Residential Status as per The Income Tax Act

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As per Income Tax Act, 1961, the taxability of person depends upon the Residential Status of the individual for the previous year. Residential status of an Individual is to be checked every year. Section 6 of the Income Tax Act defines the criteria for determining residential of an Individual. Recently by The Finance Act, 2020, government made certain changes in the criteria to determine the Residential Status.

As per IT Act, residential status is divided in to 3 categories, we shall understand the each categories in this article:

  1. Resident
  2. Resident but not ordinary resident
  3. Non-Resident
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GST Implication under IBC Code on Corporate Debtors
GST Implication under IBC on Corporate Debtor

GST Implication under IBC Code on Corporate Debtors

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In this article we will understand implication of GST on corporate debtors under IBC. When entity defaults certain threshold amount then CIRP (Corporate Insolvency Resolution Process) is initiated. Here we will understand, when new GST registration is required, how we can avail GST input credit and how we can claim refund of GST paid.

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