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Defective Return Notice under Section 139(9) of the Income Tax Act, 1961
Understanding the ConceptThe non-audit income tax return filing session for AY 2024-25 has concluded, and the Income Tax department has released interesting statistics. Out of the 7.28 crore returns f...
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Consequences of Not Filing Your Income Tax Return on Time and Recommended Actions.
Consequences of Not Filing Your Income Tax Return on Time and Recommended ActionsIn India, the timeline for filing income tax returns (ITR) for the financial year 2023-24, corresponding to the assessm...
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Understanding Anti-Dilution Rights: Types, Significance, and Exemptions
1. Brief OverviewAnti-dilution rights are essential for protecting early investors' stakes against dilution when additional shares are issued at a lower price. These provisions, commonly found in conv...
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Section 43B of the Income Tax Act: Implications for Service Tax/GST
Understanding Section 43BSection 43B of the Income Tax Act, 1961, is a vital provision that ensures deductions for certain expenses are allowed only on actual payment. This section was introduced to p...
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Detailed Manual and FAQs on filing of GSTR-1A
In an effort to enhance transparency and compliance in tax filings, the Government of India, through notification no. 12/2024 dated 10th July 2024, introduced Form GSTR-1A. Effective from the July 202...
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Advisory in respect of Changes in GSTR 8: TCS Rate reduction wef July 10, 2024
On August 2, 2024, the Goods and Services Tax (GST) authorities issued an advisory regarding the reduction in the Tax Collected at Source (TCS) rate. Effective from July 10, 2024, the TCS rate has bee...
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ICAI President’s August 2024 Message: Exam Results & Economic Insights
In August 2024, ICAI President CA. Ranjeet Kumar Agarwal underscores India’s economic transformation, driven by a robust 8.2% GDP growth in FY24 and favorable budget proposals. Celebrating India’s pro...
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GST Registration Cancellations: Reasons & 2021-2024 Data
From 2021 to mid-2024, GST registration cancellations in India have been influenced by various factors. In the last three years, the number of cancellations varied significantly across states, with ma...
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Tax Liability on Haircuts under IBC: Clarifications by MCA
The Ministry of Corporate Affairs (MCA) addressed an important question regarding tax liability on haircuts taken by banks, financial institutions, and other creditors for companies resolved under the...
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Form GSTR-1 & GSTR-1A: Monthly Statement of Outward Supplies
OverviewForm GSTR-1 is a crucial monthly or quarterly statement of outward supplies that registered taxpayers must file electronically on the GST Portal. It includes detailed information on outward su...
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Taxation of Alternative Investment Funds (AIFs): A Comprehensive Overview
IntroductionAlternative Investment Funds (AIFs) are investment vehicles that pool funds to invest in various financial instruments. Governed by the Securities Exchange Board of India (SEBI), AIFs can...
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Reporting Requirements under Clause 22 of Form 3CD: Ensuring Timely Payments to Micro and Small Enterprises
IntroductionThe Central Board of Direct Taxes (CBDT) has introduced significant amendments to Form 3CD, effective from the Assessment Year (AY) 2024-25. These changes focus on the reporting requiremen...
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Union Budget 2024: Clause-by-Clause Analysis
The Indian tax regime has undergone significant updates to align with the evolving economic landscape and government policies. This article provides a comprehensive analysis of the tax rates, deductio...
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Property Taxation: Understanding the Latest Changes
What is Property Taxation?Property taxation refers to the tax levied on the profit or gain arising from the transfer of capital assets, including immovable properties. As per the Income Tax Act, 1961,...
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TDS on Payments to Partners by Firms: Understanding Section 194T
Introduction to Section 194TPrior to the introduction of Section 194T, Tax Deduction at Source (TDS) was not applicable on partner's remuneration, interest, commission, and other payments. However, TD...
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Equalization Levy under Union Budget 2024: A Journey of Evolution
The Union Budget 2024 has partially abolished the equalization levy, also known as the Google Tax, which was introduced in 2016 to tax income arising from e-commerce transactions with foreign entities...
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Budget 2024: Impact on Firms and Partners
IntroductionThe recent budget has introduced significant changes to the taxation aspect of firms in India. This article aims to raise awareness about the less discussed provisions related to Tax Deduc...
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A Critical Analysis of Key Amendments
Indexation Removal: A Step Backwards?The Budget 2024 has introduced several significant amendments, two of which have sparked intense debate among taxpayers and financial experts. One such amendment i...
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Reassessing Tax Notices: Understanding Section 148 and Section 135A
Recent Developments in Tax ReassessmentRecently, a surge in notices has been issued for reopening cases under Section 148 read with Section 135A, highlighting the need to comprehend the changes introd...
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Urgent Request for Amendment to Section 43(B)(h) for MSMEs
The Punjab Accountants Association, registered under the Societies Registration Act, 1860, has submitted a representation to Finance Minister Nirmala Sitharaman, expressing appreciation for her suppor...