February 12, 2025

Are you living with your parents and contributing to the household expenses? Did you know that you might be eligible to claim House Rent Allowance (HRA) and reduce your taxable income, even when paying rent to your parents? Many individuals are unaware of this perfectly…

February 07, 2025

The Indian tax system offers taxpayers the choice between two tax regimes: the new tax regime and the old tax regime. Understanding the nuances of each regime is crucial for effective tax planning and optimizing one's tax liability. This article provides an in-depth analysis of…

February 06, 2025

From turning village artisans into global exporters to making nuclear energy power our cities, Union Budget 2025 isn't just a financial document - it's India's blueprint for transformation.

January 27, 2025

Section 80E of the Income Tax Act, 1961, is a significant provision aimed at providing tax relief to individuals who have taken educational loans for higher studies. This section allows taxpayers to claim deductions on the interest paid on such loans, which can significantly alleviate…

January 23, 2025

Fixed deposits are one of the most popular investment options in India, offering a safe and secure way to grow savings. They provide guaranteed returns over a specified tenure, making them an attractive choice for conservative investors. In India, there are two main types of…

January 22, 2025

Section 37(1) of the Income Tax Act, 1961, is a crucial provision that governs the deductibility of business expenses in India. This section allows businesses to claim deductions for expenditures incurred solely for the purpose of carrying on their business or profession, provided these expenses…

January 20, 2025

In today's dynamic business landscape, a simple lunch meeting can be more than just a meal - it can be a strategic financial decision. Understanding Section 37(1) of the Income Tax Act and its implications for business meal expenses can significantly impact your company's tax…

January 16, 2025

In today's digital age, businesses of all sizes rely heavily on software subscriptions to maintain their operations. From virtual meeting platforms to sophisticated design tools, these digital subscriptions have become as essential as traditional business utilities. What many business owners don't realize is that these…

January 10, 2025

Selling property in India can trigger significant tax obligations, particularly in terms of capital gains tax. The nature of the capital gains tax (CGT) on property sales depends on several factors including the type of property, holding period, seller’s residential status, and eligibility for exemptions.…

January 10, 2025

The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has recently issued Notification No. 127/2024, dated December 11, 2024. This amendment modifies the earlier Notification No. 44/2020 to update references related to tax exemptions under Section 10(23FE) of the Income-tax Act, 1961.…

January 09, 2025

On December 13, 2024, the International Financial Services Centres Authority (IFSCA) issued a landmark circular that brings about a significant shift in how Indian residents can open and operate Foreign Currency Accounts (FCAs) under the Liberalised Remittance Scheme (LRS). The circular provides operational directions for…

January 06, 2025

Tax audits are an essential component of the taxation system, ensuring that businesses comply with the Income Tax Act, 1961, and other relevant regulations. They help maintain transparency and accountability, serving as a crucial tool for identifying discrepancies, errors, and omissions in financial statements.

January 03, 2025

Since the introduction of Bitcoin in 2009, the world of digital currencies has exploded. Today, more than 10,000 different cryptocurrencies exist. These digital assets, such as Bitcoin, Ethereum, and others, allow users to make transactions without needing a central authority like a bank. They also…

January 02, 2025

India's direct tax laws, which govern income tax, have long been considered complex and difficult to navigate, even for people who work with them every day. Whether it’s filing a tax return or understanding the intricacies of tax deductions, these laws have often left the…

November 11, 2024

The Indian government recently announced an exciting initiative: a ₹1,000 crore Venture Capital Fund aimed at boosting the country’s growing space industry. This move is significant for several reasons, not just for the space startups but also for investors, financial experts, and the economy as…

November 08, 2024

As India’s civil aviation industry gears up for significant expansion, it presents vast opportunities and considerations from a financial, tax, and investment perspective. Civil Aviation Minister K. Rammohan Naidu’s recent announcements highlight the addition of 4,000 new aircraft and the development of 200 airports over…

October 28, 2024

In business, an invoice is more than just a piece of paper—it is the lifeblood of a company’s financial transactions, and without it, businesses cannot function smoothly. However, with the evolving GST (Goods and Services Tax) regime in India, the management of invoices has grown…

October 25, 2024

The Insurance Regulatory and Development Authority of India (IRDAI) has taken a significant step toward modernizing the financial reporting standards in the insurance industry by mandating the implementation of International Financial Reporting Standard (IFRS) 17. The insurance regulator has extended the timeline for this critical…

October 24, 2024

In a move aimed at providing relief to salaried employees, the Central Board of Direct Taxes (CBDT) has introduced Form 12BAA. This new form is designed to reduce the Tax Deducted at Source (TDS) from an employee's salary by allowing them to report TDS deducted…

October 23, 2024

In a landmark regulatory move, the Securities and Exchange Board of India (SEBI) has amended the Prohibition of Insider Trading (PIT) Regulations, expanding its ambit to include mutual fund units. Starting November 1, 2024, the amended regulations impose new compliance obligations on asset management companies…

October 22, 2024

The Government of India, through the Ministry of Finance, issued Notification No. 20/2024 – Central Tax dated October 8, 2024, introducing several critical amendments to the Central Goods and Services Tax (CGST) Rules, 2017. These amendments, which are aimed at enhancing compliance, reducing tax evasion,…

October 21, 2024

Recognizing the need for clarity and to ensure fairness in tax administration, the Government of India introduced Section 11A in the Central Goods and Services Tax Act, 2017 (CGST Act). This new section aims to clarify the government’s authority to regularize GST non-recovery based on…

October 17, 2024

In India, the taxation of Extra Neutral Alcohol (ENA), a crucial input in the production of alcoholic beverages, has long been a contentious issue. ENA, widely used in the manufacturing of both potable alcohol and industrial products, occupies a unique space in the country’s regulatory…

October 16, 2024

The Income-tax law in India provides various benefits and reliefs to taxpayers, one of the prominent ones being the rebate under Section 87A. This section offers relief to resident individuals, helping reduce their tax burden if their total income does not exceed a specified threshold.

October 14, 2024

Section 194O was introduced in the Union Budget of 2020 to address tax compliance issues in the growing e-commerce sector in India. This section mandates that E-Commerce operators deduct Tax Deducted at Source (TDS) when facilitating the sale of goods or provision of services through…

October 11, 2024

Section 194N was introduced to deter the use of cash for large transactions, which often escape the scrutiny of tax authorities. The provision is straightforward yet far-reaching in its implications. It mandates that any person, including individuals, Hindu Undivided Families (HUFs), companies, firms, or other…

October 09, 2024

Section 194M of the Income Tax Act, 1961, is one such provision introduced to plug gaps in the TDS framework. This section, brought into effect by the Finance Act of 2019 and operational from September 1, 2019, mandates TDS on certain payments made by individuals…

October 07, 2024

Income Tax Compliance Calender October-2024

October 03, 2024

GST Compliance Calender October-2024

September 25, 2024

Section 194LD of the Income Tax Act, 1961, stands out for its specific focus on the deduction of tax at source (TDS) on interest income earned by foreign investors. This section was introduced to facilitate foreign investment in Indian debt markets by providing a lower…

September 24, 2024

Section 194LC was introduced as a part of the Finance Act, 2012, with the objective of providing a concessional tax rate on the interest income earned by non-residents from specific borrowings made by Indian companies. The rationale behind this provision was to make it more…

September 23, 2024

Section 194LBC was introduced by the Finance Act, 2016, and came into effect on June 1, 2016. It was designed to bring transparency and accountability in the taxation of income generated through investments in securitization trusts. This section mandates the deduction of tax at source…

September 16, 2024

Section 194LBB mandates that TDS is to be deducted when income is paid or credited, whichever is earlier. This means that if the income is credited to the account of the unit holder or is paid out in cash, by cheque, draft, or any other…

September 14, 2024

Section 194LBA outlines the requirements for Tax Deducted at Source (TDS) on the income distributed by business trusts to their unit holders. Understanding Section 194LBA is essential for unit holders and trusts to ensure compliance with tax laws and to understand the impact on their…

September 12, 2024

Section 194LB was brought into the Income Tax Act as part of the Finance Act, 2011, and became effective from June 1, 2011. This section mandates the deduction of tax at source on interest payments made by infrastructure debt funds to non-residents, thereby ensuring that…

September 09, 2024

Section 194LA is designed to ensure that the recipients of compensation from the acquisition of property, especially when such acquisition is done under compulsory terms by the government, are taxed appropriately. This article explores the historical context, scope, applicability, and implications of Section 194LA, shedding…

September 06, 2024

Section 194K primarily deals with the taxability of income earned from units of mutual funds or UTI. Understanding this section is crucial for both individual and institutional investors, as it determines the amount of tax that needs to be deducted from their earnings at source.…

August 31, 2024

Section 194J of the Income Tax Act, 1961, addresses the TDS requirements for payments made for professional and technical services. This section is instrumental in streamlining tax collection and compliance, affecting businesses and individuals engaged in providing or receiving such services. This article delves into…

August 29, 2024

Section 194-I mandates that any person (other than an individual or a Hindu Undivided Family, unless they are subject to a tax audit) who is responsible for paying rent is required to deduct tax at source. The threshold for deducting TDS on rent is ₹2,40,000…

August 27, 2024

Section 194H of the Income Tax Act, 1961, mandates the deduction of TDS on any income arising from commission or brokerage payments. The section was introduced to widen the tax base by bringing under its ambit the income earned by agents, brokers, and other intermediaries.…

August 24, 2024

Section 194G holds particular significance for those involved in the lottery business. This section mandates the deduction of tax at source (TDS) on any commission, remuneration, or prize given to an agent or seller in connection with the sale of lottery tickets. With gambling and…

August 23, 2024

Section 194F of the Income Tax Act, 1961. This section deals with the tax deducted at source (TDS) on payments made on account of the repurchase of units by a mutual fund or the Unit Trust of India (UTI). Understanding the intricacies of this section…

August 20, 2024

Section 194H mandates that any person, other than individuals and Hindu Undivided Families (HUFs) not subjected to tax audit under Section 44AB, who pays commission or brokerage to a resident, must deduct TDS on such payments. This ensures that the income earned by intermediaries is…

August 17, 2024

The National Savings Scheme (NSS) has long served as a trusted means for individuals in India to build financial security through disciplined savings. Beyond promoting the habit of saving, NSS offers specific tax benefits, making it an attractive option for many. However, similar to other…

August 13, 2024

Section 194E plays a crucial role in the administration of taxation on international sports events, endorsements, and other related activities in India. With India hosting numerous international sports events and being a significant market for sports endorsements, understanding the nuances of Section 194E is essential…

August 09, 2024

Section 194D of the Income Tax Act, 1961, specifically addresses the deduction of tax on insurance commission payments. It mandates that any person responsible for paying insurance commission to a resident must deduct TDS at the specified rate. This provision aims to ensure that tax…

August 07, 2024

AUGUST- INCOME TAX COMPLIANCE CALENDER

August 07, 2024

The recent announcement by Finance Minister Nirmala Sitharaman to abolish the so-called “Angel Tax” has been widely welcomed by the startup ecosystem. Before celebrating, it’s essential to understand what this move actually means, its benefits, and any potential downsides. This FAQ aims to clarify the…

August 05, 2024

Section 194BB of the Income Tax Act, 1961, pertains specifically to the taxation of winnings from horse races. It mandates that any person responsible for paying winnings exceeding a specified threshold from horse races must deduct TDS before making the payment to the recipient. This…

August 02, 2024

Tax Deducted at Source (TDS)is a fundamental aspect of India's taxation framework, designed to ensure the smooth collection of taxes by requiring the deduction of tax at the time of income payment. Section 194B of the Income Tax Act, 1961, specifically pertains to TDS on…

July 29, 2024

The 2024-25 Union Budget, presented by Finance Minister Nirmala Sitharaman, focuses on reinforcing India's economic resilience and growth while addressing various geopolitical challenges. This budget marks her seventh consecutive budget and the first under the Modi 3.0 government.

July 26, 2024

Tax Deducted at Source (TDS) is a cornerstone of the Indian taxation system, designed to facilitate efficient tax collection and ensure compliance. By mandating the deduction of tax at the source of income, TDS helps maintain a steady flow of revenue to the government and…

July 18, 2024

Section 194 of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on dividends, ensuring timely tax collection by deducting a portion of dividends at the time of payment. This provision applies to dividends declared, distributed, or paid by companies to their shareholders.…

July 15, 2024

Understanding the complexities of the Indian taxation system can be challenging, especially when it comes to understanding specific provisions related to Tax Deducted at Source (TDS). One such crucial provision is Section 192A of the Income Tax Act, 1961, which governs the deduction of TDS…

July 13, 2024

Section 193 of the Income Tax Act, 1961, specifically deals with the TDS on interest on securities. This provision mandates that any person responsible for paying interest on securities must deduct tax at the source from the payment made to the payee. Securities under this…

July 09, 2024

The Income Tax Act, 1961, forms the backbone of taxation laws in India, governing the assessment, collection, and administration of income tax. Understanding its provisions is fundamental for taxpayers to fulfil their obligations and optimize their financial management. By exploring the nuances of income classification…

July 08, 2024

The Goods and Services Tax (GST) regime in India has revolutionized the way businesses operate, bringing a unified tax structure to replace the multiple indirect taxes previously levied by the central and state governments. As part of this comprehensive tax system, GST returns play a…

July 05, 2024

This article provides a clear definition and explanation of what an Income Tax Intimation Notice is, helping taxpayers understand its significance. By outlining the purpose of the notice, the article helps taxpayers grasp why they receive this notice and what it aims to achieve. The…

July 04, 2024

Annual filings play a crucial role in the regulatory framework governing Indian companies, ensuring transparency, accountability, and legal compliance. These filings are mandated under the oversight of regulatory authorities such as the Ministry of Corporate Affairs (MCA) and, in specific cases, the Reserve Bank of…

July 02, 2024

Income tax is a direct tax imposed by the Indian government on the income generated by individuals and businesses within a financial year. The amount of tax paid varies according to the income slab in which the individual or business falls, and is influenced by…

June 29, 2024

The introduction of the Goods and Services Tax (GST) in India aimed to simplify the previous complex system of indirect taxes. By merging various taxes like VAT, service tax, and excise duty into one unified tax, GST was designed to establish a more efficient and…

June 28, 2024

The SEZ policy in India was introduced with the objective of creating a more liberal and effective economic environment to boost the country's industrial and economic growth. The policy provides several incentives and facilities to businesses operating within SEZs, making these zones attractive for both…

June 27, 2024

Goods and Services Tax (GST) has transformed the Indian tax system by consolidating various indirect taxes into a unified tax structure. Implemented on July 1, 2017, GST is designed to simplify taxation, facilitate business operations, and improve tax adherence. Nonetheless, not all goods and services…

June 26, 2024

In recent months, the Reserve Bank of India (RBI) has rolled out stringent regulatory measures targeting non-banking financial companies (NBFCs), marking a pivotal shift in oversight aimed at strengthening India's financial landscape. Among these measures, a notable directive focuses squarely on cash loan disbursements, underscoring…

June 25, 2024

In the dynamic landscape of financial advisory services, adherence to regulatory compliance stands as a cornerstone for Registered Investment Advisors (RIAs). These regulations, set forth by governing bodies such as the Securities and Exchange Board of India (SEBI), are pivotal in ensuring that RIAs operate…

June 22, 2024

The Budget 2023 sparked considerable debate among taxpayers about choosing between the old and new tax regimes. With various incentives introduced to encourage adoption of the new regime, it's clear the government aims for a gradual transition, even though both regimes currently coexist.

June 21, 2024

The article delves into the recent amendments to the Input Service Distributor (ISD) mechanism under the GST Law in India, introduced by the Finance Act, 2024. These amendments aim to address ambiguities, enhance clarity, and mandate certain practices related to the distribution of Input Tax…

June 20, 2024

The fintech sector in India has grown at a pace never before seen in recent years, changing the financial services environment and bringing cutting-edge solutions that improve user experience, efficiency, and accessibility. Fintech companies are under more pressure than ever to maintain strong regulatory compliance,…

June 19, 2024

The Indian Income Tax Act, 1961, classifies ITR into several types, each catering to different categories of taxpayers based on their income sources, such as salaries, business profits, capital gains, and other sources. These types include ITR-1 (Sahaj), ITR-2, ITR-3, ITR-4 (Sugam), and others, each…

June 18, 2024

Among the crucial aspects of GST compliance are the accurate filing of GSTR-9 and GSTR-9C. GSTR-9 is an annual return that consolidates the information provided in the monthly or quarterly returns throughout the financial year. On the other hand, GSTR-9C is a reconciliation statement that…

June 17, 2024

Filing your Income Tax Return (ITR) accurately and on time is crucial for maintaining compliance with tax regulations and ensuring a smooth financial journey. The process can be complex, requiring careful attention to various details such as verifying profile information, selecting the correct ITR form,…

June 15, 2024

Conducting an audit of a payment gateway in India is absolutely essential to guarantee adherence to regulatory standards, security protocols, and operational efficiency. With the rapid evolution of the digital payments landscape in India, it has become crucial to audit payment gateways. This is driven…

June 14, 2024

Nidhi Companies play a unique role in India's financial sector. Their main objective is to promote the culture of saving and thrift among their members. Operating as a non-banking financial company (NBFC), Nidhi Companies are governed by the Companies Act, 2013 and regulated by the…

June 13, 2024

The Reserve Bank of India (RBI) is constantly shaping India's economic landscape through its regulatory interventions and policy adjustments. Recently, the RBI issued Circular No. 09, which introduces amendments to the Foreign Exchange Management (Overseas Investment) Directions, 2022. These amendments aim to provide clarity and…

June 11, 2024

When it comes to audit obligations, Section 44AB of the Income Tax Act holds significant importance. This section lays down specific conditions that determine whether a tax audit is mandatory for businesses and professionals. It is crucial for taxpayers to fully comprehend the provisions of…

June 08, 2024

Over the past decade, Virtual Digital Assets (VDAs) such as Bitcoin and Ethereum have experienced a remarkable surge in popularity. Originally designed as an alternative to traditional financial systems, these digital assets have now become an integral part of the global financial ecosystem. Their decentralized…

June 07, 2024

As organizations strive to stay ahead in the ever-evolving Indian market, succession planning stands out as a fundamental element in their strategic arsenal. By proactively identifying and grooming future leaders, companies can ensure a seamless transition of power and expertise, safeguarding their operations from disruptions…

June 04, 2024

Conducting an internal audit for a private limited company in India is a critical component of corporate governance and financial management. It ensures that the company's financial records are accurate, its operations are efficient, and it complies with relevant laws and regulations. This process helps…

June 01, 2024

Intergenerational wealth transfer has increased significantly in India in recent years. Over the next ten years, India is expected to see a wealth transfer of more than $128 billion yearly, according to a report by Karvy Private Wealth. This extraordinary change emphasises how crucial it…

May 31, 2024

For Non-Governmental Organisations (NGOs) around the world to be accountable, transparent, and efficient, auditing is essential. Organisations that work in a variety of fields and frequently have a big impact on society, such as NGOs, are entrusted with the management of financial and human resources…

May 28, 2024

Statutory audits play a crucial role in ensuring accountability and transparency in financial reporting for companies worldwide. Required by law, these audits play a crucial role in verifying the precision and impartiality of a company's financial statements, providing confidence to stakeholders and regulators. Statutory audits…

May 27, 2024

Understanding the intricate regulatory landscape that governs NBFCs can feel overwhelming, as failing to comply with these regulations can result in significant penalties and harm to one's reputation. Therefore, it is crucial to establish strong compliance measures in order to not only meet legal requirements…

May 25, 2024

This judgement holds great importance in India's taxation landscape, especially in relation to the transportation of goods. The crux of the issue is whether not filing Part-B of the E-Way Bill justifies imposing penalties under Section 129(3) of the Act. This case is a significant…

May 24, 2024

The importance of this case is that it has implications for how taxes are administered and for the rights of taxpayers under the CGST Act. It highlights how important it is for tax authorities to ensure procedural fairness by carefully considering taxpayer responses and evidence…

May 23, 2024

This case holds great importance that goes beyond the current disagreement between Tristar Logistics and the State Tax Officer. This Case highlights the importance of procedural fairness and justice in the Indian legal system, especially when it comes to taxation matters. This case brings up…

May 22, 2024

Audit reports are crucial in the joint venture landscape as they provide stakeholders with important information about the reliability of financial data and the efficiency of internal controls in these collaborative projects. They play a crucial role in giving stakeholders, such as investors, lenders, regulatory…

May 21, 2024

The idea behind the creation of the CGST Act was to unify taxation for manufacturing, trading, and services, ensuring a single tax system for the entire nation. Prior to the implementation of GST, the tax system was highly inefficient. Taxes had a significant impact on…

May 18, 2024

The case of Tvl. B.L. Collection vs. Deputy Commercial Tax Officer is a significant legal battle that took place in the Madras High Court. It had far-reaching implications for taxation jurisprudence. This case is fundamentally about the coming together of tax law, health challenges, and…

May 17, 2024

The recent ruling by the Authority for Advance Rulings (AAR) Rajasthan has generated a lot of interest and discussion among legal experts, religious institutions, and the public. The ruling pertains to the taxation of entry fees collected by religious trusts under the Goods and Services…

May 16, 2024

The case of RD Enterprises v. Union of India, which was decided by the Allahabad High Court, is a shining example of the complex relationship between legislative intent and court interpretation in the context of the Goods and Services Tax (GST) Act. This issue primarily…