repealed) in…
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WHAT IS A BENAMI TRANSACTION?
THE PROHIBITION OF BENAMI TRANSACTIONS ACT, 1988 (PDF FILE) 1. Legislative History of the Prohibition of Benami Transactions Act, 1988 1.1 The Select Committee on the Taxation Laws (Amendment) Bill,…
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Excel Utility – GST Input Credit Utilisation
Excel Utility – GST Input Credit Utilisation (Click to Download Excel File)
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eInvoice to eWayBill : The case for Accounting Automation under GST
Core Principle : Goods flow in a supply chain but Information / Data about those goods does not flow spontaneously in the same supply chain. The solution is to automate…
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Suggested Accounting Entries for GST
1. IntraState Purchase (From Registered Dealer) Purchase (5%) A/c Dr. 200/- CGST Input (2.5%) A/c Dr. 5/- SGST Input (2.5%) A/c Dr. 5/- To Supplier A/c Cr. 210/- 2. InterState…
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Thoughts on Trumps Tax proposal.
1. Trumps 15% Corporate Tax proposal will make US – the next tax haven in reckoning. It is also likely to be a great opportunity for US Companies that have…
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