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05
Feb
2023
Proposed Amendment in section 43B of Income Tax Act to solve MSMEs delayed payment crisis
04
Feb
2023
Budget Update 2023

Sum paid by the assessee (buyer) to MSEs beyond the 45-day time limit will be allowed as deduction only when the payment is actually made to MSEs.

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19
May
2022
Amendments in Schedule III to the Companies Act, 2013

Schedule III to the Companies Act, 2013 was amended on March 24, 2021, to improve the quality and reliability of financial statements. Some new disclosures were also added to Schedule III, such as disclosures about promoter shareholding and subsidiaries, reconciliation of statements filed with banks for the purpose of working capital, benami transactions, and loans to promoters, etc. The amendments to Schedule III are applicable from 1st April 2021.

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10
May
2022
Income tax return forms for FY 2021-22: Additional information from taxpayers
09
May
2022
Trade Receivables & Trade Payables  Ageing as per schedule iii of Companies Act
25
Feb
2021
Direct Investment by Residents in Joint Venture (JV) / Wholly Owned Subsidiary (WOS) Abroad
01
Feb
2021
Processing Time Limit of Income Tax Returns - Budget 2021
01
Feb
2021
Tax Deduction at Source (TDS) on purchase of goods - Budget 2021
01
Feb
2021
TDS/TCS on non filer at higher rates - Budget 2021
18
Jul
2020
New Form 26AS is the Faceless hand-holding of the Taxpayers
18
Jul
2020
CBDT to start e-campaign on Voluntary Compliance of Income Tax for FY 2018-19 from 20th July, 2020
28
Apr
2020
TDS Rates AY 21-22
06
Apr
2020
Company Fresh Start Scheme, 2020
03
Feb
2020
Penalty for Fake Invoices - Budget Proposal 2020

In the recent past after the launch of Goods & Services Tax (GST), several cases of fraudulent input tax credit (ITC) claim have been caught by the GST authorities. In these cases, fake invoices are obtained by suppliers registered under GST to fraudulently claim ITC and reduce their GST liability. These invoices are found to be issued by racketeers who do not actually carry on any business or profession. They only issue invoices without actually supplying any goods or services. The GST shown to have been charged on such invoices is neither paid nor is intended to be paid. Such fraudulent arrangements deserve to be dealt with harsher provisions under the Act.

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03
Feb
2020
Modification of Tax Residency provisions - Budget Proposal 2020

Instances have come to notice where period of 182 days specified in respect of an Indian citizen or person of Indian origin visiting India during the year, is being misused. Individuals, who are actually carrying out substantial economic activities from India, manage their period of stay in India, so as to remain a non-resident in perpetuity and not be required to declare their global income in India.

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03
Feb
2020
Capital Gain Computation in case of Land/Building acquired before 1stApril01 - Budget Proposal 2020

The existing provisions of section 55 of the Act provide that for computation of capital gains, an assessee shall be allowed deduction for cost of acquisition of the asset and also cost of improvement, if any. However, for computing capital gains in respect of an asset acquired before 1st April, 2001, the assessee has been allowed an option of either to take the fair market value of the asset as on 1st April, 2001 or the actual cost of the asset as cost of acquisition.

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03
Feb
2020
TDS on E-commerce transactions through insertion of a new section- Budget Proposal 2020
03
Feb
2020
Reducing the rate of TDS on fees for technical services (other than professional services) - Budget

Section 194J of the Act provides that any person, not being an individual or a HUF, who is responsible for paying to a resident any sum by way of fees for professional services, or fees for technical services, or any remuneration or fees or commission by whatever name called (other than those on which tax is deductible under section 192 of the Act, to a director), or royalty or any sum referred to in clause (va) of section 28, shall, at the time of payment or credit of such sum to the account of the payee, deduct an amount equal to ten per cent as income-tax. Section 194C of the Act provides that any person responsible for paying any sum to a resident for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract shall at the time of payment or credit of such sum deduct an amount equal to one per cent in case payment is made to an individual or a HUF and two per cent in other cases.

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03
Feb
2020
TCS on sale of goods over a limit
03
Feb
2020
Widening the scope of section 206C to include TCS on foreign remittance through Liberalised Remittan
02
Feb
2020
DDT Abolished - Budget Proposal 2020
02
Feb
2020
Income Tax - e-Appeal
01
Feb
2020
Tax Audit - Budget Proposal 2020

Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceed or exceeds one crore rupees in any previous year. In case of a person carrying on profession he is required to get his accounts audited, if his gross receipt in profession exceeds, fifty lakh rupees in any previous year. In order to reduce compliance burden on small and medium enterprises, it is proposed to increase the threshold limit for a person carrying on business from one crore rupees to five crore rupees in cases where

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08
Dec
2019
Due Diligence

Due diligence is the process of examining the details of a transaction to make sure it’s legal, and to fully apprise both the buyer and seller of as many facts in the deal as possible. When the deal satisfies both aspects of due diligence, the two parties can finalize and correctly price the transaction. It’s a process of verifying, investigating, and auditing a potential deal or investment opportunity to corroborate facts, financial information, and other pertinent data.

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30
Jun
2019
Recent GST Notifications & Circulars
31
May
2019
Key Changes in New ITR Forms for Assessment Year 2019-20

The Central Board of Direct Taxes (CBDT) has notified the Income-tax Return (ITR) Forms applicable for the Assessment Year 2019-20. These ITR Forms will be applicable for filing of income-tax return in respect of income earned during the previous year 2018-19 (between 01-04-2018 to 31-03-2019). The new forms incorporate the changes made by the Finance Act, 2018 in the Income-tax Act, 1961.

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01
Apr
2019
Changes in tax and corporate laws effective from April 1, 2019
15
Mar
2019
Things to do before 31st March
28
Feb
2019
What is Unregulated Deposit Scheme Ordinance, 2019?

The President of India has promulgated 'The Banning of Unregulated Deposit Scheme Ordinance, 2019' on February 21, 2019. The Ordinance aims to provide comprehensive and unified mechanism to ban the unregulated deposit schemes (or Ponzi schemes or Pyramid Schemes) and to protect the interest of depositors. The Ordinance clearly defines 'Regulated Deposits' and 'Unregulated Deposits'. The Ordinance also provides list of offences and penalties thereunder. Through following FAQs you can understand the provisions of the Ordinance in a lucid manne

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06
Feb
2019
Sale of Shares is capital gain or business income ?
01
Feb
2019
Key takeaways of Budget 2019

This is for the first time in the Indian history that Interim Budget has been announced as on 1 February. Modi Government's current tenure is about to end and this is the last budget before 2019 Lok Sabha elections. The final budget will be presented in July, 2019 by the newly elected Government.

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24
Jan
2019
Missed paying advance Tax ? You may get a Notice !!
05
Dec
2018
Loss from derivative is a normal business loss and not speculation loss
04
Dec
2018
It isn't mandatory for assessee to set off business loss against capital gains as per sec. 71
13
Aug
2018
GST Amendments as passed by the Lok Sabha
28
Jul
2018
Income Tax Notice in name of deceased
23
Jul
2018
GST Rate Changes
11
Jul
2018
Reduced Tax Litigations
14
Jun
2018
Listing Securities on Stock Exchanges in India
12
Jun
2018
No sec. 54F relief if construction of new property took place prior to date of transfer of capital a

Benefit of deduction under section 54F in case of construction of residential house, is available only when construction is completed within a period of three years after date of transfer of long-term capital asset and, therefore, where construction took place prior to date of transfer, conditions of section 54F were not fulfilled and, consequently, assessee's claim for deduction was to be rejected

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04
Jun
2018
GST Stock Broking Services- FAQs
11
May
2018
GST implication on provisions recognised in books of account
08
May
2018
Amendments to various Rules under Companies Act, 2013 w.e.f  07/05/2018
17
Apr
2018
Goods & Service Tax ( GST ) Audit

Every registered entity whose aggregate turnover during a financial year exceeds Rs. 2.00 crore has to get its accounts audited as the provisions of GST Act. Such person has to furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C.

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30
Mar
2018
Finance Bill, 2018 assented to by President