FAQ’s on OPC Company (One person Company)
One Person Company means a company which has only one person as a member. (Section 2(62) of the Companies Act, 2013)
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FAQ
Equalisation Levy: Online Advertisement (Section 165 of Finance Act, 2016)
Equalisation levy under section 165 of the Finance Act, 201 is a type of tax similar to tax deducted at source which is deducted while making payment to non-residents for specified services.
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Equalisation Levy: E-Commerce Operator (Section 165A of Finance Act, 2016)
Section 165 of the Finance Act, 2016 levied a tax called as equalisation levy on payment made for specified services to non-residents having no PE in India.
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FAQ’s on Section 94B: Thin Capitalisation Rules
Section 94B of the income tax act contains provisions relating to the deduction of interest expenditure incurred by an Indian company or a permanent establishment of a foreign company.
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Section 40b: Interest & Remuneration Paid to Partners
Section 40(b) contains provisions relating to the amount of deduction available to the partnership firm out the expenditure relating to payment of Interest and remuneration to partners.
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Implications of GST on Real Estate Sector
Like discussed in the previous FAQ, sale of land does not attract any GST. Therefore, there is no need to pay GST during purchase of Land.
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Annual compliance mechanism – Branch/Project/Liaison office
An annual activity certificate (AAC) is a certificate given by a Chartered Accountant to the effect that the activities undertaken by the BO/PO/LO during the year have been specifically permitted by the Reserve Bank vide its approval letter.
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FAQ’s on Section 10AA – Deduction available to units in SEZ
Section 10AA is a deduction under the Income Tax Act, 1961, available to enterprises located in the Special Economic Zone, deriving profits or gains through export of goods/articles/services.
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Impact of GST on Entertainment services
Entertainment is a vide area and encompasses various services from admission to a cinema hall to visiting a museum or a national park.
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Impact of GST on legal services
Legal service means any service provided in relation to advice, consultancy or assistance in any branch of law, in any manner and includes representational services before any court, tribunal or authority.
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