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…
Explore transfer pricing in India, key methods (CUP, TNMM, RPM), and compliance with tax rules. Learn how to reduce risk and stay audit-ready.Transfer pricing refers to the pricing of goods,…
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 Savings Account as per Income Tax: A Comprehensive Guide Cash Deposit Limit in Savings Account as per Income Tax: A Comprehensive Guide In 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…
When it comes to exporting agricultural products from India, one of the essential steps is obtaining APEDA (Agricultural and Processed Food Products Export Development Authority) registration. This certification not only…
In today’s data-driven business environment, making decisions based on intuition is no longer viable—especially when the competition is leveraging every byte of data for strategic advantage. This is where MIS…
NGO Registration Consultants in Ahmedabad: Expert Guidance for Trust, Society & Section 8 Company FormationNon-Governmental Organizations (NGOs) play a crucial role in fostering social change, environmental protection, and human development.…
Starting a business can be both thrilling and overwhelming, especially in a vibrant city like Ahmedabad. As a bustling hub for entrepreneurship and innovation, the city offers immense opportunities for…
Starting a business in today’s competitive landscape requires a mix of creativity, planning, and knowledge. Our startup advisory services in Ahmedabad are designed to support entrepreneurs at every stage of…
A One Person Company (OPC) is a unique business structure that allows a single entrepreneur to run a company with limited liability. It offers the flexibility of a private limited…
In the complex world of business, especially in a country like India, staying compliant with the law is a vital part of running a successful company. The regulatory landscape in…
As businesses evolve and expand, maintaining proper compliance with legal, financial, and tax regulations becomes increasingly complex. In India, the government has stringent rules to ensure that companies adhere to…
Lately, there has been considerable attention on a new provision introduced under Section 80G of the Income Tax Act, 1961, particularly concerning Form 10BD and Form 10BE. If you contribute…
Handling compliance related to foreign remittances can often feel overwhelming. The involvement of cross-border transactions adds an extra layer of complexity, making the process seem more stressful than it actually…
If you're an entrepreneur, you've likely come across the term "Angel Tax." Under Section 56(2)(viib) of the Income Tax Act, Indian startups were required to pay tax on certain investments.…
The process of claiming a GST refund involves following a defined procedure, submitting necessary documents, and providing declarations where required. Taxpayers must apply to the GST authorities to request a…
Understanding the process of private trust registration is essential for securing legal recognition and associated benefits. This guide outlines the necessary steps to ensure a seamless registration process in India.Why…
The term inverted duty structure refers to a situation where the tax rate on input materials is higher than the tax rate applicable to the final product being sold. However,…
