Takshila Learning - Online Tutorials

Profits UNDER HEAD "SALARIES" CS EXECUTIVE TAX LAWS The first head under the Income Tax is income under the "Salaries" head. Salaries is the one that has various components and associated computations in calculating the taxable income under the head relative to the other head in the Income Tax. Let's delve into knowing the definition of wages, what salary, salary allowances, retirement benefits, leave cash and salary criteria entail.   The remuneration earned by a person, in any form whatsoever, is regarded as a salary only if the relationship between the payer and the payee is between the employer and the employee or the master and servant. As far as the existence of the persons covered by the head salary is concerned, the employer may be an entity, a company, an association of persons, a company, a corporation, a central government, a government agency, a public body or a local authority, etc., probably operating in or outside India. As far as the worker is co

  The Tax on Goods and Services (GST) is a tax on the consumption of goods and services dependent on destinations. It is planned to be charged from production to final use at all stages, with the tax credit paid at previous stages available as a setoff. In a nutshell, only value-added will be charged and the tax burden will be borne by the final user levy and GST collection will be carried out in the case of intra-state supply and inter-state supply, according to the provisions of the CGST Act 2017 and IGST Act 2017.   In the case of intra-state supply, GST is levied as per CGST (Central Goods and Services Tax) Act, 2017, and in the case of inter-state supply, GST is levied as per IGST (Integrated Goods and Services Tax) Act, 2017. CGST is levied on all the supplies of goods or services or both supplied within the state, except on the supply of alcoholic liquor for human consumption at such a rate as notified by the Central Government on the recommendation of the GST Council.   The Cen

  EXEMPTION UNDER GST – GST EXEMPTION – SECTION 11 of CGST ACT The scope of the article mainly concerns the power of governments under section 11 of the CGST Act, 2017, to grant exemptions from the Goods and Services Tax (GST). The nature of the clause, however, is pretty straightforward and clear in that it addresses the reasons for the government's exemption. Let's first understand the definition of exemption and how Section 11 takes its place in the GST exemption before moving into Section 11 provisions of the CGST ACT.   GST EXEMPTION – EXEMPT SUPPLY Exempt supply, under GST, means the distribution of products and services that are not tax-consuming. Since we all know that GST is focused on supply, GST cannot attract GST despite the trigger. The tax credit charged for input in connection with these materials is obviously not available for use and the GST liability will not be excluded. To put into simple words, the following are three types of supply which are considered as

  Composition Levy under GST – Goods and Services Tax GST is an indirect tax used in India on the delivery of goods and services (goods and services tax). The Indian government entered into force on 1 July 2017. Tax on goods and services is divided into five tax burdens for collection of tax – 0%, 5%, 12%, 18% and 28%. Petrol, alcoholic, and energy goods, however, are not subject to GST levy. This tax substituted the current various taxes imposed by the state and central governments. GST prices rise for everyday products while the rates for luxury goods are reduced. GST ID Number is a special 15 digit number given by the PAN of a company to companies registered in the framework of GST. The composition levy is a tax levy system planned for small taxpayers with revenues of up to Rs. 1,5 crore. Small taxpayers are forced to pay a flat tax, irrespective of their production, supply or trade. In Northeastern countries and hill countries, such as Sikkim and Himachal Pradesh, the limits of GST

Many students might be fascinated by a lesson on criminal law at CS Executive level. Will a corporate secretary have to deal thoroughly with criminal law in his professional competence? The reply is no. With respect to every substantive law other than corporate laws, the lesson deals with the fundamental understanding that an expert should have knowledge of. Every individual student is always involved in the comprehensive practice.   With reference to the Criminal Procedure Code, 1973 (CrPC Act), it gives only some light in its executive curriculum for students with relative procedural legislation restricted to the defense against the liability of directors, secretaries, managers or other senior managers in various corporate and industrial laws of criminal offenses.   The subject of the 1973 Code of Criminal Procedure (CrPC Act) now becomes known as the Rule of Consolidation and Modification. The formulation of laws concerning the process to be used to arrest the suspects, prosecute th

Meaning, Petition & Process -  Winding Up Of A Company The process of setting up a business and winding up is a process of law. In the modern era, setting up business/ incorporation has been simplified by way of ease of doing business. In light of the Companies Act, 2013, winding up is a process of dissolving the legal existence of the company. In the practical scenario under the earlier Companies Act, winding up of a company takes years to complete and was a tedious process. This article covers the overview of the winding up and modes as prescribed under the Companies Act, 2013 and Insolvency & Bankruptcy Code, 2016. In this article we will discuss the Process of Winding up a Company in accordance with the syllabus of  Setting up of Business Entities and Closure  – SBEC CS EXECUTIVE. MEANING OF WINDING UP Winding up is the process by which the assets of the company are saved and the affairs of the company are wound up. Even during the process of winding up the company continue

Tax Laws and Practice – A  tax  might be characterized as ” a mandatory extraction made by the focal government from the overall population. It is a monetary charge forced on people or lawful substances by the public authority in accordance with its authoritative position. Assessment is an assortment of cash from the general population for the public reason enforceable by law and it isn’t for the installment of some other reevaluation. It is one of the significant wellsprings of income of the public authority. It assumes a significant function in the development and advancement of the nation’s economic framework and different offices. Tax Laws  are the legitimate systems and rules administering how expense rates are determined. They cover the charges on bequests, pay, property, exchanges, licenses, and so forth by the public authority. To bestow reasonable comprehension to the understudies about the arrangements of the  Direct Tax Laws  (Income Tax) and  Indirect Tax Laws  (GST and Cus

The term “ Sweat Equity Shares ” simply means a reward given to employees by way of discount or consideration. Sweat equity shares refer to equity shares given to the company’s employees on favorable terms, in recognition of their work. SWEAT EQUITY SHARES MEANING Section 2 (88) of the  Companies Act, 2013  defines “ Sweat Equity Shares ” which means such equity shares as are issued by a company to its directors or employees at a discount or for consideration, other than cash, for providing their know-how or making available rights like intellectual property rights or value additions, by whatever name called. It should be noted that the intellectual property right, know-how or value additions arise as of now mainly in the case of Information Technology-related companies and Pharmaceutical companies. Categories of industries that are eligible to issue sweat equity shares have not been indicted by the Government either in the Act or otherwise. Sweat Equity Shares are one of the modes of

DIRECTORS (Composition, Qualification & Appointment) – COMPANY LAW A director in Company Law is the one who directs. This significant term follows the normal meaning under the  Company Law  as well. A Company being an artificial juridical person cannot act by itself. It is the individuals who severally and jointly run the business as representatives of the company and act on behalf of it. The concept of the Board of Directors under Company Law, it is an extensive topic. Especially the  Companies Act, 2013  which brought many new concepts of directors in order to be consistent with other laws in force such as Listing Regulations. This article will cover the basics of directors, Board of Directors, the composition of Board of Directors, qualification of Director and appointment of Director, etc. Being one of the vast topics, it is hard to line up all about directors in one brief article. Let us begin with the basic terms:   BOARD OF DIRECTORS   Section 2(10) – “Board of Directors” or