Hello Folks!!!Today, we are going to discuss about the Section 10 of Income Tax Act,The Government of India offers various exemptions to help reduce your income tax burden. Section 10…
What is a Private Limited Company?A private limited company is a business structure typically used by small businesses. In this format, ownership is restricted to a limited number of shareholders,…
You can cancel your GST registration if your business is no longer subject to GST rules, you are closing down your business, or if a tax officer initiates the cancellation.…
Leave Encashment - Tax Exemption, Calculation & Formula With Example, RulesHave you heard of the term ‘leave encashment’?Leave encashment is a familiar concept among salaried individuals, allowing employees to convert…
Transfer pricing regulations in India encompass both domestic and international transactions that surpass a specified threshold in terms of transaction value. The provisions for transfer pricing were incorporated by adding…
Transfer pricing refers to the valuation assigned to goods or services exchanged between affiliated entities. Put simply, it represents the price paid for goods or services transferred from one division…
Rationalisation of the provision of Charitable Trust and Institutions The income earned by funds, institutions, trusts, universities, educational institutions, hospitals, or medical institutions falling under sub-clause (iv), sub-clause (v), sub-clause (vi),…
In India, an individual's tax responsibility depends on their residential status, categorized into three types according to the Income Tax Act 1961: Resident (ROR) Resident but Not Ordinarily Resident (RNOR) Non-Resident (NR) Non-Resident Indian…
Section 285BA of the Income Tax Act, 1961, governs the requirement for specified persons, assesses, prescribed officers, and authorities to furnish Statement of Financial Transactions (SFT).The concept of SFT was…
The Central Board of Direct Taxes introduced Rule 17AA through Income Tax Notification No. 94/2022 dated August 10, 2022. This rule outlines the specific books of account and other necessary…
According to the Income-tax Act, regular taxpayers must uphold and audit their books of accounts. Section 44AA outlines the necessity to maintain these accounts. However, the Act does not specifically…
The following information is necessary for the incorporation of WOS (Wholly Owned Subsidiary).Authorized Share CapitalPaid-up CapitalPer share value (Face value)Number of ShareholdersRegistered Office AddressPhone No. & Mail id of the…
Indian citizens should deduct tax on the rent they pay to their landlords in specific circumstances, deposit to the PAN, and give a form to the property manager stating the…
The income derived from selling a capital asset included in the block of assets on which depreciation has been permitted according to the Income Tax Act constitutes a capital gain.The…
Beneficent/strict trusts are the trusts which are shaped with a target of giving help to poor, instruction, clinical alleviation, safeguarding of climate/landmarks , headway of objects of overall population utility,…
GSTR 10 need to be filed within 3 months of GST cancellation
Searching for the statement of financial transactions & reportable accounts?? Then, you’ve come to the right place!! We have discussed all things below. Basic Provisions (statement of financial transaction) Under…
Cost inflation index for the financial year 2023-24 is 348.
How to claim exemptions from Long Term Capital Gains Long Term Capital Gains are defined as profits on sale of assets (movable or immovable) which have been held for: 3…
TDS on purchase of goods u/s 194Q
GST refund is a procedure in which a taxpayer wants to get the amount, which is in excess of the GST liability, refunded to his/her account.
Tax on property sale in India attract various taxes such as Gains, Cess and TDS which is to be calculated and paid while selling the property. These taxes are to…
House Rent Deduction in Income taxHouse is one of the basic needs of any individual. Thus, the Government of India has made an allocation for deduction of rent paid by…
Cash deposit limit in bank account in a year as per income tax Cash deposit limit in bank account in a year as per income tax I this article we…
In this article we will discuss about benefits of filing itr and Who is required to do compulsory filing of ITR? In following cases filing of ITR is mandatory.Thus in following case…
What is an Appeal?An appeal refers to a legal application submitted to a higher court, seeking the reversal of a decision made by a lower court. Appeals typically arise in…
TAN Number is a crucial identification for every taxpayer in India. It is a 10-digit alphanumeric code assigned to individuals or entities responsible for deducting or collecting taxes at the…
Dormant Companies under the Companies Act, 2013The key objective of revising the Companies Act of 1956 was to simplify the law, making it adaptable to both national and international changes.…
Role and Appointment of the Company Secretaries A Company Secretary (CS) is a key managerial figure responsible for overseeing the compliance and legal functions of a company. The Institute of…
A director is part of the collective group known as the Board of Directors, which is tasked with overseeing, managing, and directing a company’s operations. Directors act as trustees of…
Striking off a company’s name is an alternative method for closing down its operations. The Registrar of Companies (ROC) has the authority to issue a notice to remove a company’s…
Understanding a company valuation is important, especially as it grows and looks to raise money, borrow funds, or sell part of the business.Before investing, investors examine a company's financial health and…
As the Income Tax Return filing deadline nears, you might be wondering if you can switch between the old and new tax regimes while filing your returns. The answer is…
Filing your Income Tax Return (ITR) correctly is crucial, and understanding which form to use can make the process easier. Here's a simple guide on the types of ITR Form…
A Valuation Certificate is an essential document that determines the value of a company or an asset. It is provided by a certified valuer after performing a detailed valuation. This…
Long-Term Capital Gains(LTCG): Tax Rates, How to Calculate, Exemptions and Examples Profits or gains resulting from the sale or transfer of capital assets, including property, shares, bonds, and vehicles, are…
What is Section 115BAC – The New Tax Regime?Section 115BAC, introduced in the Budget 2020, established a new tax regime effective from FY 2020-21 (AY 2021-22). This regime offers reduced…
