The TDS deduction on the payment of commission or brokerage is covered by Section 194H. When the amount surpasses Rs.15,000 in a year, it requires that the person (other than an individual or HUF) in charge of paying commission or brokerage to residents deduct taxes at the rate of 5%. All individuals and HUFs who need […]
The Ministry of Corporate Affairs (MCA) has announced a new format of statutory audits of companies. The MCA has notified Companies (Auditor’s Report) Order, 2020 (CARO 2020) on 25 February 2020. The auditor’s report of specified companies should include a statement on certain prescribed matters as provided under the Companies Act, 2013. These requirements with
The Blue Ocean Strategy and Red Ocean Strategy are two different approaches to business competition and market positioning. Strategies are essential for succeeding in the business world. Companies navigate the competitive seas with the help of two essential approaches: the Red Ocean and Blue Ocean strategies. The Red Ocean strategy emphasizes competition and gradual improvements while taking
Project Lion: The central government has given the green signal to ‘Project Lion’, a comprehensive initiative aimed at the conservation and expansion of the Asiatic lion population in India. With this project, the government aims to take a proactive approach to secure the future of Asiatic lions. Prime Minister Narendra Modi-led Union Government has approved
Jan Shikshan Sansthan (JSS) is a skill development scheme under the Ministry of Skill Development and Entrepreneurship (MSDE), Government of India. It aims to provide vocational training to non-literate, neo-literate, school dropouts, and marginalized sections of society to improve their employability and livelihood opportunities. Scheme Outline JSS refers to an institute that conducts skill upgradation
Professional tax is charged on salaried individuals and is paid to the Gujarat state government. Professional tax is deducted by the employer and the amount varies based on the employees’ income.A tax that is levied on employees and on those people carrying out a professional trade in India is called a Professional tax. The maximum amount that
A hire purchase agreement is a contract decided to enter into when choosing to buy expensive goods. The consumer makes a mortgage payment at the time of purchase, and the remaining balance is paid in instalments with interest. Though hire purchase is not widely used in India, a similar concept known as a mortgage exists.
The GST Council determines the GST rate slabs. The GST Council reviews the rate slabs for goods and services on a regular basis. GST rates are typically high for luxury items and low for necessities. GST rates in India for various goods and services are divided into four slabs: 5% GST, 12% GST, 18% GST,
The original Notification number S.O. 2119 (E), dated June 26, 2020, has been amended by the Ministry of Micro, Small and Medium Enterprises (MSME), via Gazette Notification number S.O. 2134(E), dated May 6, 2022. The Ministry has issued a change to Paragraph 7, which addresses registering current businesses, through this Notification. According to a statement
Power to remove difficulties (1) If any difficulty arises in giving effect to the provisions of this Act as amended by the Direct Tax Laws (Amendment) Act, 1987, the Central Government may, by order, do anything not inconsistent with such provisions for the purpose of removing the difficulty: Provided that no such order shall be made
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