Income Tax
Section 80EEB: Deduction on purchase of an Electronic Vehicle
In the Union Budget of 2019, the government announced an offer to buy an electric car. In a budget speech, the finance minister said…
Income Tax
Senior Citizen – Exempt From Filing ITR
The Income-Tax Act, of 1961 does not provide for the exemption of a senior citizen or a very senior citizen from completing a…
Income Tax
Income Tax Implications where Contract (JDA) is not registered
The Joint Development Agreement (‘JDA’) is the most common and most popular method of arrangement to construct buildings in our country. It is a…
GST
Post GST Registration Compliance
The implementation of the new GST tax system has resulted in significant tax reform in the country. The new system combines several state and…
Income Tax
Advance Tax under Income Tax Act 1961
Every Indian citizen is required to pay tax if their income falls within the Income Tax bracket. The government relies heavily on taxation to…
Income Tax
Income Tax Audit under Section 44AB of Income Tax Act, 1962
Before we go into what a tax audit is, let’s define the term “audit.” The definition of audit in the dictionary implies that it…
GST
RCM on commission charged on global sales by E-Marketplaces
In the instance of a conventional taxable supply, the supplier issues a tax invoice to the receiver, gets the money from the recipient including…
Income Tax
Taxation of Crypto currency in India
A crypto currency, sometimes known as crypto, is a virtual currency that is protected by encryption. It is intended to function as a means…
Income Tax
Can IT Freelancers/Professionals Use the Income Tax Presumptive Scheme?
If you work as a freelancer, professional, or consultant, you are only required to pay income tax on half of your gross annual income.…
Income Tax
Marginal Relief required for those whose Income Exceeds Marginally
The notion of marginal relief is intended to give a taxpayer with relief from surcharge levy if total income surpasses slightly more than Rs.…
GST
Time of Supply for E-commerce Business under GST
Delivery time refers to the time at which goods/services are considered to be supplied ’. When the seller knows the ‘time’, it helps him…
Income Tax
Income Tax on Transfer by a partner of his share in a Partnership Firm
Although Partnership Firms do not have a separate legal entity, for Income Tax, they are treated as separate from their partners. These firms whether…
GST
Critical Issues in registration under GST
For almost two years India has taken a major step in the tax system through GST. Although there are many benefits to GST, the…
Income Tax
Why everyone should file Income Tax Returns?
Are you perplexed and unable to decide whether to file an ITR? Have you heard elsewhere that if your income is less than the…
GST
Concept of e- Invoicing and FAQs on e-Invoicing under GST
Are you also, looking for filing up of invoice of business? In that case you have landed up on the right place. The submission…
GST
GST on Manufacturer of Alcoholic Liquor on Job Work Basis
Exemptions, rate rationalisation, expansion of relaxations to Covid supply, exports, ITC, debit notes, late penalties, inclusion of specific items / services in tax net,…
Income Tax
Cash Transaction limit under Income Tax Act, 1961 & GST
Cash transactions have always played a significant role in the Indian economy and are a consistent source of black money accumulation. The government has…
Income Tax
Tax benefit on Home Loan under Income Tax Act, 1961
For most people, owning a home is a dream comes true. The Indian government has traditionally favoured encouraging residents to invest in real estate.…
Income Tax
Everything you need to know about NRI Income Tax Return
Are you aware that non-resident Indians, or NRIs, must pay income tax in India? Not only do residential Indians pay taxes, but so do non-resident…
Miscellaneous
Concept of Customs Cash Ledger with applicable Amendments
When a taxpayer constructs a Challan, the amounts to be contributed to each Minor Head inside each Major Head are chosen by the taxpayer.…
Income Tax
Assessment under Section 153A of Income Tax Act, 1961
Section 153 A of the Income Tax Act, 1961 specifies the system for assessing income in the case of a searched person. In terms of…
Income Tax
Income of a Religious Trust under Income Tax Act, 1961
The definition of Religious Trusts is not present under the Income Tax Act, 1961. The creation of a Religious Trust is mandated by the special…
Income Tax
Taxation of Gold and Gold Products under the Taxation System in India
In India, gold is one of the most popular and respected assets. It has shown to be the strongest investment option for generating high…
Income Tax
What is Income Tax Audit?
There are different types of audits performed under different rules such as company audits/statutory audits conducted under the terms of company law, cost audits,…
Income Tax
4 Major Changes in Income Tax after 1st April 2022: FY 2022-2023
With the beginning of the new financial year FY 2022-2023, numerous rules and regulations have changed in respect of Income Tax. Some of the…
Income Tax
Definition of Persons under Income Tax Act, 1961
Under Section 2 (31), ‘Person’ is an AOP or Association of Persons or BOI (Body of Individuals) or a Local Authority or an artificial…
Income Tax
Income Tax Deduction under section 80CCC in India
Section 80CCC of the Income Tax Act of 1961 provides for deductions amounting to Rs. 1.5 lakhs per year for personal contributions to certain…
GST
Section 62 of CGST- Assessment of Non-Filers of Return
Section 62 of Central Goods and Service Tax Act,2017, come into effect when a taxable person fails to file returns, as per requirements under…
GST
GSTIN – Meaning, Structure and How to apply and applicable Fees
Every GST taxpayer is assigned a 15-digit identifying number known as the Goods and Services Tax Identification Number (GSTIN). Prior to the implementation of…
GST
Shocking Impact of GST on Public Trusts (Charitable and Religious Trusts)
The impact of GST on Public Trusts has increased the tensions of corrupted organizations that played with the hearts of people by breaking their…
Miscellaneous
Taxation of E-Commerce Transactions in Income Tax & GST
E-commerce has developed dramatically in India, as more people purchase and sell products online as a result of cell phones and internet access. Previously,…
Income Tax
Income Tax Rates for FY 2021-22 & FY 2022-23 & AY 2022-23 & 2023-24
According to the Income Tax Act, 1961 of India, Income Tax is levied on all individuals, HUFs, partnership businesses, LLPs, and companies. Individuals are taxed…
Income Tax
Direct Taxes and the Constitution of India – India’s Taxation Provisions
The taxation system is the backbone of a country’s economy, ensuring that revenue is stable, management of economic development and that industrial activity is…
Income Tax
Taxation on Political Parties -Representation of People Act, 1951
The Representation of the People Act, 1951 governs political groups in India (RPA). A certain organization of Citizens as well as group of particular…
Income Tax
Rate of Depreciation on Computer Accessories and Peripherals
Do you own a computer? Do you use it for your personal use or for business purposes? Yes, if you own a computer, you…
Finance Company
Gain or loss on Foreign Exchange Fluctuation
The rate of change of the value of the currency in a country is usual event that takes place due to floating exchange rates;…
Income Tax
Taxation Aspects of Income of Deceased Person
Did you realize that the estates of the deceased might be taxed? It may sound strange that a deceased person’s income tax returns must…
Income Tax
Penalties under the Income Tax Act and Various Income Tax Offences
The timely and regular payment of taxes and submission of returns guarantees that the government has funds available for public welfare at all times.…
GST
Effective Goods and Services Tax (GST) Rates in India
By introducing uniformity and openness to the Indian tax system, the GST (Goods and Services Tax) has transformed the outlook of the Indian tax…
Latest News
New Scheme of Taxation under Section 115BAC of Income Tax Act, 1961
A new tax planning comes into force by inserting a new section in Income Tax Act, 1961, which is known as Section 115BAC of…
Income Tax
TDS Implication on Reimbursement of Employees salary in Companies
Some employees on the payroll of group firms (including management and non-management cadre) work for the Parent company. We can recover the cost of…
Income Tax
Claim Deduction for Rent Paid Under Section 80GG
The Internal Revenue Service has given taxpayers with a number of Claim Deduction for Rent Paid Under Section 80GG of Income Tax Act by…
Income Tax
What do you mean by Annual Information Statement?
All About the Annual Information Statement (AIS) – Income Tax Department initiates a new function and makes an update in Form 26AS, this update…
Income Tax
Provision under Set Off and Carry Forward of Losses and their principle
The two sides of a coin are profit and loss. Losses, of course, are difficult to accept. However, the Income-tax law in India does…
Income Tax
Return Filling Process for Tax Audits under New Income Tax Portal
We agree that Return Filling Process for tax audits can sometimes be tough, particularly the cases since you are youth and have just received…
Income Tax
Section 80PA of Income Tax Act 1961, Inclusive of upgrades and Deduction
With effect from Assessment Year 2019-20, a new deduction under Section 80PA of Income Tax Act 1961 has been permitted to encourage producer enterprises to…
Income Tax
Income Tax Return (ITR) – Impact of Delay in filing ITRs
The Government of India has established Income Tax laws governing the taxable income of all individuals who are individuals, HUFs, Companies, Firms, LLP, People’s…
GST
GST Implication on Poultry Farming
The poultry business produces countless work opportunities in the nation and is vital for the public economy. The poultry business is to a great…
Income Tax
What is Income Tax Search and Seizure all about?
Table of Contents Introduction Goals of Income Tax Search and Seizure Income Tax Raids Authority to conduct search and Seizure Power Rights of…
Income Tax
Income Tax Rate Applicable on Domestic Companies
Indian taxes are classified into two types: direct taxes and indirect taxes. When it comes to direct taxes, they are imposed on the revenue…
GST
What is the Impact of GST on Residential Properties?
GST, which has been carried out from 1st July, 2017 has worried the majority of citizens and business because of its compliance requisites. What…
Miscellaneous
Taxpayers rights and obligations in India
Table of contents Taxpayers’ Charter: A guide for all taxpayers Section 119A of the Income Tax Act Rights of taxpayers Obligations of taxpayers Final…
Income Tax
Importance of checking Form 26AS before filing Income Tax Return
Form 26AS is a consolidated tax credit statement containing all the details of different taxes that are deducted on income at source (TDS). The…
GST
A Brief Overview on GST Scrutiny
Any business whose aggregate turnover exceeds INR 40 lakh (excluding Northern East area and Hill state which requires INR 10 lakh as year’s turnover)…
GST
All you need to know about Non-filing of GST Returns
GSTR 3B is a Return that must be completed by a Regular GST Taxpayer. It includes a summary of the outward supplies made as…
GST
GST Implication On the Export of Goods & Services
The goal of the Indian government is to increase the production and quality of exports from India under the “Make in India” policy. The…
GST
Health care services under GST Act
There is a saying that ‘Health is Wealth,’ which means that when a person maintains good health, everything else falls into place. Understanding the…
GST
Is GST Applicable on Reimbursement? Read to find out
Introduction The repayment of money spent by a person is referred to as reimbursement of expenses. This frequently occurs in business transactions when a…
Income Tax
Applicability of Income Tax on Agricultural Income
Agriculture is supposed to be India’s principal employment. It is sometimes the only source of income for India’s massive rural population. The country as…
GST
Everything you should know about GST Audit in India
GST (Goods and Service Tax) is a tax regime that is encouraged by the Government to promote an integrated business based in India. It…
Income Tax
All you need to know about Section 80G and 12AB
This article helps to understand all about 80g and 12ab. The terms and conditions, benefits, the procedure of registering, and amendments under 80g and…
Income Tax
Restriction on Cash Transactions under the Income-tax Act
Cash transactions have always played a major role and serve as a constant source of black revenue collection. The government has recently introduced a…
Income Tax
What Is Non-Resident External (NRE) Account for Indian Seafarers?
A Non-Resident External (NRE) account is a bank account for NRIs which are INR-dominated to transfer their foreign currency to India. Foreign exchange earnings…
Miscellaneous
Business Risk- Identification and Analysis
Introduction Business risk refers to a company’s or organization’s susceptibility to circumstances that might lower its profitability or lead it to fail. Business risk…
Income Tax
Taxation Rules Applicable on seafarers in India
A seafarer – is any traveler via seas, classifying their work based on the rank or type of job as merchant navy, navy worker…
GST
All you need to know about Charity and Mutuality under GST
Indian culture always gives equal importance to benevolence as well as socializing. Both these concepts are deeply rooted in our households. Our topic of…
Income Tax
TDS Under Section 194Q of the Income Tax Act, 1961
TDS under Section 194Q of the Income Tax Act,1961 was introduced in Union Budget 2021 which is effective from 1st July 2021. Businesses are…
GST
Applicability of GST on Second Hand Jewellery
The jewellery industry is one of the most promising industries. Indians buy jewellery on several occasions. Sometimes people buy jewellery for investment and sell…
Miscellaneous
Late Fees Payable for Default in Furnishing of Income Tax Return (ITR)
Income Tax Returns are filed by all the persons as per legal provisions. To file the returns, Income Tax Department has set due dates.…
GST
GST Annual Return & Audit (GSTR 9 & GSTR 9C) For FY 2020-21
Before the Central Goods and Services Tax (Sixth Amendment) Rules, 2021came into existence, every registered person having turnover exceeding Rs. 2 Crores had to…
Miscellaneous
Applicability of Indian Taxation on Cryptocurrency
In recent past we have shifted from money in the wallet to money in the digital wallet. Demonetization lead this drive of digital wallet…
GST
What if GST wrongfully collected and paid to Government?
GST i.e. Goods and Service Tax is an indirect tax i.e. collected from customers and paid to the government. The Act also provide all…
Income Tax
Detailed Analysis of TDS Filing FY 2021-2022
The full form of TDS is Tax Deducted at Source. It is the amount that is deducted as a tax from the money paid…
Income Tax
ITR 1 and ITR-2 for A.Y 2021-22
The due date for filing Income Tax Return is approaching. There are lots of things that cross your mind when you sit with your…
Income Tax
How to link PAN with Aadhaar in New E-Filing portal?
Table of Contents Why is linking of Aadhaar and PAN important? Consequences of not linking Aadhaar and PAN How to link Aadhaar and PAN…
Income Tax
Various Tax benefits on Home Loan as per Income Tax Act, 1961 (With FAQ)
Table of Contents Tax Benefits on Home Loan (FY 2021-22) New Updates (Union Budget 2021-2022) Deduction available on Interest Portion on Home Loan Deductions…
Income Tax
Deduction under section 80JJAA of Income Tax Act, 1961
Government has been announcing and providing many reliefs to the new as well as existing entrepreneurs in many ways. Be it cheaper and easy…
Digital Banking
Understanding Cryptocurrency: Definition, Advantages, Applicability and Types
Cryptocurrency is a digital currency that is used to buy goods and services. These are types of currency are generally issued by various companies…
GST
Impact of GST on Revenue earned from Youtube channels
These days it has become a trend of being social and maintaining one’s identity on the digital platform. One of the social media example…
Income Tax
Residential Status of People unable to leave India due to COVID-19
COVID-19 has affected the lives of people very badly from almost past 1.5 years now. To contain the spread of novel coronavirus, The Government…
Income Tax
All you need to know about the Section 206AA of the Income Tax Act
Few specified payments under the provision of the Income Tax Act are required to deduct tax at source. However, TDS provisions bound every payer…
Income Tax
Section 195 of Income Tax Act, applicability of TDS provisions on payments made to Non-Residents
As per the Income Tax Act, 1961, any receipts generated through business transactions with NRIs come under the purview Income Tax Act and are…
Income Tax
All you need to know about TDS Return Filing
Income Tax Department has facilitated an effective system of collection of taxes under which any person who is responsible for making payment of income…
GST
GST Compliance in case of closure of business due to death of Sole proprietor
A Sole Proprietorship is a form of business organization where a business is managed by a single person. Usually, it does not require any…
GST
Key Summary of Composition Scheme under the GST Act
The Goods and Services Tax is an indirect form of taxation that has dramatically simplified Indian taxation laws. GSTR4 serves as the GST return…
Income Tax
Things You Need to Know Before Filing ITR 5 Form
Income tax return is a crucial statement of income of the concerned assessee, both for government and the individual or person filing it as…
Income Tax
Tax Audit Under Section 44AB
You might have heard the word “Audit” so many times, well let us dive into this, what is “Audit”, if you go by oxford…
Startup/ Registration
SOP for revocation of cancelled registration under Section 30 of GST Act in Rajasthan
If you are registered under GST, you must know that it is not permanent, and the registration granted can be cancelled for stipulated reasons. The department can initiate…
Foreign Taxation
Understanding the Income Tax Rules for NRI (Non-Resident Indians) in India
Taxes collected from the citizens are the foundation of the Indian economy. Without any collection of tax, the economy of any country cannot sustain…
Agreement Drafting
Drafting and Importance of Business Transfer Agreement in India
For any merger and an acquisition, it is important to note that such a transfer requires how such a transfer is acquired along with…
Company Law
Procedure for Issue of Shares on Preferential Basis Under Companies Act
According to the Companies Amendment Act 2017, a Company can raise funds or Capital mainly in three ways: (1) Private Placement/ Preferential Allotment (2)…
Startup/ Registration
How to register a Trade Union in India?
India saw the growth of industrialisation and capitalism during the initial years of the 20th Century. With the number of workers increasing with each passing…
Income Tax
A Complete Guide on How to Save Income Tax
Have you ever dreamt of isolating your income from probable taxes? We bet you did, maybe countless times. But let face it- this is…
Company Law
Guidelines on FDI in Information Technology Sector in India
India is the world’s largest sourcing destination for the Information Technology (IT) industry, accounting for approximately 67 per cent of the USD 124-130 billion…
Company Law
Detailed Guide on Filing of Form FC-TRS in India
FCTRS Filing under FEMA or the Foreign Exchange Management Act was passed in the parliament of India in the year 1999. Under this act,…
Startup/ Registration
How to Select Business Structure for Starting a New Business?
One has to follow a long to-do list to set up a new business entity. As you gain control over the business part, we…
Company Law
Detailed Analysis of Companies (CSR Policy) Amendment Rules 2021 notified by MCA
The Ministry of Corporate Affairs recently announced the new Corporate Social Responsibility Rules, which will be called Companies (Corporate Social Responsibility Policy) Amendment Rules,…
Income Tax
Budget Highlights – Income Tax Financial Highlights 2021
Budget Highlights – Income Tax Financial Highlights 2021 The Union Budget 2021-22 was presented by the Hon’ble Finance Minister Nirmala Sitharaman on 1st February…
Startup/ Registration
How to start an educational institution/school in India?
Over the years, the government has taken various initiatives to make educational institutions accessible to the society at large in a bid to ensure…
FEMA
Overview of FDI policy for the E-Commerce sector
The Government of India (GOI) has brought about rules related to the FDI policy for E-Commerce Sector. This policy has been influenced by various…